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The Lessons of Rome: Our Neofeudal Oligarchy

The Lessons of Rome: Our Neofeudal Oligarchy

Our society has a legal structure of self-rule and ownership of capital, but in reality it is a Neofeudal Oligarchy.

The Inheritance of Rome: Illuminating the Dark Ages 400-1000 is not an easy, breezy read; its length and detail are daunting.

The effort is well worth it, as the book helps us understand how the power structures of societies change over time in ways that may be largely invisible to those living through the changes.

The Inheritance of Rome focuses on the lasting influence of Rome’s centralized social and political structures even as centralized economic power and trade routes dissolved.

This legacy of centralized power and loyalty to a central authority manifested 324 years after the end of the Western Roman Empire circa 476 A.D. in Charlemagne, who united much of western Europe as the head of the Holy Roman Empire. (Recall that the Eastern Roman (Byzantine) Empire endured another 1,000 years until 1453 A.D.)

But thereafter, the social and political strands tying far-flung villages and fiefdoms to a central authority frayed and were replaced by a decentralized feudalism in which peasants were largely stripped of the right to own land and became the chattel of independent nobles.

In this disintegrative phase, the central authority invested in the monarchy of kings and queens was weak to non-existent.In the long sweep of history, it took several hundred years beyond 1000 A.D. for central authority to re-assert itself in the form of monarchy, and several hundred additional years for the rights of commoners to be established.

Indeed, it can be argued that it was not until the 1600s and 1700s–and only in the northern European strongholds of commoners’ rights, The Netherlands and England–that the rights of ownership and political influence enjoyed by commoners in the Roman Empire were matched.

…click on the above link to read the rest of the article…

The US will become a neo-feudal nation

The US will become a neo-feudal nation

The Western world is heading for the next big social and economic crisis. America’s hegemony is waning and its establishment is fighting among themselves. To uphold American supremacy, President Trump and his administration are trying to reshape the nation into a neo-feudal society with a new relationship between the President (sovereign), the financial elite (fief holders, the privileged vassals) and the people (subjects performing socage). If the country is doing well, the population lives in relative stability and the leader is loved. The US is facing a demographic decline and a rapid replacement with migrants from Central America and Africa. This internal development will have profound effects on social stability and economic prosperity. The US can only be a superpower if the country is stable and the nation supports the establishment.

Jerome Powell, the head of the FED, is derailing Trump’s stimulus programme by increasing the interest rate and reducing the federal reserve balance sheet. The actions of the FED result in a drop in stock prices and the increase in the cost of debt servicing for the highly indebted US corporations. The US is now the world’s largest oil consumer and producer thanks to its shale oil industry. However even with the oil price around $70 the industry has lost more than it earned. A high interest rate and a low oil price make the industry vulnerable.

The president has said clearly that he does not like what the FED is doing. The FED has to revise its decisions, otherwise Jerome Powell will be dismissed as envisioned by Section 10 of the Federal Act. The FED will have to reconsider its policies so as to enable the stock market to make another push up next year. However, investors should be careful.

…click on the above link to read the rest of the article…

America Has a “Neo-feudal” System

America Has a “Neo-feudal” System

The conventional definition of a Bear is someone who expects stocks to decline. For those of us who are bearish on fake fixes, that definition doesn’t apply: we aren’t making guesses about future market gyrations (rip-your-face-off rallies, dizziness-inducing drops, boring melt-ups, etc.).

No, we’re focused on the impossibility of reforming or fixing a broken economic system.

Many observers confuse creative destruction with profoundly structural problems. The technocrat perspective views the creative disruption of existing business models by the digital-driven 4th Industrial Revolution as the core cause of rising income inequality, under-employment, the decline of low-skilled jobs, etc. — many of the problems that plague the current economy.

I get it: those disruptive consequences are real. But they aren’t structural: crony capitalism and the state-cartel system is structural, because cartels can buy political protection from competition and disruptive technologies. Just look at all the cartels that have eliminated competition: higher education, defense contractors, Big Pharma — the list is long.

The fake fixes to the structural dominance of cartels and entrenched elites come in two flavors: political reforms that add complexity (oversight, compliance, etc.) but never threaten the insiders’ skims and scams. And monetary policies such as low interest rates and unlimited liquidity that enrich the already-wealthy by funneling whatever gains are being reaped to them rather than to labor.

