Of Two Minds – No, This Is Not Another 1929, 1973, 1987, 2000, or 2008

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Here are a few of the many consequential differences between all previous recessions and the current
situation:

have never been:

1. Households … so dependent on debt as a substitute for stagnating wages.

2. Real earnings (adjusted for inflation) … so stagnant for the bottom 90% for so long.

3. Corporations … so dependent on debt (selling bonds or taking on loans) to fund money-losing operations (see Netflix) or stock buybacks … to enrich insiders.

4. The stock market … so dependent on what amounts to fraud–stock buybacks–…

5. The economy … so dependent on absurdly overvalued stock valuations to prop up pension funds and the spending of the top 10%.

6. The economy and the stock market … so dependent on central bank free money for
financiers and corporations
, …what amounts to an embezzlement scheme.

7. Federal statistics … so gamed, rigged or distorted to support a neofeudal
agenda …

8. Major sectors of the economy … such rackets, i.e. cartels and quasi-monopolies
that use obscure pricing and manipulation of government mandates to maximize profits …

9. The economy … in such thrall to sociopaths who have mastered the exploitation
of the letter of the law while completely overturning the spirit of the law.

10. Households and companies … so dependent on “free money” gained from asset
appreciation based on speculation, …

11. The ascendancy of self-interest as the one organizing directive in politics and finance … so complete, and the resulting moral rot never more pervasive.

12. The dependence on fictitious capital masquerading as “wealth” …

13. The dependence on simulacra, simulations and false fronts to hide the decay of trust, credibility, transparency and accountability … so pervasive and complete.

14. The corrupt linkage of political power, media ownership, “national security” agencies
and corporate power … so widely accepted as “normal” and “unavoidable.”

15. Primary institutions such as higher education, healthcare and national defense … so dysfunctional, ineffective, sclerotic, resistant to reform or costly.

This is only a selection of a much longer list, but you get the idea.

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