The Powers That Be are perfectly fine with your transition to proletarian debt-serf. Yesterday we covered the usual suspects in the decline of the middle class as a financial-political bulwark against oligarchy / dominance of rentier elites: globalization, automation and the asymmetric distribution of rewards favoring the few over the many. Today, let’s cover the politically explosive systemic dynamics behind the erosion of middle class income, wealth and political influence. 1. I hope you won’t be too shocked that the core dynamic driving middle class decline is the way we create and distribute money, i.e. central-planning by central banks. As I have explained many times, those closest to the central bank money spigots can borrow essentially unlimited sums at near-zero interest rates.
This post was published at Charles Hugh Smith on MONDAY, MAY 08, 2017.
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