1) Brian, here’s the story of today’s inequality in 4 acts. Gotta see the whole picture. Hope this helps.
2) Act 1: 1945-1970: Contain the USSR
Do so by making USD GRC and building Germany & Japan postwar to act as bulwarks. In return they buy US goods & reinforce $ hegemony, establishing US core/periphery monetary empire.
Do so by making USD GRC and building Germany & Japan postwar to act as bulwarks. In return they buy US goods & reinforce $ hegemony, establishing US core/periphery monetary empire.
Act 2: 1971-1990: Financialize the World
Take $ off gold standard so DC can run unlimited trade & budget deficits to suck profit from cheap global labor force back to fund DC & Wall St., both now deregulating $, labor, trade & retirement so US wealthy can win even bigger.
Take $ off gold standard so DC can run unlimited trade & budget deficits to suck profit from cheap global labor force back to fund DC & Wall St., both now deregulating $, labor, trade & retirement so US wealthy can win even bigger.
Act 3: 1990-2008: Cold War Winner
Power monopoly complete, DC-Wall St eliminates Glass-Steagall, puts China into WTO, lets Fed adopt “stock market 3rd mandate”. As real rates plummet, Boomers & 1% exp unprecedented wealth explosion while US labor continues losing (inflation)
Power monopoly complete, DC-Wall St eliminates Glass-Steagall, puts China into WTO, lets Fed adopt “stock market 3rd mandate”. As real rates plummet, Boomers & 1% exp unprecedented wealth explosion while US labor continues losing (inflation)
Act 4: 2008-Present: Run the Table
Power through GFC by using Federal Reserve to print $ to keep Boomers whole (despite growing real insolvency), successfully achieving even more rampant asset inflation in stocks, bonds & real estate despite 5-decades of working class stagnation
Power through GFC by using Federal Reserve to print $ to keep Boomers whole (despite growing real insolvency), successfully achieving even more rampant asset inflation in stocks, bonds & real estate despite 5-decades of working class stagnation
In one sentence: 80 years of using USD’s status as GRC to suck the world’s capital into the coffers of US financial asset owners, aka our 1%, aided directly by our national government’s explicit policies to do so, & often at direct cost to US labor (wages) & 90% (inflation).
