Ruling Class Is Giving Capitalism a Bad Name — Elites Participating in a ‘Closed Game’ for Their Own Benefit

Ruling Class Is Giving Capitalism a Bad Name — Elites Participating in a ‘Closed Game’ for Their Own Benefit. By Tucker Carlson, via Breitbart.

The long march through the institutions has created a new ruling class.

Excerpts:

There are a lot more billionaires than there ever have been in this country. In fact, as a group, billionaires have increased their wealth by 30% overall this year, that’s by more than a total of a trillion dollars in a single year. No precedent for that.

At the same time, the unemployment rate is falling. You hear that a lot. So it’s all good. As Joe Biden likes to say, we’re building back better.

Well, that’s one way to look at it. But look deeper. That is not the whole story.

America has a very different economy from the economy we used to have even just last year, people at the very top are thriving. Many other Americans are withering away.

Tens of thousands of independent businesses shut down for good. Entire sectors of the economy wiped off the map. That’s a lot of people out of work. So, where are they? Why does the Federal government tell us the unemployment rate is down?

Well, here’s the simple answer. The official unemployment numbers out of Washington don’t count unemployed people who have stopped looking for jobs. And there are a lot of those. …

So, what is our government’s solution to the disaster they created? Well, more money from the Federal Reserve, money printed out of nowhere and backed by nothing. Trillions of new dollars spent to fix a problem they created and more on the way soon.

The ruling class sent the freshly manufactured stimulus money mainly to their members and supporters. Small business owner? Suck rocks.

Pretty soon, [money] won’t be worth much. The truth is you can’t keep printing trillions of dollars without getting serious inflation.

Serious inflation is guaranteed. It’s natural law. There’s no getting around it. The people making these decisions know that perfectly well. But they want inflation. That’s the secret. They want inflation. In fact, they need inflation. Why?

Because they’ve gotten rich from debt. That’s the real economy. Leverage is their entire business model.

Now they need to inflate away their huge debt loads:

So, for the finance class, inflation is the only way out of all that debt. When money is worth less, you owe less. Meanwhile, hard assets like upscale real estate in Martha’s Vineyard will be worth more.

So, inflation may crush you, but it will make these people — the ones making the decisions — richer; everyone else will get the shaft. Who is everyone else? Well, regular wage earners, people living on fixed income, every middle-class retiree in the country. In fact, anyone who bothered to live like a responsible person and saved money, all of them will be in serious trouble when inflation arrives.

That’s not speculation. It’s coming. And anyone who is paying attention knows it’s coming over, oh, but it’s just the beginning.

The only way out of the historically-high debt loads is to inflate our way out of it. (We’ve been pointing that out publicly for over a decade now. Got gold?)

Important:

If Democrats retake the Senate in January, they have committed to passing something called the HEROES Act. So, who are these heroes they plan to help? … According to Brookings Institution, 96% of the benefits from this would go to the top quintile of earners, 57% would benefit the top one percent, and 25% would benefit the top 0.1 percent.

In other words, it would benefit Democratic voters, more for the Democratic base. That’s what this is and it won’t stop there. …

Chuck Schumer proposes wiping out the first $50k of everyone’s student debt. Great for some, but bad for others.

Well, it’s great news for people who got pointless Master’s Degrees in gender oppression, their slate will be wiped clean by Chuck Schumer and the magic of the Federal Reserve. They’ll be free to move forward on that coveted Ph.D. in transgender equity studies.

But what about everyone else? What about small business owners who spent say 50 grand trying to keep their employees on payroll over the past nine months? Will Chuck Schumer wipe their debt clean? How about people with car loans or burdensome mortgages? Or anyone who is helping to pay for their daughter’s wedding? What about their debt?

Sorry, they’re out of luck. Unlike the education establishment, people like that are not big Democratic donors.

According to one analysis, writing off student debt in the way that Schumer proposes would disproportionately help the most privileged in America, i.e. Democratic voters. But you already knew that.

Bottom line:

The rich are getting richer, everyone else is getting poor. That’s not a talking point, it is true and measurable. Why is it a problem? Because if it continues, we’re going to wind up with an even more volatile society in which everybody hates each other and is consumed by envy.

And along the way, capitalism itself will be discredited, and you don’t want that, it’s already happening. There are already an awful lot of socialists around these days. Have you noticed that? Why is that? Well, it’s because the people in charge of our economy are discrediting our system.

They are giving capitalism a bad name because what they’re participating in is not a market economy, a free open market economy. It’s a closed game, run for their own benefit and their benefit alone.

Long term, this is a disaster for all of us.

hat-tip Stephen Neil