The data expose a dangerous malfunction in capitalism’s engine room. Banks, mutual funds and investment firms used to ensure that citizens’ savings were transformed into technical advances, growth and new jobs. Today they organize the redistribution of social wealth from the bottom to the top.
By Michael Sauga
Spiegel, 23 October 2014
Phi Beta Iota: The good news is that the 1% are starting to realize they have killed the Golden Goose (the working class). The bad news is that they are slow learners — all that inherited wealth has made too many of them rock bottom stupid when it comes to connecting with reality.