I explain how this neo-feudal economy is the inevitable result of our system in my new book Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic.

Our political system, dependent on campaign contributions and lobbying, is easily influenced to protect and enhance the private gains of corporations and financiers. Combine this with the gains reaped by those with access to cheap credit and you have a financial nobility ruling a class of debt-serfs.

…click on the above link to read the rest of the article…

Neofeudalism Isn’t a Flaw of the System–It’s the System Working Perfectly

Neofeudalism Isn’t a Flaw of the System–It’s the System Working Perfectly

Fakery is always precarious: the truth about the asymmetries of power might slip out and spread like wildfire.

I’ve been writing about neofeudalism and its cousin neocolonialism for seven years:

500 Million Debt-Serfs: The European Union Is a Neo-Feudal Kleptocracy (July 22, 2011)

The E.U., Neofeudalism and the Neocolonial-Financialization Model (May 24, 2012)

The basic idea here is the socio-economic-political system is structured such that the only possible output is neofeudalism. In other words, neofeudalism isn’t a flaw in the system that can be changed with policy tweaks or electing a new president or PM– it’s the result of the system working as designed.

Neofeudalism is a peculiarly invisible hierarchical structure of power: The New Nobility (or aristocracy if you prefer) wields vast concentrations of political, social and financial power, and does so without the formalized aristocrat-serf relationships and obligations of classic neofeudalism.

We appear to be free but we’re powerless to change the power asymmetry between the New Nobility and the commoners. This reality is reified into social relations that are simulacra of actual power, pantomimes acted out in media-theaters to instill the belief that the foundational myths of democracy and social mobility are real rather than misleading shadows.

Neofeudalism is fundamentally a financial-political arrangement, marketed and managed by cultural elites who strive to convince us that we still have some shreds of power. These elites have a variety of tools at their disposal. One has been described by filmmaker Adam Curtis as pantomime: Trump says/does something outrageous, the Democrats cry “impeachment,” and so on.

This theater of pantomime serves two purposes: it projects a simulation of functional democracy that makes us believe impeaching one president and getting another one in office will change anything about the neofeudal power structure; it won’t.

…click on the above link to read the rest of the article…

France in a Nutshell: “The Government Stopped Listening to the People 20 Years Ago”

France in a Nutshell: “The Government Stopped Listening to the People 20 Years Ago”

The elites’ clever exploitation of politically correct cover stories has enthralled the comatose, uncritical Left, but not those who see their living standards in a free-fall.

A family member who has lived in France for decades summarized the source of the gilets jaunes protests in one sentence: “The government stopped listening to the people 20 years ago. It would be difficult to deny the generalization of this: many if not most governments stopped listening to their people decades ago, preferring instead to listen to financial and political elites and entrenched cultural eliteswho view commoners with disdain.

Legions of commentators are weighing in on the economic and cultural sources of France’s distemper. Many have characterized the protests as working class, broadly speaking, the multitudes who have seen an erosion in the purchasing power of their wages or pensions while France’s financial, political and cultural elites have feasted on whatever meager gains the French economy has registered in the past 20 years.

The protesters rightly perceive that they are politically invisible: the ruling class, regardless of its ideological flavor, doesn’t believe it needs the support of the I>politically invisible to rule as it sees fit. The ruling class has counted on the cultural elites to marginalize and suppress the politically invisible by dismissing any working-class dissent as racist, fascist, nationalistic and other words expressly intended to push dissent into the political wilderness.

The cultural elites reckoned their ceaseless depiction of working-class dissent as racist-fascist populism would continue marginalizing the commoners, but the worm has turned: the financially, politically and culturally marginalized classes are fed up.

…click on the above link to read the rest of the article…

Bearish on Fake Fixes

Bearish on Fake Fixes

This systemic vulnerability is largely invisible, and so the inevitable contagion will surprise most observers and participants.

The conventional definition of a Bear is someone who expects stocks to decline. For those of us who are bearish on fake fixes, that definition doesn’t apply: we aren’t making guesses about future market gyrations (rip-your-face-off rallies, dizziness-inducing drops, boring melt-ups, etc.), we’re focused on the impossibility of reforming or fixing a broken economic system.

Many observers confuse creative destruction with profoundly structural problems. The technocrat perspective views the creative disruption of existing business models by the digital-driven 4th Industrial Revolution as the core cause of rising income inequality, under-employment, the decline of low-skilled jobs, etc.–many of the problems that plague the current economy.

