{"id":15502,"date":"2015-12-21T11:55:35","date_gmt":"2015-12-21T16:55:35","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15502"},"modified":"2015-12-21T11:55:35","modified_gmt":"2015-12-21T16:55:35","slug":"central-banks-have-pushed-the-middle-class-down-into-neofeudal-serfdom","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15502","title":{"rendered":"Central Banks Have Pushed the Middle Class Down into Neofeudal Serfdom"},"content":{"rendered":"<h3><a href=\"http:\/\/www.oftwominds.com\/blogdec15\/serfdom12-15.html\" target=\"_blank\">Central Banks Have Pushed the Middle Class Down into Neofeudal Serfdom<\/a><\/h3>\n<p><i>The injustice of central-bank enforced neofeudalism cannot be suppressed like interest rates.<\/i><\/p>\n<p><b>In traditional feudal systems, serfs were the landless peasantry who worked the land of their feudal lords<\/b>\u00a0in exchange for protection. In our present-day\u00a0<i>neofeudal system<\/i>, serfdom has a different definition:\u00a0<b>present-day serfs own little or no productive capital and have few opportunities to ever acquire any.<\/b><\/p>\n<p>The Marxist term\u00a0<i>wage-slaves<\/i>\u00a0describes those who, lacking capital, have only their labor to sell. This describes the vast majority of people in both capitalist and socialist systems,\u00a0<b>but what makes the present system\u00a0<i>neofeudal<\/i>\u00a0is the central banks:<\/b>\u00a0by extending essentially unlimited credit at near-zero interest rates to financiers and corporations, the central banks have given the top .01% the ability to outbid mere savers for income-producing assets (i.e. productive assets).<\/p>\n<p>Just as the feudal-era serf had no choice but to enslave himself and his family to the manor-house lord, the modern-day serf must indenture himself to banks to &#8220;own&#8221; a car or home or &#8220;buy&#8221; a college education.<\/p>\n<p><b>The\u00a0<a href=\"http:\/\/x22report.com\/\" target=\"resource\">X22 Report<\/a>\u00a0and I discuss this and related topics in the podcast\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=CwqiEJEzBtE\" target=\"resource\">Central Bankers Are Creating A World Where We Are All Serfs<\/a>\u00a0(38:10).<\/b><\/p>\n<p><b>As I outlined in\u00a0<a href=\"http:\/\/www.oftwominds.com\/blogdec15\/basic-income12-15.html\" target=\"resource\">The Flaws in Basic Income for Everyone<\/a>, all the\u00a0<i>guaranteed basic income<\/i>\u00a0schemes being proposed as solutions to automation are merely institutionalized serfdom<\/b>\u00a0as they sentence the unemployed to the marginalized political status (equivalent to powerless serfs) of state dependents while stripping them of purposeful work and the opportunity to acquire\u00a0<i>the means of production<\/i>\u00a0and productive capital.<\/p>\n<p><b><i>Guaranteed basic income<\/i>\u00a0is thus the perfection of neofeudal serfdom.<\/b><\/p>\n<p><b>The central banks are the critical enforcers of this neofeudal system.<\/b>\u00a0Without access to unlimited credit at near-zero rates, financiers and corporations would not be able to outbid savers for productive assets.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central Banks Have Pushed the Middle Class Down into Neofeudal Serfdom The injustice of central-bank enforced neofeudalism cannot be suppressed like interest rates. In traditional feudal systems, serfs were the landless peasantry who worked the land of their feudal lords\u00a0in exchange for protection. In our present-day\u00a0neofeudal system, serfdom has a different definition:\u00a0present-day serfs own little [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[124,127,11164,431,3810,2137,534,11162,4924,11163],"class_list":["post-15502","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-charles-hugh-smith","tag-feudal-lords","tag-interest-rates","tag-marxism","tag-middle-class","tag-monetary-policy","tag-neofeudal-serfdom","tag-oftwominds","tag-serfs"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15502"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15502\/revisions"}],"predecessor-version":[{"id":15503,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15502\/revisions\/15503"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}