My book, DAVOS MAN: How the Billionaires Devoured the World, is out today. It unspools story of a cosmic heist — the bottom up transfer of wealth engineered by the billionaire class, stripping governments of capacity to respond to crises like the pandemic, undermining democracy.
3/ I'll be interviewed by Oscar-winning documentary filmmaker @alexgibneyfilm at 8pm EST on Thursday in Zoom convo hosted by @PoliticsandProse. Please join! Tickets here: eventbrite.com/e/pp-live-pete…
4/ My book is aimed at rooting out commonplace assumption that economic inequality and its potent damage is unavoidable, as if globalization, tech and money are too complex for humans to govern. We are living in a world crafted by billionaires to funnel more wealth to themselves.
5/ DAVOS MAN reveals how the wealthiest people have polluted popular discourse with false choices: between big pharma monopolizing gains of Covid vaccines, or having no vaccines; between tax cuts and deregulation for billionaires or no innovation, no growth.
6/ I seek to show that, beneath outbreaks of anti-democratic tribalism -- from Trump, to Brexit, to the rise of right-wing extremists from France to Italy to Sweden -- lies a deep current of anger over scarcity: the result of pillaging by the billionaire class.
7/ My book draws on and (one hopes) advances a vast body of work produced over decades by colleagues who have explored inequality, tax avoidance, the warping of our markets, and the elaborate virtue signaling of the billionaire class.
8/ Twenty years ago in One Market Under God @thomasfrank_ revealed how tech magnates were co-opting countercultural rhetoric to protect themselves from regulation.
9/ In a shelf full of books, @JosephEStiglitz has demonstrated how the wealthy have manipulated the rules of globalization in their favor. @RBReich has made a career helping readers understand how inequality represents a hostile takeover of democracy.
10/ Way back in the dot-com era, my friend @MarkLeibovich produced enduring portraits of the greed and narcissism that rules the realm of tech billionaires.
11/ A decade ago, in her book Plutocrats, @cafreeland demonstrated how the wealthiest are monopolizing the bounty of global capitalism.
12/ A uniquely valuable landmark on this terrain is Winners Take All by @AnandWrites, an enduring and vital exploration of how the billionaire class has used philanthropy and the the forging of "win-win" constructions to protect itself from taxation and sacrifice.
13/ I count myself lucky to have worked alongside the great @gmorgenson whose dogged pursuit consistently pulls the mask on billionaire virtue signaling.
14/ My friend and colleague @davidsirota has done extraordinary work on the pillaging of public pension coffers by billionaire financiers. His website The Daily Poster, has become required reading for those watching the intersection of money and politics.
15/ Homewreckers by @Aaron_Glantz is invaluable for those seeking to understand how a handful of billionaires — among them a pair of Steves, Schwarzman and Mnuchin, both characters in my book — profited mightily on an epic foreclosure disaster.
16/ Pankaj Mishra's work -- especially Age of Anger -- provides crucial historical context to the upsurge of authoritarianism around the globe.
17/ For years, @NaomiAKlein has explored how multinational corps have exploited wars and disasters to grab resources around the world. Time and again, @nomiprins applies insider expertise to reveal how Wall Street uses crises to add to its coffers.
18/ I've drawn heavily on the invaluable work of @matthewstoller, especially his book Goliath, which provides critical historical arc on monopoly power from the Robber Barons to present day.
19/ My friends and colleagues @JesseDrucker at @nytimes and @eisingerj at @ProPublica have performed a great public service in revealing the Vegas buffet of options used by billionaires to stiff governments on their tax bills.
20/ @eisingerj's book, Chickenshit, is required reading for anyone wondering how the billionaire class managed to avoid consequences for the worst financial crisis since the Great Depression.
21/ Follow these writers. Read their books . Watch their films. Absorb their podcasts.
22/ My book is grounded in the pandemic, revealing how the billionaire class has feasted on calamity — at once highlighting and exacerbating the grave inequalities of our age.
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Beef prices are soaring, but ranchers are going broke. Behind this apparent manifestation of the Great Supply Chain Disruption, a story of monopoly power. Our story from Montana and Missouri with amazing photos by @erinschaff nytimes.com/2021/12/27/bus…
Like so many American stories, this one goes back to Reagan, and the decision to ditch antitrust enforcement as an impediment to efficiency. Four decades later, four largest meatpackers control 85 percent of the beef market.
Ranchers used to capture more than half of every dollar Americans spent on beef; last year they got only 37 cents. The difference flows largely to packers like JBS, a Brazilian conglomerate that used ill gotten state credit to go on international expansion spree.
This is how the world ran out of everything. Our story on the global shortages and how business overdid it with Just In Time, enriching shareholders at the expense of the real economy. with @NirajCnytimes.com/2021/06/01/bus…
@NirajC 2/ How lumber, sporting goods, tapioca and chemicals all got scarce at same time is complex, featuring pandemic-related chaos in shipping, production disruption and wildly fluctuating demand. But one key factor cannot be ignored: the corporate world overdid it with staying lean.
@NirajC 3/ A dollar spent stocking warehouses with parts to guard against disruption is a dollar that cannot be distributed to shareholders via dividends and buybacks. This reality is key to understanding what has happened.
Last summer, the Business Roundtable, an association major US CEOs, produced a statement of purpose under which the interest of workers and environment would gain importance alongside shareholders. The pandemic has revealed the hollowness of those words nytimes.com/2020/04/13/bus…
2/ Pundits construed the statement of purpose as a milestone, the end of the slavish devotion to quarterly bottom line. But many major corps used their cash to buy back stock and pay dividends (check it out @TheStalwart ), leaving them with less to aid workers when disaster came
3/ Amazon, worth more than $1 trillion, saw workers walk out, complaining that they lacked protective gear like masks and sanitizer. Macy's paid out a scheduled dividend even as it furloughed most of its workers.
The global recession is shaping up as deeper, longer and more dangerous than initially feared, with recovery likely to take years. My analysis. nytimes.com/2020/04/01/bus…
2/Among investors, conventional wisdom still has it that recovery will be V shaped: We freeze the economy until we contain the pandemic, then we restart everything. Everyone goes back to the mall, planes fill, life snaps back to normal. That vision looks increasingly ridiculous.
3/ The world that emerges from this will be damaged. Businesses fail, hundreds of millions will lose jobs. Fiscal and monetary relief will help, but the scars will be real; productive capacity will be lost; supply chains disrupted. None of that gets put back together quickly.
Could this be a worse economic shock than the global financial crisis? “In many ways it’s far worse than 2008,” said Joseph E. Stiglitz, the Nobel laureate economist. My analysis nytimes.com/2020/03/13/bus…
2/ the point @JosephEStiglitz is making: Last crisis, toolkit was proven. "2008 was a show that we had seen before. We know about financial crises. We knew that it was just money, and that one way or the other the government would step in and save the bankers from their folly.”
@JosephEStiglitz 3/ But this time, the threat is the virus. “This is a shock arising out of the real economy, out of the real world, out of biology, not out of financial shenanigans or complexities,” said @AdamPosen “We are much less well suited to deal with this.”
How did Italy’s communist strongholds come to embrace the extreme right? It started with the China Shock. My story from Tuscany and Marche nytimes.com/2019/12/05/bus… via @nytimes
It is a story with parallels to the China Shock in the American industrial Midwest, which eliminated millions of jobs in the space of a few years, a story that helps explain the embrace of Trump.
And like in the US, the shift toward right wing populism involves nativist sentiments and conceptions of white privilege — the notion that descending into joblessness and poverty is supposed to be a status reserved for other groups