US Sociologist Professor Peter Phillips, well known for researching the USA power elite, and one of the leading figures behind Project Censored, has published a study of the transnational ruling class. He points out that the present global situation is dire: “The World Bank reports that, in 2008, 1.29 billion people were living in extreme poverty, on less than $1.25 a day, and 1.2 billion more were living on less than $2.00 a day.”
Phillips and co-author Kimberly Soeiro focus on one company in the resources sector and one in the financial services sector.
Freeport-McMoRan (FCX) is the world’s largest extractor of copper and gold. The company controls huge deposits in Papua, Indonesia, and also operates in North and South America, and in Africa. In 2010 they reported revenues of $18.9 billion and a net income of $4.2 billion.
BlackRock, based in Manhattan, is the largest assets management firm in the world. As of March 2012, BlackRock manages assets worth $3.68 trillion.
The authors look at the directors of the two businesses and find they are part of a web. “BlackRock’s board has direct links to seven of the twenty-five most interconnected corporations in the world. BlackRock’s eighteen board members control and influence tens of trillions of dollars of wealth in the world and represent a core of the super-connected financial sector corporations”.
They conclude: ” We demonstrate how the US/NATO military-industrial-media empire operates in service to the transnational corporate class for the protection of international capital in the world.