Contra Mankiw.
AlterNet
How the Super Rich Get Wealthy By Rigging the System to Their Benefit
Dean Baker
See also Enrique Diaz-Alvarez, The Rent Is Too Damn High, at Jacobin.
For every dollar that our capital stock increases, FIRE collects somewhere between two and four dollars! Old Soviet bureaucrats with their chauffeured Ladas and modest three-bedroom apartments never dreamed of achieving this level of parasitism....
Mankiw’s bucolic view of our financial elite as misunderstood, hard working and talented supermen collecting their justly enormous rewards is completely wrongheaded. Closer to the mark is the image of a gang of grasping toll collectors collecting more and more for doing less and less for the rest of society — and doing it badly.
3 comments:
Banks give 0.5 percent to the 99 percent.
Then they turn around and derivative shadow dance back door MMT to block the USD from the 99.
So if common accounts at 0.5 percent tally up then this is just a smokescreen service to pacify the masses in order for them to do the derivative stuff which does not benefit the masses....
My local bank lobby is a case study in the picture of this smokescreen...
Alexander de Tocqueville predicted this along with the eventual establishment of the lawyer buffer which serves as a blocking of democracy and creates the illusion of democracy which is the facade covering the rent on the money and the equality
I'm SHOCKED! SHOCKED to find out there's gambling going on in this casino!
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