The great disconnect continues. Those who are tapped into the (crony) financialized system have seen their stocks and bonds do well as the market has ridden a Federal Reserve created bubble. Those who do not have assets, or only real estate assets, (unless they have nice arable farmland) have fallen behind. It’s a case of the rich getting richer and the poor getting poorer, but the situation has been exacerbated by the central bank experiments of the last 6 years.
So not only is this guy a bumbling executive he might also be a jerk. (Not unusual for heads of state of course.) According to his ex wife (not always the most trustworthy source it must be noted) Hollande in private refers to the poor as the “toothless.”
Be sure they have to pay more and more for everything they buy.
Funny thing about those who rise on the shoulders of the proletariat. They always seem to enjoy being rich. Why is that?
People often think that property rights benefit those with the most property the most. This isn’t true however. It is actually the poor who in terms of quality of life, benefit most.
Old programs never die. Sadly they don’t fade away either. Sometimes they change their name though, and such is the case with the Federal education program which subsidizes broadband for schools, E-Rate. After a bunch of bad press and general mismanagement it changed its name to ConnectED. (Get it?)
It is interesting to hear (some) people praise Mr. Bernanke for having “saved” the United States and the world from Great Depression II. This praise is misplaced to say the least.
I was taken with this article. As one who lives in a prosperous town which is tucked up right next to the Blue Ridge Mountains the world Kevin D. Williamson writes about in the National Review is not that far away. It’s still far, the Appalachian Mountains where I live have vineyards, orchards, and prosperous cattle farms on their flanks. One of the world’s great universities is just down the road. But the bleak, welfare dependent rural ghetto isn’t that far. An afternoon’s drive and I’d be in the heart of it.
More thoughts on the Pope and capitalism.
Capitalism (free markets and free prices) puts power in the hands of everyday people. Crony capitalism (a form of socialism) puts power in the hands of the privileged. The Pope appears to miss this very important point.