"The Future Ain’t What It Used To Be"

Something rather distressing with the political economy’s going on…

The populace, through a long sequence of self-inflicted economic and social depravities, has a bazillion and one fire ants up its pantaloons. What’s more, they don’t like the uneven mix of pain and panic this provokes. But they aren’t quite sure how to put a stop to it.

By their estimation, the main problem, on the surface, is that general incomes do not cover general expenses and debt obligations. There’s even data to support this. For example, just this week it was reported that a record seven million Americans are 90 days behind on car loan payments.

Indeed, incomes aren’t cutting it. But why aren’t they? What has reduced the aggregate value of labor so far below the aggregate price of goods and services? What’s the real source of the working stiff’s grave economic discomfort?

A scratch below the surface reveals something rather fantastical. Though scarcely a soul cares to look. Of those who bother, only a small and peculiar subset will dirty their hands and dig for an answer.

To the general populace, the primary concern can be boiled down to its crystalline essence as follows: Last year JPMorgan Chase CEO Jamie Dimon made approximately $31 million while the average wage earner made approximately squat. The universal feeling is that Dimon must be a crook. Thus, no further explanation’s warranted.

Yet contempt prior to investigation results in conclusions without facts. Is Dimon really a crook? Or is he merely a beneficiary of a financial system that’s been rigged to his benefit?

Price Controls

Make no mistake, the wealth gap – today’s great chasm between rich and poor – is the product of central planners. Not the Soviet-style central planner that dictated prices with ridiculous five-year plans. But, rather, a more covert central planner that draws down the value of labor in ways that are not readily discernable.

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