by Charles Hugh Smith
What do you call an economy of monopolies without competition or any regulatory restraints?
An economy of monopolies that controls both the buying and selling in the markets they control?
Monopolies with the power to commit legalized fraud and the profits to buy political influence?
Monopolies whose black box algorithms are all-powerful but completely opaque to public scrutiny?
Call it whatever you want, but it certainly isn’t Capitalism, which requires competition and market transparency to price capital, labor, risk, credit, goods, services, etc.