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The only part these treasonous cheap traders are underestimating is the law and order upon which they base their assumptions. They are missing that as economically irrelevant as they deem the dispossessed masses they call the proletariat to be, the latter's numbers dwarf the 'rich' population. As such, the rich would be targeted and overrun in short order. Being too rich when the social order tips on its head can literally kill you. Even as proletariat we scoff and dismiss such outcome, which is why it doesn't surprise me the oligarchs would so boldly and assertively write that piece of garbage.
They're traitors, plain and simple. Using the law and order granted by the proverbial AND literal sweat, blood, tears and life sacrifice of a nation of de facto slaves for the simple benefit of marginally capitalizing at the expense of your protector is the stuff that landed people under a heavy blade falling on their necks centuries before.
I don't agree with citi's assessment that their investors should stop worrying about the grumblings of the "have nots" because the rich simply control the market share and spending. That reminds me of that econ professor I got in trouble with in class because I challenged his assertion that when people can't afford something the demand ceases to exist. Not so. Chaos and black markets ensues. When the rich displace enough "have nots" they'll cause their own demise. God Willing.
The only part these treasonous cheap traders are underestimating is the law and order upon which they base their assumptions. They are missing that as economically irrelevant as they deem the dispossessed masses they call the proletariat to be, the latter's numbers dwarf the 'rich' population. As such, the rich would be targeted and overrun in short order. Being too rich when the social order tips on its head can literally kill you. Even as proletariat we scoff and dismiss such outcome, which is why it doesn't surprise me the oligarchs would so boldly and assertively write that piece of garbage.
They're traitors, plain and simple. Using the law and order granted by the proverbial AND literal sweat, blood, tears and life sacrifice of a nation of de facto slaves for the simple benefit of marginally capitalizing at the expense of your protector is the stuff that landed people under a heavy blade falling on their necks centuries before.
I don't agree with citi's assessment that their investors should stop worrying about the grumblings of the "have nots" because the rich simply control the market share and spending. That reminds me of that econ professor I got in trouble with in class because I challenged his assertion that when people can't afford something the demand ceases to exist. Not so. Chaos and black markets ensues. When the rich displace enough "have nots" they'll cause their own demise. God Willing.
Wishful thinking there bro. It's not that I don't agree with you-I would love to hear....let's call it....obituaries for a lot of financial "wizards".
Looking at the matter with a rational level head: I just don't see any sort of "uprising" happening. I just don't. The demographic that needs to do it most (what's left of the suburban middle class who is getting fleeced left and right) is the one that's least likely to make any waves and actually do something about it. They are too preoccupied with distractions like "Desperate Housewives" and "American Idol" and writing those stupid little blogs that they think anyone gives a damn about. Who's got time to riot and carry pitchforks and demand Bernanke and Pelosi's heads on a stick when little Rachel has a soccer game, that Best Buy is having a sale on Dell Laptops and that we are having dinner with Aunt Gladys at Olive Garden at 7? And yeah. The bailouts were wrong and all and the credit card companies are a scam. But hey. It's helped lift my 401(k) by 67% this quarter alone. I'll just look the other way.
Get f-ing serious. If there was a time to take back our economy and shut down Wall Street (by force if needed), the time for that was a year ago. It hasn't happened by now and so guess what: it probably isn't GOING to happen.
Wishful thinking there bro. It's not that I don't agree with you-I would love to hear....let's call it....obituaries for a lot of financial "wizards".
Looking at the matter with a rational level head: I just don't see any sort of "uprising" happening. I just don't. The demographic that needs to do it most (what's left of the suburban middle class who is getting fleeced left and right) is the one that's least likely to make any waves and actually do something about it. They are too preoccupied with distractions like "Desperate Housewives" and "American Idol" and writing those stupid little blogs that they think anyone gives a damn about. Who's got time to riot and carry pitchforks and demand Bernanke and Pelosi's heads on a stick when little Rachel has a soccer game, that Best Buy is having a sale on Dell Laptops and that we are having dinner with Aunt Gladys at Olive Garden at 7? And yeah. The bailouts were wrong and all and the credit card companies are a scam. But hey. It's helped lift my 401(k) by 67% this quarter alone. I'll just look the other way.
