We are now being exploited

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I have posted this video to YouTube this morning. In it I argue that once upon a time, financial capitalism exploited slaves. Then, it exploited the planet. And now - in the absence of anything else - it is exploiting you. That's why the rich are getting richer, and you probably never will. We need to be rid of this rotten system that cannot survive unless someone or something must lose for the benefit of a few.

The audio version is here:

The transcript is:

Once upon a time -it's a great opening line for a video - the world's financial capitalists exploited slaves.

People were literally imprisoned to the task of creating profit for the world's wealthiest people.

And then, when we got rid of slavery, and eventually, by and large, we have around the world, they enslaved something else instead.

The Industrial Revolution gave them the chance to enslave the scarce resources of our finite planet to increase their profit. And as a consequence, a lot of people got very rich.

Now we know that both options are off the agenda. Slavery, because it's totally unethical. The opportunity to exploit the planet, because we're literally destroying our future.

So, they've had to move to exploit something else. And who are they exploiting? You.

You are the person that financial capital now wants to exploit to increase the profits of the world's wealthiest people. And we know it's happening.

We know, for example, in the United States, where the data is best, that middle and lower income people have not seen a real increase after adjusting for inflation in their earnings for decades, but the top earners have massively increased their wellbeing.

We've seen the same pattern pretty much happen here in the UK. Every time that productivity has increased in this country, the entire gain has gone to the wealthy.

What do I mean by productivity? Productivity is the increase in the profit made from each hour of labour input put into the delivery of a product or service.

Every time there's been a gain, whatever the reason - computerization, better technologies, whatever else - the rich have gained by increasing the profit margin. Nobody else has.

You are being exploited by the financial system to increase the profit of those who are already wealthy.

So we've been through slavery, we've been through the exploitation of natural resources, and now they're exploiting you and me and everybody else who's had to work for a living.

What do you think about that? I personally find it repugnant. That's why I believe we need to rebel against the system of financial capitalism that is constraining the well-being of well over 90 per cent of the people in the world. And when we consider the world as a whole, probably 99 per cent of the people in the world.

It's time that we called for a halt on exploitation. It's time we called for a system of economic management that let everybody flourish. But so far, we haven't got it. And without pressure from ordinary people who say they've had enough of being exploited, we're not going to get it. So change does depend on you.

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