Resistance Training

Resistance training is the term of art for weight training, a form of exercise that builds muscle. We could use some of that! In the USA there are 342 million of us and our economy is 70% consumer spending. As consumers our muscle is our money. That 70% is the sum total of what individuals and households spend on goods and services. When we spend money, we are flexing our economic muscle. Our country’s main source of wealth is consumers. Our economic prosperity relies mainly on the purchasing decisions of you and me. So let’s flex to build our economic resistance. 

There are many ways to change how we spend money, but if we can focus our intentions on a few conspicuous changes, we can make our power visible. To have visible economic impact, we need to act collectively; millions of us need to participate. Walk-outs, boycotts and no-shopping days are cool, but the impact is limited, not everyone can participate. Our millions are spread over thousands of miles, and there is great diversity among our households. We can’t realistically all take the same action at the same time. We need a way to have economic impact that allows for everyone to take action in their own way. What we need is a “quiet quitting” of oligarch brands, the biggest corporations that care the least about the average consumer because they think they are too big to fail.

Ironically, I asked AI how to organize national economic resistance and what follows are the answers I received:

• Stop Buying Durable Goods: Delaying or eliminating purchases of new cars, furniture, and appliances significantly impacts the economy, as these high-ticket items are major components of consumer spending.
• Drastically Increase Household Savings: Shifting income from consumption (spending) to savings or paying down debt immediately removes money from the circulation that drives the economy.
• Cancel Subscriptions and Services: Eliminating recurring monthly expenses (streaming services, memberships, subscriptions) provides a steady, ongoing reduction in service-sector output.
• Adopt Localized/Alternative Lifestyles: Switching from purchasing new goods to repairing, reusing, or buying secondhand reduces the need for new production and consumption. 
• Mechanism for Rapid Decline
  This approach works because consumer spending is the primary engine of economic growth. When consumers pull back, it leads to a reduction in demand and a potential, swift contraction of the economy. 

Remember the swift economic shock of the pandemic? I’m not sure we want to increase unemployment, and yet that beast is chasing us down anyway because of adoption of artificial intelligence, over-reliance on debt to fuel growth, reductions in government spending, and the increase in geopolitical turmoil. So, proceed with caution. Here are some guidelines for economic resistance.

• Don’t go into debt.
• Don’t risk your household’s financial stability.
• Don’t complicate your life by making unrealistic choices.
• Keep your resistance simple.
• Spend less and save more.
• Whenever possible spend your money at locally owned businesses.
• Form clubs and cooperatives to fill gaps in access to goods and services.

Hey, Boomer, don’t be a hypocrite!

We have a natural inclination to resist change, and the older we get, the harder it is to modify our behavior. Hello, Boomers, I’m talking to you, the richest generation ever. Boomers control $85 trillion, over half the US total household wealth. What the fuck people! I see your grey hairs out there at the marches and protests, carrying signs and blowing whistles. But what are you doing with your money? Please flex your economic muscle by moving your money into alignment with your values. Even a ten percent shift in Boomer financial assets away from the oligarchs to community-based banks and businesses would be a power move. No excuses.

Our economic choices have made us vulnerable to abuse. We have put our money into businesses that are now too big, drunk on their economic power and abusive. The consumer economy is 70% of our gross domestic product, but you wouldn’t know it by the way consumers are disrespected by the oligarchs and their toadies. We need to change that while we still can. We need to shift our money away from the biggest brands to the grassroots. Our strength is in our ability to mobilize our economic resources. The key is to resist on a sustained basis.

One thing almost anyone can do is open a savings account at a community bank. Better yet, move some of your money out of JPMorgan Chase, Bank of America or Wells Fargo and into a community bank. Any amount will do. You don’t have to make a radical move to have impact.

Definition of Community Bank in the USA

Community banks play a crucial role in local economies by reinvesting deposits back into the community, supporting small businesses, and contributing to job creation. They often provide loans to individuals and businesses that may not qualify for financing from larger banks.

• Local Ownership: Community banks are usually owned and operated by individuals or groups within the community they serve.
• Geographic Focus: They primarily gather deposits and make loans within a limited geographic area, fostering strong relationships with local customers.
• Relationship Banking: These banks emphasize personal relationships and understanding the specific needs of their customers, which can lead to more tailored financial solutions.
• Asset Size: While there is no strict definition, community banks are often defined as having less than $10 billion in assets. Some definitions set the limit at $1 billion.
• Regulatory Oversight: Community banks are subject to regulations from various agencies, including the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).

Materialism has anesthetized us to the pain of debt. Now the oligarchs are drilling holes in us to literally drain our economic power. But their money came from us. We spent our money on their businesses. All we have to do is resist the siren song of the oligarch brands and move our money to businesses that share our values and interests. Close accounts, unsubscribe, cancel and boycott everywhere you can afford to. Spend less, save more. Buy local and regional first. Organize to fill the gaps. That’s the way to take back our economic power. Flex your money muscle! 

Economic power is political power. Characteristics of American oligarchy:

• Concentration of Wealth: A small group of billionaires controls a significant portion of the nation’s wealth.
• Political Influence: Research indicates that economic elites and organized business interests have a substantial impact on US government policy, while average citizens have little to no influence.
• Policy Outcomes: Many policies favor the wealthy, leading to a system where the interests of the majority are often overlooked.

The rise of American oligarchs raises concerns about the health of democracy in the US. As wealth concentration increases, the ability of ordinary citizens to influence government diminishes, leading to a potential erosion of democratic principles and resulting in policies that favor the wealthy elite.

The time for economic resistance is now. Please share this message.