Amidst the hype, excitement and nervousness of the election, the bigger picture of what the United States is and how it operates often gets lost on people. Many think that choosing one or another candidate will significantly alter their future to better represent their values, but in reality there is only one group of people that matter the most: those who Dr. Peter Phillips, professor emeritus at Sonoma State University, calls the “titans of capital.”

In his new book by the same name, Phillips studies the economic trends following the COVID-19 pandemic and how the wealth concentration in the world took a dramatic turn towards the already ultra-wealthy. He joins host Robert Scheer on this episode of Scheer Intelligence to further analyze these trends and how dire inequality is becoming.

The main problem is simple to understand: the ultra-wealthy “doubled their wealth concentration.” That means, according to Phillips, that “the upper one half of 1% of the people got richer and basically, the rest of the world got poorer.”

Phillips names the top 10 capital investment companies, such as BlackRock, Vanguard, State Street, Morgan Stanley and others as the main culprits. Over $50 trillion are controlled by 117 people across these 10 companies, according to Phillips.

This immense concentration of wealth inevitably renders any semblance of democracy almost useless, as the main decision makers are those who hold the biggest bag. “Whoever we elect as President is not going to make any difference because they're managed by capital,” Phillips tells Scheer. 

“They're there to protect global capital. That's what the American political system is about. That's what the political systems in the West are about. They see capital as a vital interest of the West, and that's why we have military bases all over the world to protect capital and to ensure that debts get repaid and that this capital continues to grow and expand.”