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Date Posted: 18:26:42 2/17/23 Fri
Author: Jasper
Subject: Charles Smith talks money classes w/circles and arrows and a paragraph on the back of each..

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The two primary forces in the past 30 years are financialization and globalization, forces which accelerated under central bank / Neoliberal trade policies into hyper-financialization and hyper-globalization: hyper-financialization constantly inflates ever-larger asset bubbles, enriching the already-rich, while hyper-globalization forces labor to compete with lower-cost workforces globally, effectively transferring wages to capital, which can optimize labor / regulatory /credit / currency arbitrage to maximize corporate profits at the expense of the bottom 90% who depend on wages for their income rather than capital.

The most striking feature of the fortunes of the top 1% and the middle class is clearly visible: the share of total wealth of the top 1% soars to new heights in every bubble, while the share of the middle class dives.

The share of the middle class only rises when asset bubbles pop. This is the result of the top tier of US households owning the vast majority of assets: as bubbles pop, those who own few assets suffer far less than those who own most of the assets that bubble higher on the back of central bank stimulus and easy credit.

When the bubbles inevitably pop, the share of the top 1% crashes as the share of the middle class makes a temporary gain.

Please take a look. It's rather remarkable, isn't it?

https://www.oftwominds.com/blog.html#jump

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