This book (summarized here in lecture) is perhaps by far the most cogent explanation Ive heard regarding why America is in its present situation of income inequality and real wages that have been stagnant since the 1970s. Its pretty clear that real wages are not going to rise again very much, as the demand for labor is still going down while production will continue to increase, generating vast sums of money for investors, who at this point have so much goddamn money they cant figure out where to put it, such that they have to invent absurd financial mechanisms like credit default swaps to sell peoples consumer debt (fraudulently) to other countries. Obscenely rich capitalists literally cannot figure out where to put their damn money while our middle class continues to disintegrate.
Posted on: Thu, 28 Aug 2014 05:04:05 +0000
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