Silver For The People

Silver Stackers Can End The Silver Manipulation And Stop The Criminal Banksters

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We Need a Social Economy, Not a Hyper-Financialized Economy

charles hugh smith

charleshughsmith.blogspot.com / CHARLES HUGH SMITH / THURSDAY, JULY 27, 2017

We all know what a hyper-financialized economy looks like–we live in one:central banks create credit/money out of thin air and distribute it to the already-wealthy, who use the nearly free money to buy back corporate shares, enriching themselves while creating zero jobs. Or they use the central-bank money to outbid mere savers to scoop up income-producing assets: farmland, rental properties, etc.

This asymmetric wealth accumulation and avoidance of risk creates a self-reinforcing feedback loop, as the super-wealthy financiers and corporations use a slice of their income to buy political protection of their income streams, creating cartels and quasi-monopolies that are impervious to competition and meaningful regulation.
The only possible output of a hyper-financialized economy is rapidly increasing wealth and income inequality–precisely what we see now.
What we need is a social economy, an economy that recognizes purposes and values beyond maximizing private gains by any means necessary, which is the sole goal of hyper-financialized economies.

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