Our Frustrations Run Far Deeper Than COVID Lockdowns
The reality is the roulette wheel is rigged and only chumps believe it’s a fair game.
It’s easy to lay America’s visible frustrations at the feet of Covid lockdowns or political polarization, but this conveniently ignores the real driver: systemic unfairness. The status quo has been increasingly rigged to benefit insiders and elites as the powers of central banks and governments have picked the winners (cronies, insiders, cartels and monopolies) and shifted the losses and risks onto the losers (the rest of us).
We now live in the world the 19th-century French economist Frederic Bastiat so aptly described:
“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.”
As I noted in The One Chart That Predicts our Future, ours is a two-tier society and economy with a broken ladder of social mobility for those trying to reach the security of the technocrat class and a well-greased slide for everyone who trips and slides from relative security down to the ever-expanding ALICE-precariat class: assets limited, income constrained, employed.
