Trillions in central bank-driven leverage into financial markets has driven up asset values to unsustainable levels which are totally unsupported by wage growth and savings while undermining productivity in the real economy. This has facilitated criminal extraction of capital by a few while leaving IOU’s in the drawer for everyone else. Pensions are hollowed, key public investments and infrastructure are unfunded. 32 US states today have growing budget gaps, forcing spending cuts in critical service areas along with the closures of parks, recreation and cultural centers.
The truth is that the bankers have led the free world into bankruptcy. And so far, they are still pulling the levers and calling the shots. Many good points in this interview.
Former Reagan Budget Director David Stockman and FBN’s Neil Cavuto on the factors leading to the widening wealth gap. Here is a direct video link.