Charles Hugh Smith from Of Two Minds blog explains how changes in the economy have resulted in massive inequality in America.
This wholesale transfer of risk from elites to the workers is finally becoming consequential as wealth / income / security inequality is reaching extremes that are destabilizing society and the economy. As Gordon Long and I explain in our new video, The World Just Got a Lot Riskier crony capitalism has transmogrified into predatory capitalism as government, finance and the corporatocracy have allied into a seamless (and seamlessly corrupt) elite class that has offloaded systemic risk onto the unprotected class.
This is a bad development for young people who have no memory of a country where the middle class was much larger and mattered. The passage pointing out how Federal Reserve's negative (real) interest rate policies are devastating small savers is well worth reading.
4. Federal Reserve policies have destroyed safe yields on savings and money-market accounts, forcing workers to take on the enormous risks of the rigged stock market casino (which is rigged to benefit high-frequency traders, front-running trading houses, and those with asymmetrically distributed information, i.e. insiders).
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