“breathtaking hubris of a ruling class that didn’t know when to quit stealing.”
That will be a fitting epitaph for China’s bubble bursting crash, where every member f the Politboro has become a billionaire on corruption, and the average member of the Great Hall of the People’s deputies is worth over $100 million, while wantonly printing money to fund enrichment schemes for Party Princelings, that will never pay back the public treasury or the banks.
At least in the West there has been efficient investment of the wealth in productive assets, without huge percentages just blown on rotting ghost cities, zombie factories, and overseas bolt holes for petty bureaucrats and their children.
There has been a lot of investment in derivatives and the stock market, and I wonder when the collapse is going to arrive.
Interesting read:
“The wave of populism/socialism/proto-fascism that’s sweeping the US and Europe is a direct result of the breathtaking hubris of a ruling class that didn’t know when to quit stealing.”
#CureWorstThanDisease! The scam known as “Democratic Socialism” is the .01% ruling class seeking to save itself by being willing to throw the mere 1% to the mob to save themselves! Its proponents (like AOC) are funded by the hyper-wealthy and their media mouthpieces! It’s why Trump is president and why the ruling class is so desperate to remove him... as they want to control the coming “revolution” even though they caused it. The main strategy is disaster predictions (12 years to end of world) and to use any and all differences (aka: Identity politics) to pit the “peasants” against each other, not against the “ruling class”. The goal is feudalism (master and serf)... not “Democratic Socialism”... which in reality is an oxymoron, the end result will be anything but democratic.