Carol Roth
Carol Roth does a great job of using the title to shock the reader, but once you read the book, you might agree that it is justified. It was at the World Economic Forum that she first heard the prediction that in less than a decade, private ownership would be dead. The book is her research on “You will own nothing and be happy“.
She calls this a war where three kinds of forces – government and government-related forces, elite power-grabbers and bad actors, and Big Tech are colluding to ensure that they remain on top for the new financial order that will come up. Owning wealth and power.
She begins with how frontline forces who risked their lives during the pandemic were punished, their livelihoods taken away, for non-compliance with a vaccine mandate. Moving quickly from social acceptance to social credit. Judged by public approval than a court of law. In China, they have already gone quite deep into the Social Credit System, where you’re watched and rewarded (red list)/penalised (black list).
She uses the history of empires to show the cycles of rise and fall, and how war is usually a catalyst for change and a new financial order. The US began its ascent after WW2, and according to Roth (and data), we are now seeing a decline in the US financial system, which is likely to lead to a shift in power, and or economic and geopolitical chaos. And if we go by GoT, “Chaos is a ladder”.
She also discusses Peter Thiel’s framework of how good ideas cause bad outcomes through a believers (idea)- racketeers (ROI) – Useful Idiots (ROE, e for ego). Think of climate change and read it as genuine activists – ESG sellers – regular people pandering to their desire for validation and ego by sharing posts/emojis/slogans without really understanding the discourse.
The next chapters expand on the debasing of the dollar (some insightful charts on its decreasing purchasing power) and the huge concerns on turning it digital – CBDC (central bank digital currency) and how it can be used against the common person’s rights and freedoms. This allows a neat segue into Big Tech and how they have made us dependent, and infringed on our basic rights. Think of getting locked out of mail, social media, payments etc with no easy means of recourse. Most of us don’t really own anything digitally, it’s all on a company’s servers. They would serve as great allies of the government, possibly even overshadowing them with their technical superiority. Wars are almost more cyber than real, after all.
She then does a deep dive on the various power and money grab mechanisms already underway. ESG, (thanks BlackRock!) for instance, played a crucial role in tanking Sri Lanka’s economy. The increasingly unattainable home ownership in US thanks to corporations, who are helped by cheap capital enabled by the Fed, competing against the common man for real estate. And city administrations who are happy to go along with AirBnB because they pay taxes. Add to this billionaires like Gates and institutions like Harvard (enabled by endowments) buying up farmland, including things like water rights. Now think about it, why wouldn’t private investors start moving water to say, nearest cities, because they think it’s the most efficient use of water?
Another example is the crazy cost of education and the increasing lack of ROI, thereby creating a population that is always in debt. And guess who’s the one providing these loans – the government! And despite their ‘loan forgiveness’, ultimately it’s the taxpayer footing the bill! A transfer of money from the working class to the college-educated class.
The final chapter is on how the common man (in the US context) can fight back against all this. While the context is the US, the ideology of capitalism and the alliance of government-corporations-BigTech is a global phenomenon, soon coming to a country near you.
What was super insightful to me is the nuance of arguments. I had broadly supported the vaccine mandate, Biden, and was not fond of Joe Rogan, but I was forced to think deeply on all this. This is a fantastic read, and I absolutely recommend it.
Quotes
“When a social moral code replaces a legal code and gains acceptance it is only a matter of time before those in power want to leverage that dynamic to secure more power for themselves”
‘We hang the petty thieves and appoint the great ones to public office’ ~ Aesop








