Historically, bad shit ensues when this is sustained. Given a fed-up heavily armed populace, well....
THe 18th century French banker and philosopher named Richard Cantillon noticed a phenomenon that when new money was issued by the king/government, it always flowed first to those closest to the source - the rich, powerful and connected.
He wrote called ‘An Essay on Economic Theory,” and his basic theory was that who benefits when the state prints a bunch of money is based on the institutional setup of that state. In the 18th century, this meant that the closer you were to the king and government power, the more you benefitted. The rich received “new money” first, often on beneficial terms. The further away you were, ie) average workers, the more you were harmed, due to inflation and debasement.
Money, in other words, is not neutral. This general observation, that money printing has distributional consequences that operate through the price system, is known as the “Cantillon Effect.”
Break up Amazon.
So they get both their share AND our share. Are they immortal too???
One thing about it, no matter how much they have or lose, there will always be a 1% to blame.
Ping
Jobs are going away. Jobs pay less. Nobody buys used stuff. Nobody fixes things. The money all goes to high volume, vertically integrated companies.
If you don’t own a lot of stock in these larger and larger companies, you are falling behind.
Having a job is a losing position. Even doctors, lawyers, etc are losing position. You have to invest. A lot.
My neighborhood is entirely in the top 10%. Typical 1/2 acre plots with single family houses on them. Most have jobs, but they also have investments. It doesn’t take much to be in the top 10%
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The US officially became an oligarchy with the SCOTUS saying that NO ONE in America had standing in Berg vs. Obama. The rest of these troubles have been death throes of a republic that was dealt a fatal blow on that day.
It acts like one, too.
Not surprising. This is also a significant reason why illegal immigration is supported by the super rich. All that new wealth needs low income workers to execute on. Thus the demand for so many H1-B visas.
Distribution of wealth isn’t the measure of a “banana republic.”
That is income EARNED. It did not come from taking money away from the middle and lower classes.
Bill Gates did not become incredibly rich by taking money; he created a product that people wanted to buy. In other words, he CREATED wealth.
We were officially a banana Republic the day ALL of our elected AND appointed abrogated the Constitution by swearing in the ineligible Kenyan from Indonesia in direct violation of the Constitution.