I get it: those disruptive consequences are real. But they aren’t structural: the state-cartel system is structural, because cartels can buy political protection from competition and disruptive technologies. Just look at all the cartels that have eliminated competition: higher education, defense contractors, Big Pharma–the list is long.

The fake-fixes to the structural dominance of cartels and entrenched elites come in two flavors: political reforms that add complexity (oversight, compliance, etc.) but never threaten the insiders’ skims and scams, and monetary policies such as low interest rates and unlimited liquidity that enrich the already-wealthy by funneling whatever gains are being reaped to rentiers rather than to labor.

I explain how this neofeudal economy is the inevitable result of our system in my new book Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic.

Our political system, dependent on campaign contributions and lobbying, is easily influenced to protect and enhance the private gains of corporations and financiers. Combine this with the gains reaped by those with access to cheap credit and you have a financial nobility ruling a class of debt-serfs.

…click on the above link to read the rest of the article…

The Politics of Debt-Serfs and Tax Donkeys: Our Only Choice Is the Least Bad Option

The Politics of Debt-Serfs and Tax Donkeys: Our Only Choice Is the Least Bad Option

The reality is there is no avenue left for advocacy, grievances or redress in a system dominated by global corporations and self-serving political insiders.

What’s striking about the protests in Paris against higher fuel taxes is the universality of the protesters’ expressions of being fed up with a status quo that no longer listens to them. Their commentaries of frustration are echoed around the world, from the U.S. to China: ‘People are in the red. They can’t afford to eat’.

The basic problem is obvious: wages have stagnated while taxes, interest on debt and costs of essentials have soared. When officialdom claims the higher fuel taxes are an expression of concern for the environment, it’s difficult not to gag at the hypocrisy: where are the higher taxes on the corporate and private jets, and the bunker-fuel burning freighters that ply the seas in service of globalization?

People are frustrated because debt-serfs and tax donkeys don’t have any real political options: with all the political parties mere variations of a sclerotic, self-serving elite, our only choice is to either not vote at all or vote for the least bad option.

In the original version of feudalism, peasants armed with pitchforks knew where to go for redress or regime change: the feudal lord’s castle on the hill. Though you won’t find this in conventional narratives of the Middle Ages, peasant revolts were a common occurrence; serfs weren’t always delighted to toil for their noble masters.

In the present era of corporate dominance, where can serfs go to demand redress and financial freedom from the neofeudal system? Nowhere. The global corporations that own the land and the productive assets have no castle that can be stormed; they exist in an abstract financial world of stock shares, buybacks, bonds, lobbyists and political influence.

…click on the above link to read the rest of the article…

Droit du Seigneur and the Neofeudal Privileges of Class in America

Droit du Seigneur and the Neofeudal Privileges of Class in America

Want to understand the full scope of neofeudalism in America? Follow the money and the power and privilege it buys.

The repugnant reality of class privilege in America is captured by the phrasedate rape: the violence of forced, non-consensual sex is abhorrent rape when committed by commoner criminals, but implicitly excusable date rape when committed by a member of America’s privileged elite.

Compare the effectiveness of excuses offered by privileged elites (we were both drinking, I didn’t hear her say no, etc.) when offered in court by less privileged males on trial for rape. The privileged elite is acquitted or given a wrist-slap while the commoner gets 20 years in prison.

This implicit privilege to non-consensual sex was known as Droit du Seigneur(right of the lord) in feudal Europe. While scholars debate whether the right of lords to have their way with female subjects was institutionalized, it doesn’t take much imagination to see the lack of recourse unmarried female serfs had if summoned to the lord’s lair.

The “right” to non-consensual sex is simply one facet of class privilege in America. One need only examine the histories of Harvey Weinstein and Bill Clinton to see how Droit du Seigneur works in America: from the perverse perspective of the privileged, the female “owes” the “lord” sex as “payment” for his interest in her, or (even more offensively, if that’s possible) the female is “fortunate” to have attracted the violent sexual gratification of the “lord.”

While the standard presumption of sexual assault / date-rape is that it’s all about sex, the much more disturbing reality is that it’s a crime of violence.Force and violence are also privileges of the New Aristocracy, both the direct violence of sexual assault and indirect violence threatened or manifested by the innumerable thugs that surround the New Aristocracy.

