Summary
Highlights
Traditional capitalist companies like British Aerospace or Ford allocate approximately 85% of their revenue to salaries. In stark contrast, Big Tech companies such as Google and Facebook pay only 1% of their revenue to their workers, indicating a significant shift in wealth distribution.
Following the 2008 financial crisis, central banks, including Wall Street, the City of London, Paris, and Frankfurt banks, printed an astounding $35 trillion ($35,000 billion). This money was provided to financiers at negative interest rates, meaning central banks paid them to take the money. This was described as a 'crime against humanity' due to the implications of these bailouts.
Instead of investing these free funds in productive ventures, CEOs of corporations used the money to buy back their own shares. This practice inflates the share price, directly increasing CEO bonuses, but it does not create new jobs or stimulate economic growth. The only significant investment in machinery came from owners of 'cloud capital' (Big Tech).
Public funds indirectly financed the creation of 'cloud capital,' which has enclosed us in 'cloud fiefs.' In these digital spaces, people involuntarily provide free labor, which is characterized as the worst kind of slavery. This system allows Big Tech to siphon off 35% of global GDP, move this wealth to offshore accounts like the Cayman Islands, and remove it from the circular flow of income.
The siphoning of wealth leads to job losses because aggregate demand falls, discouraging terrestrial capitalists from investing. Central banks, like the Bank of England, are forced to print more money to maintain economic activity, leading to inflation and increased cost of living. This results in 'technofeudalism,' where even those without direct engagement with Big Tech platforms are still negatively affected.