In this May Day, when the indisputable analysis of Karl Marx regarding labour’s role in value production are celebrated across the world, and with it too the workers’ rights, this generation is beginning to learn of an injustice at the scale of the previous discrimination against blacks, of the previous discrimination against gays, and of the previous discrimination against women.
The Securities Act 1933, still very much standing in force, unashamedly discriminates not just against the poor, of all colors, genders or orientations, and not just against the middle class, but against everyone that is not a millionaire and, and this is a very important and, and everyone that is not a bank.
Jay Clayton, the former bankers’ lawyer, has now applied this draconian law of nearly 90 years of age – a law written at a time when only the rich could vote – to a very new invention and to a very new millennium.
Your two sons and daughter Mr Trump, all three millennials, just as all other millennials across the world, are now finding out what is at the root cause of the greatest inequality we have seen for a century.
Bright young men and women, some of them actual geniuses, are ridiculed, belittled, and worse, by VCs and rich mostly men, who treat the entrepreneurs and inventors as inferior.
They do so and they can do so only because of the barbaric Securities Act, which limits risk taking by investing in start-ups, and the great gains from it, to the millionaires, billionaires, and banks only.
With such artificial limitation, necessarily they receive many offers, and thus become arrogant, ignore many very good inventions, for rich they still will be and we far poorer still.
We’ve heard you, Trump, rile against the mainstream media monopoly, and what you call fake news. We heard you blame what you infer to be individuals that control monopolies in other areas, primarily manufacturing.
Yet why is there such monopoly? Is it really a product of market forces, or is it state enforced, specifically Securities Act 1933 enforced?
If such act must stand, we would support it only and only if there are no exceptions. None whatever. There is not one reason, except for barbaric kleptocracy, why there should be any exception for bankers or the rich.
If this law is necessary to protect the public, then let it protect all of the public, including the banks and the rich. Because protection for some, and not for others, is not protection at all as is very clear.
This barbaric law has no standing in this century, and it should be repealed immediately. For what it stands for is nothing less than modern slavery. Communism for us all, capitalism for only the rich.
Yet we know fully well communism does not work. There must be risk taking, there must be incentive. And what is our incentive? A 2% interest per year savings account, which considering real inflation of 5% or more if we account for property prices, means not saving but draining money.
Or the 8% stock returns if we are lucky and they don’t give us a market crash 2008 style. Minus the 5% inflation, we should be happy with 3%, from the 500 companies, thus securing monopolies?
That all while banks literally print money out of thin air when creating a loan, and then ask us to pay them back double the money we borrowed thanks to the interest rate they charge on this fake money.
Money which, unfortunately, is not even fake, for official inflation is an estimate at best. Our parents bought our homes for $20,000. That’s merely 20 years ago! Now a home is $200,000 if you are lucky. 10x devaluation in just a students’ lifetime.
And we can’t even keep up with it by investing in the true value creators. Not the stale and tired Google, or Facebook, both ripe for disruption, or the other stale monopolies. But the start-ups, the medium sized companies, the ones that provide 80% employment yet can’t raise finance to expand due to the barbaric law of the last century.
If there is one law this generation must overturn, for its injustice is apparent to even an utter idiot, it is certainly the Securities Act 1933.
For it stands at the root of all evil. It is the primary cause of inequality. It is the primary cause of monopolies. It is the primary cause why wages are stagnant. It is the primary cause why booms are on, but the people feel it not. It is the primary cause of all that is wrong.
There must be no exception. All must be equal before the law. If requirements are required they must apply to all. Otherwise this is not a law.
Congress, repeal the Securities Act 1933. This chaining law has no place in this century. Open the gates! The people, the millennials, must be freed from their cage of this discriminatory atrocity.