By Michael Krieger: One of my favorite lines about the current oligarch theft continuing to occur throughout the world is courtesy of the “Artist Taxi Driver,” who likes to state:
“This is not a recession its a robbery.”
Truer words were never said, but this theft goes back a lot further than the latest economic catastrophe. As we all know by now, real median wages haven’t increased in the U.S. for the past 45 years, while at the same time, so-called economic growth according to traditional metrics has exploded higher. As yesterday’s article from the Guardian below demonstrates, this is not just an American problem. It is pervasive throughout the Western world.So what happened? I think it’s best to put things in terms of Middle Age feudalism, since the majority of the Western world has indeed entered a modern type neo-serfdom. Essentially, think about this in terms of a king in 1085 who just doubled the land under his control. At the same time, his serfs are likely still tilling the same plots, and in order to consolidate his holdings, the king might demand increased tribute from his peasants. So the economy of the kingdom has doubled, but the serf is worse off than before. This is more or less what has happened to the West over the past several decades.