Fair warning: this is a political rant.
I watch the Republican primaries with dismay. Who are these people, and how were they selected? This is the cream of the contenders for one of the most visible, powerful, elected posts in the word?
Now for all those debating the Euro Crisis. None of these wonderful politicians, central bankers, captains of finance, not one of them will feel much of the pain the ordinary citizens are going to feel. The link (which see) makes a case that this is another continuation of an attack on the middle class by the .1 or .01 percent.
How did these individuals get selected? There are some clues: the estate tax changes in the US were part of a maneuver to make wealth more completely inherited. Company boards of directors mostly consist of members of other company boards. We seem to have a self-selecting, self-defending elite.
There are notable, and noble exceptions. Warren Buffett asking to be taxed at the same (higher) rate as his secretary. Bill Gates actually funding malaria research, among many worthy efforts. These are noteworthy but relatively rare exceptions.
For the majority of the rich and powerful minority, “greed for more than one’s share” seems to dominate.
I submit that any economic arena is a bit like monopoly. After awhile, one player has most of the assets and the others pass go to pay rent.
The Euro zone is a group of monopolies that have been linked together. The larger winners will now monopolize the lesser ones.
Free Trade is a linking of all the lesser players so they can have their jobs moved across or off the board at a moment’s notice.
Patent and copyright are tools to (legally) divide markets. See the book Information Feudalism for more on that. A licenses B, B licenses A. Prices get set.
This leads to a sad set of conclusions. The winners will economically oppress the losers until somebody breaks the entire set of rules. The disaster of the middle class will become the disaster of no-middle-class, merely a poor anti-elite with nothing to lose.
In the French Revolution, there were, er, reversals of fortune of many, including during the reign of terror. If it comes to revolution, how will the victims be selected?