Sorry Louis, I don't buy the racial theory..but I will concede that there is a global army of blue suits who disdain physical labor and old-fashioned business building in favor of financial wealth creation...
Financial assets are a form of alchemy...wealth unencumbered by the traditional necessities of exertion and labor. The financial powers-that-be are eager to erase the linkage between value and real, tangible assets. If wealth creation can be torn away from physical gold, factories, widget production, etc.., then the sky truly is the limit.
Most US households have succumbed to this subtle form of corruption...US household % of assets in derivatives are at stratospheric levels. Cash, gold are embarrasments, almost medieval notions.
There is an international effort afoot to "discredit" commodities and material depositories of wealth. People who decry the demise of dividend yields (e.g. cash) are laughed at for not understanding the "new paradigm".
Monetray corollaries to this are the fractional reserve system, the multiplier effect, etc.
Getting something for nothing is an intoxicating idea...and it is working about as well as a rubber band can work...of course the rubber band must snap back (sorry Im from the old school) but there is a generation of "buy on dipsters" who can prolong this incredible dislocation of financial-to-real asset value for a very long time. Excess tends to breed more excess and no one wants the party to stop. Oh yeah, maybe a few cranky old gold bugs.
But gold bugs, like the poor, will always be with us... |
