The latest economic give aways for the rich continue the trend during my lifetime of moving public wealth into the hands of the private few. The latest 'stimulus' measures transferred yet to be untold trillions into the hands of the world's richest, including lifting the cap for real estate investors on depreciation. The rich don't make profits, just capital gains they don't pay taxes on.
In '01 after 9/11 it was the Bush/Cheney deceptions to invade Iraq, in '08 Obama and his Wall St. boys looted Main St. America to prop up the 1% and stock and housing gains for the wealthiest. Now in '20 they (all politicians) have no shame and are literally doubling down on the windfall for the richest sons of bitches.
MMT says give some money to main st. to boost labor and real production, but the politicians use debt just to enrich the parasitic rentier economy that sucks the life blood out of the country via unearned income for the rich. Everyone from libertarians to socialists need to unite to form an honest system that rewards merit and gives a floor of support for the poor instead of a corrupt one that just continues to suckle the wealthy. Financialization has broken the integrity of money, health, production, food, municipalities and residences in the U.S.
From 1980-2020 the model has been "how can the financial elites make more". This is not market economy, these are policy decisions specifically designed for wealth extraction. It is a one way funnel. Aristotle said that democracy over time turns into oligarchy. The religion is soon subsumed by the ruling class. Jesus was against the money lenders but now is the prophet of the meek and the timid. St. Augustine turned the fervor of the church into the temerity of "let the world be the world" and just give charity to the poor, not justice. This is the road to hell paved and signified by the hounds. We have been lobotomized and live in our cognitive dissonance with beer and football and watch our streets crumble under the dark breath of an indifferent empire.
The world can only be cured by one thing; a clean break. Modern economics and financiers cannot be reformed. It cannot be solved by individual silos of academia which have been disaggregated. It can only be served by pan-disciplinary understandings, by the nature of our systems as sociological-political-economic entities.
We are in a permanent depression until the system of debt bondage is reversed. The model of labor-capital has become irrelevant. Labor was supposed to gain power and make capital more productive, but financial interests have broken any rational system for civilization, it is only extraction for the rich. Despite modest gains for the U.S. in the 1950s when Germany and Japan were both off-line, the model has been broken inherently since WWI. It is a rentier-landlord-monopoly-financial creditor model. Our society will not change until the hounds of hell are removed as masters of our destiny.
comments inspired by Dr. Michael Hudson:
on part of the latest theft by the rich: unmitigated depreciation on real estate:
https://www.businessinsider.com/wealthy-real-estate-investors-get-tax-cut-in-coronavirus-stimulus-2020-3?op=1
