An important change in the U.S. political system came about by the 2010 Supreme Court decision to give private corporations, not only individuals, the right to donate and pay for politicians’ rise to power.
Since then, the richest 0.01% have accounted for 40% of all campaign contributions through corporate donations, writes historian and bestselling author, Hanne Nabintu Herland.
Massive Insider Trading in Congress: “This has proved to be an excellent investment in wealth preservation”, says Yanis Varoufakis, former finance minister of Greece and Professor of Economics at the University of Athens.
The funding of Congress members by private corporations creates strong self-interest ties. Who will bite the hand that feeds you? It paves the way for corrupting the democratic political system in which a politician should serve the interests of their constituency, not have his loyalty swayed by corporate funding and various forms of insider trading.
Rep. Alexandria Ocasio-Cortez (D-NY) recently commented on the practice of stock trading activities of lawmakers in John Steward’s The Weekly Show. She called for a ban on lawmakers owning stock and pointed out the ongoing vast hypocrisy in Congress on the issue.
“There needs to be Democrats who walk the walk and talk the talk. There is an insane amount of hypocrisy, and the hypocrisy is what gets exploited to use the cynicism and wherever there’s a hypocritical window. For example, I think one of the most biggest examples of this is insider trading in Congress,” Cortez stated.
What arguably is even worse is that precisely this practice has enabled the billionaire class control over our politicians. Who will bite the hand that feeds you? The startling effect of the 2010 Supreme Court decision has been a slippery slope in which an elected politician in Congress may hold stocks in an oil company, Big Pharma, Big Tech or the military industry—after having run for Congress, paid for by the very same group he now lobbies for.
The same person may also, once elected into Congress, push for and write laws that deregulate the particular industry that paid for his own political rise to power, causing certain stocks to soar, which benefits his funders.
He may also, at the same time, buy stocks with the foreknowledge that the value will skyrocket as a result of upcoming, not yet public, amendments that he has worked on, with the potential of amassing enormous wealth for himself.
This is consequently – and shockingly enough – legal in the United States and paves the way for corrupting the political system which was supposed to be an independent branch. This has opened the floodgate to corporate control of top politics.
Massive Insider Trading in Congress: The very same corporations that fund politicians also fund multitudes of arguably politicized NGOs who are not so non-governmental any longer, think tanks, and the World Health Organization (WHO); they thereby pay their way into controlling public funds.
The American funding of Congress members by private corporations creates all kinds of self-interest ties. The American political system is easily exploited.
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Massive Insider Trading in Congress: In order to attain broader control over governments and state funds, the instatement of weak, bureaucratic politicians who are dependent on the private corporation class is key. Who would slap the hand that feeds them?
In fact, in the United States, one may be a college student one year, such as Mark Zuckerberg, and one of the world’s richest with arguably totalitarian power a few years later—with all the above-mentioned non-elected powers over public life.
Billionaire investor Bill Gates is well known for being the largest funder of the WHO, after the U.S. government halted its payments in 2020. It gives him a special position, as he is reportedly treated as a head of state.
The economist Milton Friedman points out that as the people suffer, not getting their money’s worth for the taxes that they pay, they observe how the government and politicians are spending too much on bad deals.
The end result is that the government becomes a self-generating monstrosity, unable to criticize its own leaders in a system of politically weaponized economics where politicians, often without the right qualifications for the job, mismanage state funds with mostly no consequence.
Massive Insider Trading in Congress: In Capitalism and Freedom, he writes that precisely during a crisis, those who behave irresponsibly should be held accountable for their actions.
Reckless actions must be dealt with and not simply excused. Personal responsibility—be it in life in general or at a corporate or state level—is an essential requirement, or else people will simply not act responsibly.
If they know that the system will not punish those who act recklessly, it will urge more reckless behavior. Answerability of the individual remains the key concept to success.
“Something drastic is needed to reverse the direction in which we are now moving”, Friedman concludes in the “Why Government Is the Problem” article, suggesting a solution that would bring about a major change in the political structure: term limits for politicians and members of Congress.
It would turn the power back to the people and de-bureaucratize the administration.
