The Name is Bond - Part IV
Real inflation is around 12-13% and advertised inflation in the CPI is low because the effects of cheap Chinese imports and rising asset prices are not factored in.
Ex Fed Head Alfred E. Greenspun's productivity "miracle" was contrived, being a function of outsourced labor at the margin, a twindling US jobs base and the resulting boatload of cheap Chinese imports.
Of recent, we hit a Malthusian Impasse and further gains through labor at the margin or existing technological deployment can no longer be had.
The majority of decent paying jobs have been shipped overseas and the jobs that have been created are McJobs with little or no benefits.
In effect, the durable base of our economy has been decimated and there is nothing to fall back on in the event of a downturn.
The money that should have gone to rising wages went to corporate profit, which was subsequently channeled into foreign markets.
When multiplied by low debt service costs, these profits only widened the gap between the haves and have nots.
This systemic transfer of wealth from the general public to minority owners of capital has been mistaken or misidentified as growth by Mr Greenspun and the other central bankers.
More on the multinational robber barons in Part V
Ex Fed Head Alfred E. Greenspun's productivity "miracle" was contrived, being a function of outsourced labor at the margin, a twindling US jobs base and the resulting boatload of cheap Chinese imports.
Of recent, we hit a Malthusian Impasse and further gains through labor at the margin or existing technological deployment can no longer be had.
The majority of decent paying jobs have been shipped overseas and the jobs that have been created are McJobs with little or no benefits.
In effect, the durable base of our economy has been decimated and there is nothing to fall back on in the event of a downturn.
The money that should have gone to rising wages went to corporate profit, which was subsequently channeled into foreign markets.
When multiplied by low debt service costs, these profits only widened the gap between the haves and have nots.
This systemic transfer of wealth from the general public to minority owners of capital has been mistaken or misidentified as growth by Mr Greenspun and the other central bankers.
More on the multinational robber barons in Part V
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