“RICHEST ONE PERCENT OWN HALF OF GLOBAL WEALTH” (October 14, 2014)
Thus The Guardian today. “Credit Suisse study shows inequality accelerating, with NGOs saying it shows economic recovery ‘skewed towards wealthy’,” explains the newspaper. But of course. Ben Bernanke started the habit of so-called quantitative easing that every central banker has embraced quickly enough. Mario Draghi of the European Central Bank is its champion at present. Printing money enriches only the rich, who have no wish to bolster anything but their own wealth. They are into mansions and yachts, art and culture, as well as philanthropic tricks galore. The tragedy of the current depression is that the lesson taught by John Maynard Keynes some eighty years ago has been entirely forgotten. Only governments can save the world economy botched up by the rich. The lesson has been forgotten by governments across the globe, but especially in Europe. Led by the German austerity drive, they have fed the rich with ever more riches. But the lesson is still there. It can still be learned and acted upon by the nincompoops in so many governments. But when, when?