{"id":8168,"date":"2015-05-16T07:50:00","date_gmt":"2015-05-16T12:50:00","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8168"},"modified":"2015-05-16T07:50:00","modified_gmt":"2015-05-16T12:50:00","slug":"are-you-ready-for-the-coming-debt-revolution","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8168","title":{"rendered":"Are You Ready for the Coming Debt Revolution?"},"content":{"rendered":"

Are You Ready for the Coming Debt Revolution?<\/a><\/h3>\n

Gualfin (\u201cEnd of the Road\u201d), Argentina<\/span><\/p>\n

Dear Diary,<\/p>\n

There is a specter haunting America\u2026 and all the developed nations of the world.<\/p>\n

It is the specter of a debt revolution.<\/p>\n

We left off yesterday<\/span><\/a>\u00a0talking about how the economy of the last 30 years \u2013 and especially that of the last six years \u2013 has favored the old over the young.<\/p>\n

\u201cRise up, ye young\u2019uns,\u201d we as much as said, \u201cyou have nothing to lose but your parents\u2019 debts.\u201d<\/p>\n

We showed how the value of U.S. corporate equity, mainly held by older people, had multiplied by 28 times since 1981.<\/p>\n

That was no honest bull market in stocks; it was a market sent soaring by an explosion of credit.<\/p>\n

But what did it do for young people whose only assets are their time and their youthful energy?<\/p>\n

Alas, the real economy has increased by only five times over the same period.<\/p>\n

 <\/p>\n

A Grim and Menacing Specter<\/h2>\n

And when you look more closely at work and wages, the specter grows grimmer and more menacing.<\/p>\n

Average hourly wages have barely budged in the last 30 years. And average household incomes have fallen \u2013 from $57,000 to $52,000 \u2013 in the 21st century.<\/p>\n

But as our fingers came to rest yesterday, there was one question hanging in the air, like the smoke from an exploded hand grenade: Why?<\/p>\n

Was this huge shift \u2013 of trillions of dollars of wealth from young working people to old asset holders \u2013 an accident?<\/p>\n

Was it just the maturing of a market economy in the electronic age?<\/p>\n

Was it because China took the capitalist road in 1979?<\/p>\n

Or because robots were competing with young people for jobs?<\/p>\n

Nope\u2026 on all three counts.<\/p>\n

First, old people, not young people, control government.<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Are You Ready for the Coming Debt Revolution? Gualfin (\u201cEnd of the Road\u201d), Argentina Dear Diary, There is a specter haunting America\u2026 and all the developed nations of the world. It is the specter of a debt revolution. We left off yesterday\u00a0talking about how the economy of the last 30 years \u2013 and especially that […]<\/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":[175,195,5452,200,2889,260,421,685,824,1808],"class_list":["post-8168","post","type-post","status-publish","format-standard","hentry","category-economics","tag-credit","tag-debt","tag-debt-revolution","tag-default","tag-demographics","tag-employment","tag-income","tag-revolution","tag-unemployment","tag-wages"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8168","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=8168"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8168\/revisions"}],"predecessor-version":[{"id":8169,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8168\/revisions\/8169"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}