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BeefyBelisarius on scored.co
2 years ago0 points(+0/-0)1 child
I was counting banks as corperations, since that's how they're legally organized. But I can see how you'd count them separately, since investment banks own the bulk of corperate America.
It's not banks. It's the media and institutions like universities and schools. This is what runs the nation, because they decide the culture. You can argue that financial institutions such as Blackrock also have an enormous power due to them controlling the stock market. However what they can do is limited by the culture that was set up by universities, schools, and media. For example ESG came *after* climate change was accepted as a fact, not before.
Banks have very little power. Even the Fed. What power does the Fed have? People who think banks or the Fed are in charge is because they don't truly understand how these institutions work.
You underestimate the power of monetary policy, but it's not an either/or question either, not when you consider the common thread running through the upper levels of the media, banks, universities, think tanks etc. We're just talking about different faces of tribe, after all.
Banks have very little power. Even the Fed. What power does the Fed have? People who think banks or the Fed are in charge is because they don't truly understand how these institutions work.