I haven’t worked in the industry but I’ve been a member of a credit union for enough years to see that as my wealth goes up, so do my relative returns. The basic savings account earns 0.05% , you have to have more invested to get higher APY. To get the top tier, as far as I know, high yield rate of 3.75% you need to have $25,000 invested there. The median savings account in the US is around $8,000. So 10 people each with $100,000 are getting more than 100 people with $10,000.
Yes credit unions may not be taking top 0.1% billionaire money, but they’re definitely taking top 20% money, which is where the real class divide in the US is at. The top 20% own over 70% of the nations wealth. This combined with the increased rates I mentioned above mean that this top 20% is getting a majority of the investment income, even from credit unions.
The difference between a slaveholder and a landlord is one of magnitude not kind. Both demand labor from someone without a claim to property to someone with a claim to property, not for the labor they put into producing that property, but simply because they own that property. In slavery that property is the slaves body, for a landlord it is the house a person lives in. A landlord demands a smaller share of the person’s labor, 30% vs 100% but that’s just a difference of magnitude. You can mystify that relationship all you want through a bunch of third parties and middle men but fundamentally that is what landlording is, exploitation of the propertyless by the propertied. A small portion of that money going to slightly less wealthy people doesn’t change the exploitative nature of the system.
That doesn’t make the process of loans/credit inherently slaveholder/slave, and implying as such is just ridiculously childish. You aren’t going to convince any sane adult with that sort of semantic stupidity.
So I guess one of the most influential and consequential sociologists and economists of all time isn’t a sane adult because he compared capitalism to slavery
The proletarians have nothing to lose but their chains. They have a world to win.
Read any Communist or anarchist theory and it will be full of comparisons between capitalism and slavery with analysis of the similarities and differences of the coercive nature of both. Theory that many sane adults have died for.
I haven’t worked in the industry but I’ve been a member of a credit union for enough years to see that as my wealth goes up, so do my relative returns. The basic savings account earns 0.05% , you have to have more invested to get higher APY. To get the top tier, as far as I know, high yield rate of 3.75% you need to have $25,000 invested there. The median savings account in the US is around $8,000. So 10 people each with $100,000 are getting more than 100 people with $10,000.
Yes credit unions may not be taking top 0.1% billionaire money, but they’re definitely taking top 20% money, which is where the real class divide in the US is at. The top 20% own over 70% of the nations wealth. This combined with the increased rates I mentioned above mean that this top 20% is getting a majority of the investment income, even from credit unions.
The difference between a slaveholder and a landlord is one of magnitude not kind. Both demand labor from someone without a claim to property to someone with a claim to property, not for the labor they put into producing that property, but simply because they own that property. In slavery that property is the slaves body, for a landlord it is the house a person lives in. A landlord demands a smaller share of the person’s labor, 30% vs 100% but that’s just a difference of magnitude. You can mystify that relationship all you want through a bunch of third parties and middle men but fundamentally that is what landlording is, exploitation of the propertyless by the propertied. A small portion of that money going to slightly less wealthy people doesn’t change the exploitative nature of the system.
So I guess one of the most influential and consequential sociologists and economists of all time isn’t a sane adult because he compared capitalism to slavery
Read any Communist or anarchist theory and it will be full of comparisons between capitalism and slavery with analysis of the similarities and differences of the coercive nature of both. Theory that many sane adults have died for.