…click on the above link to read the rest of the article…

Trump Seeks Congressional Funding for 60,000-Man Army to Overthrow Assad

Trump Seeks Congressional Funding for 60,000-Man Army to Overthrow Assad

ISIS, or ISIL, or Islamic State, has been almost completely defeated in Syria, but the U.S. Department of Defense is requesting an increase instead of a decrease in funding to support “Vetted Syrian Opposition,” or fighters in Syria against Syria’s Government, and it refers to these fighters as being part of America’s “strategy to defeat ISIS,” instead of as being what they now obviously are: fighters for regime-change, or to overthrow Syria’s Government (which is headed by its President Bashar al-Assad, who received 89% of the votes cast throughout Syria in the internationally monitored 2014 Presidential election).

The Trump Administration’s “Department of Defense Budget Fiscal Year (FY) 2019” funding-request to Congress calls for “III. Requirements in Syria” of: 

a Coalition campaign to degrade, dismantle, and ultimately defeat ISIS in Syria. One key element of DoD’s strategy to defeat ISIS is to train, equip, sustain, and enable elements of the Vetted Syrian Opposition (VSO) eligible for support under current law. By the end of FY 2018, these forces are projected to total approximately 60,000 to 65,000; 30,000 to conduct ongoing combat missions against ISIS in the MERV, and 35,000 Internal Security Forces in liberated areas (to provide approximately 20 police/security forces for every 1,000 civilians).

Here is the:

SUMMARY

The FY 2019 request fully funds the Syria T[rain]&E[quip/arm] program based on requirements to sustain a 35,000 Internal Security Force together with a 30,000 combat personnel partner forces (as required) to liberate, secure, and defend territory previously controlled by ISIS [but now no longer ISIS-controlled]. The following is a summary of the requirements in Syria by category:

Category FY 2018 Request FY 2019 Request ($ in Millions) [FY2018, then FY2019]

Weapons, Ammunition, Vehicles and Other Equipment $393.3 $162.5

Basic Life Support $6.1 $8.0

Transportation and Staging $40.0 $28.0

Operational Sustainment $60.6 $101.5

TOTAL $500.0 $300.0

…click on the above link to read the rest of the article…

Loving Our Debt-Serfdom: Our Neofeudal Status Quo

Loving Our Debt-Serfdom: Our Neofeudal Status Quo

Democracy (i.e. political influence) and ownership of productive assets are the exclusive domains of the New Aristocracy.

I have often used the words neoliberal, neocolonial and neofeudal to describe our socio-economic-political status quo. Here are my shorthand descriptions of each term:

1. Neoliberal: the commoditization / financialization of every asset, input (such as labor) and output of the economy; the privatization of the public commons, and the maximizing of private profits while costs and losses are socialized, i.e. transferred to the taxpayers.

2. Neocolonial: the exploitation of the domestic populace using the same debt-servitude model used to subjugate, control and extract profits from overseas populations.

3. Neofeudal: the indenturing of the workforce via debt and financial repression to a new Aristocracy; the disempowerment of the workforce into powerless debt-serfs.

Neofeudalism is a subtle control structure that is invisible to those who buy into the Mainstream Media portrayal of our society and economy. This portrayal includes an apparent contradiction: America is a meritocracy–the best and brightest rise to the top, if they have pluck and work hard– and America is all about identity politics: whomever doesn’t make it is a victim of bias.

Both narratives neatly ignore the neofeudal structure which disempowers the workforce in the public sphere and limits the opportunities to build capital outside the control of the state-corporate duopoly.

The book The Inheritance of Rome: Illuminating the Dark Ages 400-1000 shed some light on the transition to a feudal society and economy. While the author is a fine writer, the subject matter doesn’t lend itself to light reading. The transition from the Roman legacy of centralized governance (empire, monarchy, theocracy, etc.) to feudalism (governance by local lords / aristocracy) was complex and uneven, and the author takes pains to describe the process and many variations that arose in a highly fragmented post-Roman Europe.

…click on the above link to read the rest of the article…

Welcome to Neocolonialism, Exploited Peasants!

Welcome to Neocolonialism, Exploited Peasants!

The U.S. peasantry has been stripmined exactly like the powerless colonial peasantry in the old colonial model.

In my latest interview with Max Keiser, Max asked a question of fundamental importance: (I paraphrase, as the interview has not yet been posted): now that the current iteration of capitalism has occupied every corner of the globe, where can it expand to for its “growth”?

