By Steven Bradley
In a decision that should shake the foundations of American finance and governance, a federal judge in Texas has ruled that the antitrust case against BlackRock, State Street, and Vanguard can proceed. This is more than just a legal story it’s the smoking gun behind a century-long betrayal of the American Republic.
According to the court filings, these financial giants are accused of using their vast stock holdings in nearly every major coal producer to coordinate and manipulate corporate behavior. If true, this isn’t just collusion it’s evidence of a private cartel controlling key sectors of the U.S. economy and politics, shielded by the very legal structures they helped create.
This moment confirms the central thesis of my book Subverting the Republic: that the United States government has, over the past hundred years, been structurally transformed from a constitutional republic into a financial oligarchy controlled not by the people or their states, but by a donor-financed elite class that spans both Wall Street and Washington.
The trail begins in 1913. Here is a sequence of events:
The 16th Amendment gave Washington direct access to your income. The Federal Reserve Act put control of currency into the hands of private banks. The 17th Amendment severed the states from federal power by making the Senate a donor-funded popularity contest instead of a voice for sovereign state governments.
Fast forward to 2010, when the Supreme Court’s Citizens United ruling opened the floodgates for unlimited political spending by corporations and special interests. With that, the final firewall fell. The very entities now facing trial BlackRock, Vanguard, State Street became the kingmakers not just in capital markets, but in Congress, in the White House, and in the courtrooms.
In a just world, this case would mark the beginning of a new reckoning. A return to antitrust enforcement. A reassertion of state and voter sovereignty. A long-overdue reversal of the silent coup that began over a century ago.
But make no mistake this case is not just about coal or ESG policies. It’s about whether we still have a Republic or whether we’re living under the rule of what I call the “capital cartel” unelected, unaccountable financial conglomerates with more influence over American policy than most governments.
If this case succeeds, it may open the door to similar lawsuits across other sectors: tech, media, pharmaceuticals, agriculture. If it fails, it will serve as further proof that the system is too captured to self-correct and that structural reform must come from outside the political-financial class entirely.
I filed an amicus brief in the J.D. Vance v. FEC case now moving toward the Supreme Court, calling for the end of the Citizens United framework that enables this corruption. That case, like this one, is a chance to remind the courts and the country that freedom doesn’t survive long when power is concentrated, coordinated, and protected by law.
The founders warned us about monarchy. What we face now is its modern incarnation: oligarchy through ownership.
This time, the oligarchs are in the hot seat.
Let’s hope the court has the courage to follow through — and that the people are finally ready to reclaim what was stolen in 1913.
Steven Bradley. is the author of Subverting the Republic and a constitutional reform advocate based in Texas. His book and legal writings focus on restoring state sovereignty and eliminating corporate capture of U.S. elections. Available SubvertingTheRepublic.com or Amazon: https://www.amazon.com/dp/B0FFZT46DP.
