Poetic Justice Coming For The 1%

And they do all this publicly, apparently so sure of their virtue that they see no need to hide their predation.

And now, as debts mount and anger builds, the typical response of this “breakaway civilization” is to buy compounds in New Zealand in which to weather the end of the financial world.

Populism becomes the new normal

Why would any voting majority put up with the above? Well, they wouldn’t if they have alternatives. And now the political system is offering plenty, in the form of left and right-wing populism. In virtually every major country there are movements, parties and individual politicians who point out that the system is rigged in favor of the rich an promise to claw back what was stolen. And they’re doing well. Donald Trump, Brexit, France’s Yellow Vest protesters and Bernie Sanders are examples of this process in action, but they’re just the beginning. Every major country will have its Trump or Sanders in the coming decade, which means globalism will be dismantled, marginal tax rates will soar, fortunes will be expropriated, and borders will be closed to free movement of people and/or capital. It will, in short, be open season on the aristocracy.

Imagine, for instance, President Bernie Sanders’ reaction to a mass migration of mega-fortunes to overseas end-of-the-world bunkers: “Oh, you’re leaving? Fine. Go. But your mansions, bank accounts and stock portfolios stay here to fund health care. And we’re talking to New Zealand about a bunker tax. Bon voyage.”

This of course will lead to an implosion of capitalist wealth creation right out of Atlas Shrugged. Which is to say the 1% will lose twice, first when governments take big chunks of their fortunes, and then when whatever is left evaporates in a global financial crisis.

To sum up, the coming decade will be bad for just about everyone except gold bugs. But it will be the fault of the people who should have seen it coming and could have prevented it.

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