The New Nobility stripmined $50 trillion from the middle and working classes, and convinced you that it’s natural

The New Nobility stripmined $50 trillion from the middle and working classes, and convinced you that it’s natural. By Charles Hugh Smith.

The Great American Middle Class has stood meekly by while the New Nobility stripmined $50 trillion from the middle and working classes. As this RAND report documents, $50 trillion has been siphoned from labor and the lower 90% of the workforce to the New Nobility and their technocrat lackeys who own the vast majority of the capital: Trends in Income From 1975 to 2018.

Why has the Great American Middle Class meekly accepted their new role as debt-serfs and powerless peasants in a Neofeudal Economy ruled by the New Nobility of Big Tech / monopolies / cartels / financiers?

The basic answer is the New Nobility’s PR has been so persuasive and ubiquitous: soaring inequality and Neofeudalism has nothing to do with us, it’s just the natural result of technology and globalization — forces nobody can resist. Sorry about your debt-serfdom, but hey, your student loan payment is overdue, so it’s the rack for you. …

Today, Americans tend to see grotesque accumulations of wealth and power as normal. …

The bottom 90% of the U.S. economy has been decapitalized: debt has been substituted for capital. Capital only flows into the increasingly centralized top tier, which owns and profits from the rising tide of debt that’s been keeping the bottom 90% afloat for the past 20 years. …

Globalization and financialization have richly rewarded the top 0.1% and the top 5% technocrat class that serves the New Nobility’s interests. Everyone else has been been reduced to debt-serfs and peasants who now rely on lotteries and luck to get ahead: playing the stock market casino or hoping their mortgaged house in an urban sprawl on the Left or Right coasts doubles in value, even as the entire value proposition for living in a congested urban sprawl vanishes.

America has no plan to reverse this destructive tide of Neofeudal Pillage. Our leadership’s “plan” is benign neglect: just send a monthly stipend of bread and circuses (the technocrat term is Universal Basic Income UBI) to all the disempowered, decapitalized households, urban and rural, so they can stay out of trouble and not bother the New Nobility’s pillaging of America and the planet.

Meanwhile the new nobility and their technocrat helpers distract you by claiming its all about race, or gender, or something else. No, it’s about class. It’s all about the money.