Warren Buffet’s essay in the NY Times: “Stop Coddling the Super-Rich”
Thinmk about this statement via John Robb:
“It should have been self evident that a ‘plutonomy’ wasn’t stable. Centralized demand is as toxic as centralized planning for an economy.”
When the rich steal from everyone,
it’s Free Markets;
When the rich steal from the rich for the poor,
it’s Noblesse Oblige;
When the middle steal from the middle,
it’s Good Business;
When the rich and the middle steal from the poor,
it’s Fiscal Responsibility;
When the poor steal from the rich and the middle,
it’s Criminal;
When the poor steal from the poor,
it’s Tough Luck.
Thinmk about this statement via Umair Haque:
“The institutions of advanced economies are being ever more perfectly tuned for wealth extraction. The result, of course: impoverishment.”
Also see:
American Plutonomy
American Plutonomy 2