America 2021: Inequality is Now Baked In by Charles Hugh Smith for Of Two Minds
This complete capture of all avenues of regulation and governance can only end one way, a kind of hyper-stagflation.
Zeus Y. and I go way back, and he has always had a knack for summarizing just how insane, disconnected from reality, manipulative and exploitive the status quo narrative has become. I’ve occasionally published his commentaries and essays here since 2008 Imaginary Worth, Empire of Debt: How Modern Finance Created Its Own Downfall (October 15, 2008), not coincidentally, in the midst of the previous debt-fueled speculative bubble popping.
Here is Zeus’s recent commentary on my opting out essay:
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“Regarding your excellent recent article: Now That the American Dream Is Reserved for the Wealthy, The Smart Crowd Is Opting Out:
1) The sock puppet theater assumption among the technocrats that economies ebb and flow, go bull and bear, and have moments of advancement and retraction is now irretrievably disproven. We have gone past “too big to fail, too big to jail” and escalated to “so big as to fail upward always and to get away with everything no matter how venal”.
When the Fed decided to buy up non-investment grade junk bonds fo the first time in its 107-year history, we now have no semblance of the (always iffy and now absurdly irrelevant) “self-regulating” economy. More and more extreme intervention on behalf of the super-rich (even as the real economy is tanking) will mirror the vaccine mandates on behalf of Big Pharma, even as their vaccines are tanking. “Draining trillions of dollars and stashing them in offshore accounts? You deserve a tax break!”
We have gone far past “moral hazard” and a “rigged game,” where the super-rich will make out like bandits, even if they cause a crash. We are in the next phase where it becomes profitable to cause hyperinflation and crashes (which you control by your monopoly powers), and then simply “siphon” (the apt term from this article) whatever is left of the savings and sweat of Jose and Maria American. Inflate and crash. Inflate and crash. Quick money. Guaranteed government bailouts. Manipulated markets (including cybercurrency by the way– can you say JPMCoin?).
There is only one way out. Refuse the sordid mess, which has gotten so absurd, and the myths so hollow (educating yourself into massive debt, and working hard, only to be “rewarded” with some downsized employee’s work being loaded on you) that there can be no other ultimate option but non-violent civil market disobedience.
2) What is the future of the developing juggernaut called predatory global capital, and their preferred cocaine called “zero interest rate, infinite money printing (ZIRIMP?)?
