Towards a true capitalist economy

This is what Joe Biden said at the 2022 State of the Union address:

I’m a capitalist, but capitalism without competition is not capitalism. Capitalism without competition is exploitation. It drives up prices.

I was reminded of this quote when I saw what the Financial Times reported, as the graphic heading this post shows. Elon Musk, proprietor of the supposed "world commons", wants to farm out moderation to unpaid volunteers, like he's Wikipedia, with Wikipedia money, rather than being the world's richest man, and in charge of a major global corporation.

This is capitalism in our latter days. We have seen this in the train derailments of late. Railroad companies, successfully lobbying for deregulation, have made the economic decision that deregulation is more advantageous than regulation, and they will take the fines which will be handed out rather than paying up front for more staff and more procedures. So what if towns and states are poisoned? Shareholder value had to be maximized.

Musk is applying this to Twitter. He has mocked the BBC report showing that trolling has exploded on the platform:

It's all a game for him and his ilk. They have never suffered consequences. They, rightfully, think they are masters of the universe, untouchable, beyond the tendrils of us mere mortals.

But the European Union just shot a shell across the bow, warning Musk that a volunteer corps in no way qualifies as content moderation. And then you have this thread:

Hi again @elonmusk 👋

I hope you are well.

I’m fine too. I’m thankful for your interest in my health.

But since you mentioned it, I wanted to give you more info.

I have muscular dystrophy. It has many effects on my body.

Let me tell you what they are: https://t.co/2vb16kP6Yv

— Halli (@iamharaldur) March 7, 2023

This is someone who sold his company to Twitter. Who then got fired by Twitter. And his buyout package was this:

And then you have the added schadenfreude that Haraldur is disabled. The lawsuits write themselves.

Like Joe Biden, I'm a capitalist. As a child of Cuban immigrants, I know quite well what socialist/communist governments entail, and I don't want that anywhere. But to say that capitalism needs no reform is asinine. We have the evidence of our eyes. Economics unbridled by democratic government is manorialism, where we are all at the mercy of the lord of the manor. Fun fact: Some aspects of European feudalism persisted into the 20th century.

I want a capitalism heavily regulated by democratically elected governments. A capitalism where workers reap what they sow. Yes, the owners will get a good chunk of the wealth. But not all. Not anywhere near all of it. Economics have to serve society, just as government needs to. Otherwise, either serve only the powerful.

The idea that Musk can farm out content moderation to unpaid volunteers—volunteers he will choose for their fealty to him—is offensive. Enough. No one man stands above the Commonwealth. The likes of Musk must be brought to heel. Their pretensions to being masters of the universe need to be exposed for the empty vessels they are. We are of the people, by the people, for the people, or we are nothing.

Hilarious postscript

Well. It seems that Elmo was taken aside by his lawyers, told what shit he was in, and tweeted out an apology:

How in the hell is this guy a billionaire? He has the impulse control of a Great Dane in heat. He launched a slanderous attack on a guy whom he would have to pay out to the tune of $100 million if he'd been fired based on what his sycophants told him. I am increasingly in favor of confiscatory taxation so that no one is ever as rich as Musk, or wields as much unearned power.

Oh, and I wouldn't trade my Kona EV for his deathcar in a million years.

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