oftwominds | Many other dynamics changed around the same time: social, cultural, political.
These charts reflect the
end of the postwar era and the ushering in of a new era.
Again in broad-brush, the key economic dynamic was the decline of labor's share of the
economy in favor of capital. Those who had only their labor to sell lost purchasing power,
while those who could borrow or access capital benefited enormously. The charts below tell
the story: labor's share of the national income has stairstepped lower for 50 years (since 1970)
while the super-wealthy's share has outpaced everyone else 15-fold.
The dominance of financial capital is visible in the third chart, as private-sector financial
assets are now 6 times the nation's GDP, double the percentage of the postwar era.
This capital-friendly era was rocket-boosted by financialization in the 1980s, technology in
the 1990s and globalization in the early 21st century. You can see each advance of
capital's top tier--the top 0.1%--in the chart below: the top 0.1% first pulled away in the 1980s
financialization, stutter-stepped in the early 1990s and then exploded higher as technology
fueled capital's leverage and exposure to the gains reaped by computers and the Internet.
Alas, these extremes are not stable or sustainable, and so each wave ends in a devastating crash.
The income of the top 0.1% took a hit as the dotcom bubble burst, but then China's entry into the
WTO saved the day as rampant globalization and additional extremes of financial leverage and fraud
boosted their fortunes in the 2000s.
The dual extremes of financialization and globalization created the 2008 bubble, and its
collapse almost took down the entire global capital house of cards. Central banks, ultimately
financed by the Fed to the tune of $29 trillion, twice the size of America's entire GDP,
instituted The Great Reset under the usual guise of "emergency measures" which then
became permanent policies.
The Great Reset led to the hyper-centralization of control over the global economy's
money as central banks coordinated unprecedented money-printing and financial repression,
which includes zero-interest rate policies (ZIRP), as the debt-bubble would pop if rates
aren't nailed down to zero.
All the PR being spewed about The Great Reset is the final frantic flailing of
a system that's drowning in its own excesses. The 50-year long era of the few enriching
themselves as the expense of the many has ended, for the same reason eras of extreme exploitation
always end--the elites got too greedy and overshot the economy's ability to sustain their
rapidly expanding share of the income and wealth.
Put another way: the elites have cannibalized the system so thoroughly that there's nothing
left to steal, exploit or cannibalize. The hyper-centralized global money control has run
out of rope as the cheap oil is gone, debts have ballooned to the point there is no way they'll
ever be paid down, and the only thing staving off collapse is money-printing, which holds the
seeds of its own demise.
Allow me to summarize the only way The Great Reset envisioned by global elites
can actually manifest: The Martians arrive towing huge meteorites of pure lithium and gold,
and rather than incinerating the global elites, they hand the global elites the meteorites to
further their concentration of wealth and power.
Short of that science fiction, this sucker's going down. The Great Reset has already
run its course after 12 long years of artifice, fraud and trickery. So global elite shills,
lackeys, factotums, toadies and apparatchiks--prepare for your Wil-E-Coyote moment of truth.
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