Demand for actual workers has been kept low while profits and gains from bubbles have been kept high, leading to massive cyclical gains for the rich. The late Jane Jacobs worried (a little early, but presciently) that we were moving into an old-style world. She got the details wrong, but she got the essence correct: as many have observed in the decades since, the plan is aristocracy, and the plan is succeeding. There is aristocracy by right (billionaires) and there is aristocracy by position (corporate officers), and there are important retainers and local gentry (centi-millionaires), but the well-being of the majority of the population is not a concern.

(via azspot)

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