Get f-ing serious. If there was a time to take back our economy and shut down Wall Street (by force if needed), the time for that was a year ago. It hasn't happened by now and so guess what: it probably isn't GOING to happen.
Nice rant though. Made an entertaining read.
You're absolutely right. The working poor (those who call themselves middle class) are not likely to organize and revolt. As you pointed out, regardless of how underwater they are, how watered down the value of their kids college degree gets, how tough things get, as long as they got a credit card, olive garden, best buy and a TV feed, they'll stay put.
These are not the people I was referring to though. Imagine for a second a USA where they liquidate and cease all entitlement programs cold turkey. SS, gone; medicare, gone, state and federal pensions and wage COLAs, gone. You think for a second these waves of state dependents won't outright torch the city lickity split? Yes you're right, this won't happen overnight. But I wouldn't outright discount these demographics ability to make america a little less ****** dory of a place for the rich to sunbathe.
In all honesty, what's most likely to happen is that we'll have an eventual Brazil in America. Lots and lots of poor and people treading water, and very few rich who can afford stuff. This is not that far, 2040 tops.
Some things could throw this outcome off, like the emergence of a dominant third party (labor party say), a wide scale (yes, even bigger than today, today we don't even have medicare-for-all, hardly a socialistic society by the world's standards) socialization of policy to keep the dispossessed appeased, or an economic reset where the govt is unable to control that FIAT on the system and the house of cards collapses visibly, causing the aforementioned riot you are certain will never happen. Outside these few catalysts then yes, a quiet and eventual american brazil will be our fate. Quiet slaves on a country slowly receding into irrelevancy. For 220 years it was a good run, rather short lived though compared to previous societies. You reap what you sow.
Wishful thinking there bro. It's not that I don't agree with you-I would love to hear....let's call it....obituaries for a lot of financial "wizards".
Looking at the matter with a rational level head: I just don't see any sort of "uprising" happening. I just don't. The demographic that needs to do it most (what's left of the suburban middle class who is getting fleeced left and right) is the one that's least likely to make any waves and actually do something about it. They are too preoccupied with distractions like "Desperate Housewives" and "American Idol" and writing those stupid little blogs that they think anyone gives a damn about. Who's got time to riot and carry pitchforks and demand Bernanke and Pelosi's heads on a stick when little Rachel has a soccer game, that Best Buy is having a sale on Dell Laptops and that we are having dinner with Aunt Gladys at Olive Garden at 7? And yeah. The bailouts were wrong and all and the credit card companies are a scam. But hey. It's helped lift my 401(k) by 67% this quarter alone. I'll just look the other way.
Get f-ing serious. If there was a time to take back our economy and shut down Wall Street (by force if needed), the time for that was a year ago. It hasn't happened by now and so guess what: it probably isn't GOING to happen.
Nice rant though. Made an entertaining read.
good post, MCB. (glad you are not the capitalization police )
des lab, it is a fascinating document. the sad part about this is 1) the agenda is out in the open now, so no more "secret" bilderberg conferences needed, with select people invited 2) the government has been useless at both stopping the agenda and prosecution, due to widespread corruption. 3) the government bailouts ENSURED that the rich would get richer.
it shouldn't be the JOB of the citizen to have to stop the fraud since that is what we have government for- to enforce laws and to regulate when necessary.
unlike you, i don't think that this is the end of it for the citizens, however. we haven't yet experienced any downside from all of the monetization, but it is coming and americans are going to be pretty angry when it happens. just because most americans are rather shortsighted doesn't mean that they aren't going to react.
You seem upset with the guys that wrote the memo etc. but they are merely pointing out the wealth shift and things that could curtail the trend. It's the work of finance\economists advising how to react to this trend financially.
I mean I read a national geographic article 4 years PRIOR to Hurricane Katrina explaining how a CAT3 hurricane would crush New Orleans and was GOING to happen sooner or later....should we call the National Geographic writers names for pointing out the obvious?
I don't know what the hell is wrong with you people. Instead of bitching and moaning about how rich people are, or are going to get, why don't you improve your skills to get a higher paying job?
I don't know what the hell is wrong with you people. Instead of bitching and moaning about how rich people are, or are going to get, why don't you improve your skills to get a higher paying job?
That requires actual effort.
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