Of Two Minds
By CHARLES HUGH SMITH
March 13, 2022
Eventually the “flock of timid and industrious animals” changes their minds about how much exploitation by the few is acceptable.
You may have noticed the news flow beyond the hot war in Ukraine is largely focused on capital: financial capital (markets, liquidity, interest rates, commodities, central bank tightening, etc.) and political capital (geopolitical maneuvering, sanctions, revising energy and defense policies, etc.)
Notice who’s left out, unnoticed and invisible? The serfs, the bottom 90% who have beendecapitalized in the developed world and exploited in the developing world for the past 45 years.
With capital ascendant, the vast majority of financial and political gains flowed to the top tier of speculative capital (banks and billionaires) while the purchasing power of labor (i.e. wages) has been in a 45-year descent. (See chart below)