Late modernity is characterized by blinding greed. As a result, it is facing mounting public pressure against its multifarious abuses. Systemically structured (undeserved) privileges, facilitated by the reigning neoliberal order obtain all over the world, in every nook and cranny. In other words, from large-scale parasitic activities that unashamedly leverage political power, (grand corruption) to the tiniest operations lubricated by bribes (petty corruption), un-tempered avarice dominates life in the twilight of the prevailing world system. Expected or not, the limit to all such injustices is being reached in one form or another all across planet earth. The increasing wrath of the global sheeple (human mass) is now obvious. Oligarchs are on the run and their handlers are scared. From the notorious Russian oligarchs, to the capitalists of Red China, tumult is becoming the order of the day. The recent crackdown on the prince lings and their minions in Saudi Arabia is a continuation of this global uprising!
Thanks to the administration of President Putin, the Russian oligarchs are now cut to size, to the displeasure of global dominant interests, mostly located in the core countries of the West. It would be recalled that after the demise of the USSR, the newly created Russian mafia took over the country’s wealth, literally. Mines of all kinds were paper transferred to accomplished thieves with the help of western banksters. Without the gradual arrest of such gross embezzlements taking place in the Russian economy, extreme violence would have been the result. In the last five years, the Xi administration in China has managed to indict over a million and half individuals operating within the system. The reaction of dominant interests in the west to these initiatives is/was, as expected; Xi is becoming a dictator, akin to Mao. President Putin is considered, at least in the eyes of the deep state, as devil incarnate! Don’t forget, oligarchs all over the world share the same philosophy of blind greed, and want to operate in ways that can only benefit them, whatever the consequences to people and other life forms.
Unfortunately, aspiring oligarchs are also fledging in countries of the periphery, supported by global entrenched interests and compromised/captured states. In this regard, the current African reality is abysmal, not excluding the so-called developmentalist states! Even in poor Ethiopia, situations seem to get out of hand. It is time to roundup the ‘princelings’ (privileged parasites) that were created during the last two decades, along with their handlers (degenerate high officials of party/government). Not to worry, we also have our own splendid ‘five star’ hotel in ‘kilinto’ eagerly waiting to accommodate them!
What is happening in Saudi Arabia might well be a last ditch effort to save the monarchy. One should recall that Egypt, Libya and Iran were once (not very long ago) ruled by monarchs. These kingdoms were not able to adapt to the changing world and had to be replaced by more participatory governance structures. The current oligarchs of the oil kingdoms, almost without exception, start with plenty of stolen capital. After their corrupt acquisition of the sheeple’s wealth, they go on acquiring legit businesses (all over the world) to clean up their loot. Just ask how these oligarchs started out and the reply is flimsy just as their so-called businesses. There is always a ‘black hole’ at the center of their empire! Alas, there is a remedy to all such shortcomings, so long as there is money. World known propagandists (public relation firms) are employed to portray these goons as if they were business geniuses or exemplary philanthropists, whose charitable works, (it is purported) can easily outshine that of Mother Theresa’s! The mainstream media (MSM) is another powerful tool that helps propagate the lies. Besides buying stakes in the media businesses, to influence or even shut them up, oligarchs also get full support of core countries governments (OECD, rich countries). After all, where does all the stolen money ultimately end up? Once the sheeple is thoroughly brainwashed about the ‘noble nature’ of these characters, they promptly engage in ‘rent seeking’ activities, which of course are their real forte! In these schemas, the captured states, led by their top honchos, always bowing to the moneyed, gladly facilitate whatever the criminal oligarchs fancy, legal or otherwise! What is sad but not surprising is; even after the thorough cleaning up of their ill-gotten money, the majority of oligarchs still fail to create or run good honest businesses. A glimpse of the financial statements of their companies tells a whole lot about their business ineptitude.
When probity and integrity in the semi-periphery/periphery tend to gain ground, entrenched global interests spin such positive moves as a sign of power consolidation, dictatorship, etc., on the part of existing political leadership. Levelheaded analysis, based on reality is thrown out as backward looking. For example, the assumption that ‘debt is wealth’ permeates the whole neoliberal order, which of course is a farce! Many of the global oligarchs, we are told, are wealthy and have net worth in the billions of dollars. Forget about asking how they earned their supposed wealth! Even without bothering with such pointed questions, the majority of them have massive debts. At the same time, the values of their assets (almost always) come very short of their debts. To rectify this, their assets are valued astronomically by the reigning global institutions; banks, rating agencies, business media, etc. The valuation of oligarchs’ wealth today is at best a joke. It is like valuing a ten year old ‘Toyota Corolla’ at ten million birr. And based on this false valuation, banks avail more bank credit to oligarchs. Ludicrous! If truth be told, plenty of the oligarchs in the world have negative net worth; i.e. a street beggar with coins on his open palm is richer than they are! This whole scheme is supported and encouraged by the reigning global banksters. Like it or not, it is such fabrications that encourage oligarchs to engage in criminal activities. The whole idea is to project wealth as if it is the only thing that matters in the universe. The culture/general disposition of a society that is methodically influenced by the narrow-minded global oligarchs, is neither healthy (to individuals) nor harmonious to collective existence!
Unless the utterly corrupt princelings/oligarchs of ME & A (Middle East Africa) are cut to size, the increasingly angry/restive youth of the various countries will cut them to pieces! It helps to remember that about 50% of Saudi’s population (and most of Africa) is under 25 years of age. See the articles next column, on page 43 & 46. Here is the current royal decree from Saudi Arabia: ‘The homeland will not exist unless corruption is uprooted and the corrupt are held accountable’ and another statement from one of the most powerful person on earth: “I have great confidence in King Salman and the Crown Prince of Saudi Arabia, they know exactly what they are doing. Some of those they are harshly treating have been ‘milking’ their country for years!” President Donald Trump. Good Day!