Tom, I had never heard of you before I read about you at Newser:
A billionaire venture capitalist has sparked a furor with a worried letter to the Wall Street Journal. In the brief piece, Tom Perkins notes “the parallels of fascist Nazi Germany (and) its war on its ‘one percent,’ namely its Jews, to the progressive war on the American one percent, namely the ‘rich.'” He continues: “From the Occupy movement to the demonization of the rich embedded in virtually every word of our local newspaper, the San Francisco Chronicle, I perceive a rising tide of hatred of the successful one percent.” Perkins closes his letter with a comparison to vicious attacks against Jews in Germany in 1938: “Kristallnacht was unthinkable in 1930; is its descendent ‘progressive’ radicalism unthinkable now?”
The letter has drawn a flood of criticism, not least from the company Perkins founded, NPR notes.
Your critics seem pretty vile to me. Your letter doesn’t make you seem much better.
You are right that economic resentments allowed Germany, with its various anti-Semitic traditions, to be led to scapegoat Jews as a race. But the way you write the letter, it is as if those feelings came out of nowhere. Bad people held to bad beliefs, so we got Kristallnacht and the rise of the Nazis.
But that doesn’t explain anything. Why were the people ripe to follow or at least acquiesce to the Nazis at that point in history? This is no mystery. Whatever the rights and wrongs of the conflict we now call World War I, the conditions imposed by the victors were economically crushing, as well as culturally humiliating to the Germans. They felt resentments due to real ongoing economic oppression. The Jews were used as a scapegoat for those feelings, but the feelings were caused by real harm.
Right now, many sectors of “the one percent” (the one tenth of the one percent) massively profit from the way our currency is degraded. Warren Buffet may have contributed in some small way to his “success” in 2013, but the vast majority was a gift from the Federal Reserve QE, a program that also continues to smother the economy for the rest of us.
This is real evil being done by political power. The resentment level in this country skyrocketed with criminal and treasonous actions of the Bush Administration, spearheaded by Hank Paulson. The “Occupy Wall Street” movement tried to divert the resentment of that crime into a general Leftist resentment of the rich.
Why are you helping them?
Back in early 2010, you seemed to recognize the problem. Back then, in your Wall Street Journal editorial, you argued for a distinction between venture capital in Silicon Valley and Wall Street. “We are not asking for bailout money or additional tax breaks,” you wrote. “We simply want those in the Beltway to leave us alone and let us do our jobs.” You knew then that the TARP bailout was a robbery that openly subverted the democratic propaganda used to justify the U.S. regime and that it was massively resented by the American people.
Yet now you write about “the rising tide of resentment against the successful one percent” as if you were all one undifferentiated mass. I can’t imagine a strategy more prone to increase the problem that you seem to think you want to oppose.
Of course, maybe the 2010 editorial was an effort in subterfuge—so that you’ve abandoned that strategy because it is obviously flawed. Back in 2007, while Bernanke was inflating the largest bubble ever, and setting up the economy to take a massive hit, you were boasting in how it was all making you rich.
There’s a lot of chatter these days about whether the current state of Silicon Valley qualifies as a bona fide bubble. The tone of this discussion implies that being in a bubble ushers in some sort of dark and dangerous age.
Tom Perkins disagrees. Fresh off of an appearance on 60 Minutes, Mr. Perkins, the venture capitalist, came by this morning to talk about his book, “Valley Boy: The Education of Tom Perkins.” He chatted as well about his new high-tech mega yacht, which cost him well over $150 million to build.
“Bubbles are good,” he said. “I’ve made a lot of money on bubbles.”
You profit off the debauching of the economy and you have the nerve to complain about window vandalism?
If you want to be someone who can claim to be successful, then oppose the corrupt Federal Reserve banking system that leaches off our nation.
Otherwise, you would be better off just shutting up.