My answer: neocolonialism, my term for the financialized quasi-colonial exploitation of the home domestic population. I described this dynamic in The E.U., Neofeudalism and the Neocolonial-Financialization Model (May 24, 2012).

We all know how old-fashioned colonialism worked: the imperial power takes political and economic control of previously independent lands.

In the traditional colonial model, there are two primary benefits:
1. The imperial power (the core) extracts valuable commodities and low-cost labor from its colony (the periphery)
2. The imperial power sells its own high-margin manufactured goods to the captured-market of its colony.

This buy low, sell high dynamic is the heart of colonialism, which can be understood as one example of the The Core-Periphery Model (June 11, 2013).

The book Sweetness and Power: The Place of Sugar in Modern History is an excellent history of how this model worked for Great Britain.

The Imperial Core controls finance and credit via its multinational banking sector, and it maintains high profit margins via its state-cartel model of production. The state enforces a cartel-crony-capitalist pricing structure in which competition is strictly limited to street stalls and black markets, and the corporatocracy can raise prices at will: for example, pharmaceutical products such as Epi-Pens can be repriced at will from $60 to $600 each.

If the colonists resist, the resisters are silenced and the media brought under control of the Imperial Deep State. (Sound familar? It should.)

…click on the above link to read the rest of the article…

Neofeudalism vs. Socialism

Neofeudalism vs. Socialism

medieval-agriculture

QUESTION: 

Martin,

Your grasp (and evidently the computer’s) of historical forces–the Shakespearen drama of it all–is awesome.

But you seem more worried about possible socialism than neofeudalism, in which he rich take us back to the Middle Ages.

Why? And which way do you think it will go, or a third way?

Cheers,
EM

RomulusAug-AU2

PopulationOfRome

ANSWER: Feudalism did not take place because of the greedy rich. Government collapsed with the Roman Empire following Romulus Augustus. People abandoned their property in Rome and fled away from taxation to the suburbs. With no government, there was no rule of law. People thereby agreed to be serfs to work the land in return for security. This system lasted until the Black Death of the 14th century.

So it was not the “rich” that created the system or the collapse of government. The rich have no power or desire to compel society to accept such a system. For that to emerge, we need a Dark Age with losses of probably 50% of the population through disease/plague, and in turn the collapse of government. Then the landscape would break up into small units for safety. Major corporations would collapse for they need a coherent society to sell products.

The danger of “socialism” is stepping in the direction of communism where it is the government that consumes everything for they have the army, guns, police, whatever. Government seeks to sustain itself and thus consumes everything, which ultimately leads to revolution. The police are already moving toward being the enemy against the people by supporting the state rather than protecting the population. This was the PRECISEcomplaint Thomas Jefferson included in the Declaration of Independence — protecting the agents of the king with mock trials.

…click on the above link to read the rest of the article…

How Fascist Capitalism Functions: The Case of Greece

How Fascist Capitalism Functions: The Case of Greece

There is democratic capitalism, and there is fascist capitalism. What we have today is fascist capitalism; and the following will explain how it works, using as an example the case of Greece.

Mark Whitehouse at Bloomberg headlined on 27 June 2015, “If Greece Defaults, Europe’s Taxpayers Lose,” and presented his ‘news’ report, which simply assumed that, perhaps someday, Greece will be able to get out of debt without defaulting on it. Other than his unfounded assumption there (which assumption is even in his headline), his report was accurate. Here is what he reported that’s accurate:

He presented two graphs, the first of which shows Greece’s governmental debt to private investors (bondholders) as of, first, December 2009; and, then, five years later, December 2014. This graph shows that, in almost all countries, private investors either eliminated or steeply reduced their holdings of Greek government bonds during that 5-year period. (Overall, it was reduced by 83%; but, in countries such as France, Portugal, Ireland, Austria, and Belgium, it was reduced closer to 100% — all of it.) In other words: by the time of December 2009, word was out, amongst the aristocracy, that only suckers would want to buy it from them, so they needed suckers and took advantage of the system that the aristocracy had set up for governments to buy aristocrats’ bad bets — for governments to be suckers when private individuals won’t. Not all of it was sold directly to governments; much of it went instead indirectly, to agencies that the aristocracy has set up as basically transfer-agencies for passing junk to governments; in other words, as middlemen, to transfer unpayable debt-obligations to various governments’ taxpayers.

