American serfs

Steve Bannon provides a useful metaphor for the economic state of current-day Homo Americanus:

All the economic textbooks you’ve got before 2008? Throw them out. They’re totally irrelevant.

Your generation, the readers of New York Magazine, you’re nothing but 18th-century Russian serfs. You’re better fed, and you’re better dressed, and you’re better educated. But you don’t own anything. And you’re not going to own anything.

The state capitalism of the big technology companies has taken away your digital, your data sovereignty. They’ve totally taken it away. You generate intellectual property all day long, and they don’t pay you for it. They take it for free, they monetize at huge margins.

The quote is from a fascinating interview regarding the aftermath of the 2008 financial crisis. There is surely a connection between the decline of private ownership in the US — ranging from homes and cars to technology and books — and the rise of a permanent class of social media serfs who create content for free. The collapse of ownership is also a useful framework for measuring the actual wealth and economic well-being of Americans. Are you wealthy if you have access to everything you want, but you own nothing? Obviously not, because access can be revoked, whereas property can only be taken away with difficulty, if at all.

On a more practical note, Bannon sees big economic policy changes ahead:

But now McMaster is gone, Cohn is gone, Tillerson’s gone. Look what Trump’s done in six months. He’s reorganized the world’s commercial system. We’re very close to having a massive reorganization in six months. The Wall Street stuff will all come. Trump wants to make sure first, get the economy revved back up again —

What if it doesn’t?

Well, the economy is going to be at 4 percent growth. Wages are going to start to follow. We’ve got time. You can’t do everything at one time. Let’s change the world’s commercial relationships and change the supply chain away from China, okay? First off, that would be Herculean, because for 30 years we looked the other way and exacerbated and we helped its growth.

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