The Money Kings
"They have no right to break down industry by commercial crises, in which they seek their own advantage in the ruin of multitudes of people." - L. B. Woolfolk
The Great Red Dragon, The Foreign Money Power in the United States, by L. B. Woolfolk, written in 1890. In the book Woolfolk details the problems in America created by a class of mercantilists or Money Kings who arranged to concentrate wealth in their own hands at the expense of small businesses and labor, to the overall detriment of society. Woolfolk explains how in the 19th century the Money Kings used their wealth centers in London to manipulate prices of goods in America to drive businesses and farmers into bankruptcy and poverty in order to enrich themselves. They did this by controlling the prices of manufactured goods and commodities to such an extent that businesses could not survive. The result was that businesses sold their enterprises to the Money Kings for a fraction of their worth, giving the Money Kings monopolistic control of various markets and businesses. They were able to do this because their immense wealth enabled them to sell competing goods at a cost at or below production cost, intentionally driving the average entrepreneur out of business.
While reading this book, I could not help but compare the tactics being portrayed in his book being applied to this day and age. But something Woolfolk did not mention in his book is the tactic of lawfare. Lawfare is the process of using the courts and legal maneuvers to drive opponents into bankruptcy by filing endless lawsuits and motions such that litigants have no hope of sustaining their case and either settle, or drop their case entirely due to lack of funds. Those with deep pockets win the legal battles of attrition, as justice is not served but awarded to the litigant with the money power to sustain their case, and eventually prevail one way or another. If a plaintiff wins a case in one lower court, the case is appealed to higher courts until the plaintiff is drained of funds and cannot continue the fight. Even if a litigant wins their case and receives a judgement against a guilty defendant, any award may not find its way to the litigant’s coffers.
Some relevant quotes from the book:
“The capitalists (Money Kings) own almost all the debts of the world, — the debts of nations, states, counties, municipalities, corporations and individuals.”
“The grand Money Kings had such advantages in their immense capital and in their perfect organization, that in commercial crises, often originated, and always manipulated by them, they managed systematically to break down rival companies, and buy them out, and to rob and plunder the minority stockholders; until, in the end, these organized capitalists got into their own hands and very cheap, all, or the greater part of the stock of the various companies, manufacturing, mercantile and shipping.”
“They thus reduced to a system and a science the art of crushing rival companies.”
“Their whole career was a systematic course of treachery, fraud and plunder, without a parallel in history.”
“The Money Kings alone of all the world had money; and they have taken special care, during the whole era, to make the world continually poorer by constantly increasing its debt to them.”
“This era will end, if things go on as they are, in the Money Power taking possession of all businesses, and owning all the property of the earth.”
John Perkins explains in his book how the “Money Kings” operate today; bribery, coercion and murder. Here is a link to a video where he explains how this all goes down.
Confessions Of An Economic Hitman
Kamala Harris says she wants to implement “price controls.” Could this be her plan to drive entrepreneurs out of business so their businesses can be absorbed by the big player Money Kings? Is this what is behind the mandatory electronic cattle-tags that smaller ranchers can’t afford? What about the chicken farmers that are being forced to cull their flocks? Perhaps the COVID lock-downs didn’t achieve the desired effect.
Clif High recently posted this warning of the coming discontinuity we are entering now. It is time to decentralize to weather the Coming Uncertainty
We are rapidly approaching the end-game. The Money Kings want to take it all, as George Carlin told us in his Big Club skit.