The coming decade will be especially grim for the super-rich, whose wealth creation will implode. Here’s why …
Poetic Justice Coming For The 1%
To comprehend simply how grim the coming years is most likely to be for the world’s super-rich, let’s start with 3 premises:
1) Capitalist democracy– specified as free individuals managing their own property and periodically electing new leaders– is the only system of social company that follows human nature and is, therefore, sustainable.
2) Commercialism inevitably produces inequality as a few individuals– through energy, imagination, and (frequently) luck– do extremely well while the huge majority do fine and a few do really terribly.
3) Considering that the big winners– now typically called the 1%– are vastly surpassed by the rest of society, they can just keep their exulted position if they persuade the 99% to let them be. If the rich fail to make their case, everyone else will merely vote to expropriate the most noticeable fortunes.
If you accept these assertions, it follows that informed elites would be everything about fostering upward mobility, due to the fact that when people on the lower rungs of the financial ladder know that by striving and following the rules they can move their households to the next higher called in a reasonable quantity of time, they focus on their on enhancing prospects and do not much care if a few billionaires live like princes and kings.
But that’s absolutely not the case nowadays. The present generation of business and political winners have blatantly and methodically exploited nearly everybody else. Amazon, for example, personnels its hellscape storage facilities with RV caravans of migrant senior citizens working long, hard days for subsistence earnings. Apple makes its high-margin phones in Chinese sweatshop factories where suicide is the most significant occupational health danger.
Production company CEOs close their domestic factories and ship the jobs overseas, then pay themselves huge year-end bonuses to show the resulting slight uptick in profit margins. Banks pirate the political procedure to get themselves deregulated and after that pass laws that make customers lifetime servants of creditors. Political leaders go into public life with modest savings account and retire multi-millionaires. Practically the whole political/corporate class favors more-or-less open borders, ensuring themselves inexpensive baby-sitters and garden enthusiasts while American wages stagnate.
And they do all this publicly, obviously so sure of their virtue that they see no need to hide their predation.
And now, as debts install and anger develops, the common action of this “breakaway civilization” is to buy compounds in New Zealand in which to weather completion of the financial world.
Populism ends up being the brand-new typical
Donald Trump, Brexit, France’s Yellow Vest protesters and Bernie Sanders are examples of this process in action, however they’re simply the beginning. Every major nation will have its Trump or Sanders in the coming years, which suggests globalism will be dismantled, limited tax rates will soar, fortunes will be expropriated, and borders will be closed to free movement of individuals and/or capital.
Envision, for instance, President Bernie Sanders’ reaction to a mass migration of mega-fortunes to abroad end-of-the-world bunkers: “Oh, you’re leaving? Fine. Go. But your estates, bank accounts and stock portfolios stay here to fund healthcare. And we’re talking with New Zealand about a bunker tax. Bon voyage.”
This naturally will result in an implosion of capitalist wealth creation right out of Atlas Shrugged Which is to say the 1% will lose twice, initially when governments take big pieces of their fortunes, and then when whatever is left evaporates in an international financial crisis.
To summarize, the coming years will be bad for practically everyone except gold bugs However it will be the fault of individuals who need to have seen it coming and could have prevented it.
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