“We have a system in place that is based on fiscal and monetary policies, and laws and regulations, that favour the corporate elite, the largest corporations, the captains of finance, and the 0.1% in general, because they are the asset holders.
This moneyed class will not give up its privileges voluntarily. The privileged class will ¨do everything in their power to keep these favorable conditions in place, which would include money printing in one or another form if there is a recession or if asset markets decline meaningfully (say, to the February 2016 low of 1,810 for the S&P 500).
As I said, I’m not discussing these issues because I have some rancour about these “conditions” from which ¨I actually profiteered greatly. I am discussing them because I believe ¨that an unstable system in which ¨the majority of people lose out to ¨the privileged few is simply not sustainable and will end either with a Bernie Sanders-type socialist gaining power or with the establishment of a dictatorship.
Democracies promised a level playing field in society, but that certainly does not seem to be in place nowadays. I suspect that we have never yet had a level playing field, but I feel that we are reaching a tipping point where something is likely to give, and I am afraid that this “something” could be the inflated asset markets.”
Arch McGill
