‘The New Feudalism: Inflation and Free Trade’
Large economies that are getting long in the tooth have a tendency to move towards financialisation. The big money is not made through manufacture and production, but in financial services, acrobatics, and the liquidation of said manufacture and production. Arcane paper pushing and Ponzi schemes dominate the markets and make enormous paper profits for the people involved.
In such an environment neither the engineer nor the old school long term investor rules the roost. The Wall Street broker is king. And asset inflation is the name of the game.
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