…click on the above link to read the rest of the article…

 

 

Wikipedia as Propaganda Not History — MH17 as An Example

Wikipedia as Propaganda Not History — MH17 as An Example

Screen Shot 2015-07-08 at 7.17.43 PM

Wikipedia articles are more propaganda than they are historical accounts. And, often, their cited sources are misleading, or even false.

On 15 August 2007, the BBC headlined “Wikipedia Shows CIA Page Edits,” and Jonathan Fildes reported that, “An online tool that claims to reveal the identity of organizations that edit Wikipedia pages has revealed that the CIA was involved in editing entries.” I.e.: What the CIA doesn’t like, they can (and do) eliminate or change.

More recently, on 25 June 2015, an anonymous reddit poster, “moose,” listed and linked directly to 18 different news reports, in such media as New York Times, Washington Post, Telegraph, Mirror, Guardian, and Newsweek, reporting about wikipedia edits that were supplied not only by the CIA but by other U.S. Government offices, and by large corporations. That person opened with a news report which implicated Wikipedia itself, “Wikipedia honcho caught in scandal quits, defends paid edits,” in which Wikipedia’s own corruption was discussed. Most of the other news reports there concerned unpaid edits by employees at CIA, congressional and British parliamentary offices, the DCRI (French equivalent of the U.S. CIA), large corporations, self-interested individuals, and others. One article even concerned a report that, “All-Russia State Television and Radio Broadcasting Company (VGTRK) changed a Russian language version of a page listing civil aviation accidents to say that ‘The plane [flight MH17] was shot down by Ukrainian soldiers’.” Basically, wikipedia has been revealed to be a river of ‘information’ that’s polluted by so many self-interested sources as to be no more reliable than, say: “New York Times, Washington Post, Telegraph, Mirror, Guardian, and Newsweek.”

And that’s not reliable at all. For example, everybody knew in 2002 and 2003 that Saddam Hussein was stockpiling WMD “Weapons of Mass Destruction,” because they had read it in such ‘news’ sources as that. Consequently, even when wikipedia links to those sorts of articles, it can be propagating lies. 

 

…click on the above link to read the rest of the article…

U.S. Wealth-Concentration: The Most-Accurate Current Estimates

U.S. Wealth-Concentration: The Most-Accurate Current Estimates

CURRENT REALITIES:

Wealthiest Tenth (10%) of Americans Own 75% of America; They Draw 40% of All U.S. Income.

Wealthiest Hundredth (1%) of Americans Own 43% of America; They Draw 20% of All U.S. Income.

Wealthiest Thousandth (0.1%) of Americans Own 22% of America; They Draw 8% of All U.S. Income.

Wealthiest Ten-Thousandth (0.01%) Own 11.2% of America; They Draw 5% of All U.S. Income.

Wealthiest 0.0025% (Forbes 400) Own 2.75% (of all trackable privately-held wealth, not including ‘non-profits’ that are controlled by them).

That last (2.75%) is this $2.29 trillion divided by this $83,296 billion (representing all of the privately owned wealth in the U.S.), in the final quarter of 2014.

Incidentally, the wealthiest tenth are worth over $1 million and draw incomes above $200,000; so: they’re all “millionaires” in common parlance; all of the “top 10%” are.

Following will be mirror-images of the above-cited breakdowns:

Poorest 90% of Americans Own 25% of America; They Draw 60% of All U.S. Income.

Poorest 99% of Americans Own 57% of America; They Draw 80% of All U.S. Income.

Poorest 99.9% of Americans Own 78% of America; They Draw 92% of All U.S. Income.

Poorest 99.99% of Americans Own Less Than 88.8% of America; They Draw Less Than 95% of All U.S. Income.

Poorer 50%: Comprehensive figures for the wealthier and poorer 50% of Americans haven’t been published as recently. However, for the year 2010, the wealthier 50% of Americans owned 98.9% of America, and the poorer 50% of Americans owned 1.1% of America. That was the year after the crash had supposedly ended in 2009. The last prior year in that same study was 2007, the economic peak, and it showed the wealthier half owning 97.5% of America, and the poorer half owning 2.5% of it. In other words: the losses from the Wall Street economic crash went overwhelmingly to the poorer half of the U.S. population (their wealth going down from 2.5% to only 1.1% of America’s total), because of the bailouts to Wall Street. 

…click on the above link to read the rest of the article…

 

 

 

 

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
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