

Novara FM: How BlackRock and Global Finance Stole Your Future w/ Michael A. McCarthy
Jun 19, 2025
Michael A. McCarthy, an associate professor at UCSC and author of 'The Master’s Tools,' dives into how financial deregulation has eroded democracy. He discusses the untapped power of the working class as owners of assets, advocating for their control over economic decisions. McCarthy critiques cryptocurrency’s false promise of equity and highlights the need for democratically-run institutions that prioritize community needs. With insights on financial activism and reform strategies, he envisions a future where the working class reclaims their financial sovereignty.
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Financial Capitalism's Hidden Impact
- Financial capitalism channels working class wealth into markets that profit managers and harm the working class.
- Union control over these investments was lost, causing funds to flow into exploitative sectors, not community needs.
Elites Fear Workers' Financial Power
- Popular control of workers' assets threatened elites by creating a powerful financial war chest.
- Laws like the Taft-Hartley Act curtailed union control to block this rising threat in explicit class struggle terms.
Working Class Wealth Financialized
- Working class wealth is increasingly financialized, not just elite wealth.
- Collective control over this wealth shifted from unions to institutional investors, worsening working class outcomes.