Why do so many disdain the common thug out on bail and not realize the oil company execs are worse?
Oil execs are thugs too.
One of my listeners, Eric, dislikes that I believe that we should afford most people arrested the same rights as rich people. They can always pay any bail to get out of jail pending trial. If you are poor, your life stops as you rot in prison, at least until your verdict.
There is an epidemic of catalytic converter robberies in Houston. My listener claims that judges released 5 out of 6 of those committing these crimes. Any statistician would tell you that that is not enough data. After all, there is no context of the total number of people let out on bail or any other dependent variable.
Eric’s thought process reveals an important reality. The system has brainwashed many of us. When petty criminals, especially those with a darker hue, commits a crime or are suspected of doing so, we are ready to ask our system to inflict punitive punishment.
The lack of proportionality is astounding. The cascading results of a petty criminal who steals a candy bar are minimal compared to the systemic damage that those with pricing power — read oil company executives — whose legal theft hurts millions.
As I mentioned recently on the Muslim Network TV, there was never a real oil shortage. The oil companies created a narrative that the media parroted as subservient to the industry and all advertisers they refuse to offend.
Oil executives raised the prices of gasoline because they could. They have pricing power. They take refineries offline to justify high gasoline prices despite no oil shortage.
My listener wants me to refer to the catalytic criminals as thugs. They are. But it is high time that we recognize another form of thuggery. And this one is much more profound. It affects our financial well-being and our ability to achieve economic independence. It destroys lives as the financial stress it puts on an entire economy has severe socio-economic effects. Ultimately, it is legalized theft.
Oil executives force us to transfer our wealth to them and their shareholders because they are allowed to monopolize and sell a critical resource at whatever price they dictate. We must call that out as exponential thuggery. And unfortunately, under our current economic system, it is not only legal, but as the economist and one of the gods of capitalism implied, it is the fiduciary duty of the oil executive or any executive to maximize profits for the shareholders as the other stakeholders in the transaction be damned.
The bottom line is simple. If we judge acts based on their damage and adverse effect on society, we must call oil company executives thugs. We must not fall into the trap. Do not allow the suits and ties to fool you. They are just well-dressed and well-paid thugs.
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