Cryptocurrencies: 5,992
Markets: 545
Marketcap: $ 581.72 B
24h Vol: $ 114.70 B
BTC Dominance: 60.58%

Global market data

Cryptocurrencies: 5,992
Markets: 545
Marketcap: $ 581.72 B
24h Vol: $ 114.70 B
BTC Dominance: 60.58%

[ZEROHEDGE] “The Great Reset” Already Happened

Zero Hedge

“The Great Reset” Already Happened

Tyler Durden

Sun, 11/15/2020 – 10:30

Authored by Charles Hugh Smith via OfTwoMinds blog,

Put another way: the elites have cannibalized the system so thoroughly that there’s nothing left to steal, exploit or cannibalize.

The global elites’ techno-fantasy of a completely centralized future, The Great Reset, is addressed as a future project. Too bad it already happened in 2008-09. The lackeys and toadies tasked with spewing the PR are 12 years too late, and so are the critics listening to the PR with foreboding.

Simply put, events outran our understanding of them. The future already manifested while we were trying to cram the present arrangement into an obsolete conceptual framework.

In broad-brush, the post-World War II era ended around 1970. The legitimate prosperity of 1946-1970 was based on cheap oil controlled by the U.S. and the hegemony of the U.S. dollar. Everything else was merely decoration.

The Original Sin to hard-money advocates was America’s abandonment of the gold standard in 1971, but this was the only way to maintain hegemony. Maintaining the reserve currency is tricky, as the nation issuing the reserve currency has to supply the global economy with enough of the currency to grease commerce and stock central bank reserves around the world.

As the global economy expanded, the only way the U.S. could send enough dollars overseas was to run trade deficits, which in a gold standard meant the gold reserves would go to zero as trading partners holding dollars would exchange the currency for gold.

So the choice was: give up the reserve currency and the hegemony of the U.S. dollar by jacking up the dollar’s value so high that imports would collapse, or accept that hegemony was no longer compatible with the gold standard. It wasn’t a difficult decision: who would give up global hegemony, and for what?

Many other dynamics changed around the same time: social, cultural, political. These charts reflect the end of the postwar era and the ushering in of a new era.

Again in broad-brush, the key economic dynamic was the decline of labor’s share of the economy in favor of capital. Those who had only their labor to sell lost purchasing power, while those who could borrow or access capital benefited enormously. The charts below tell the story: labor’s share of the national income has stairstepped lower for 50 years (since 1970) while the super-wealthy’s share has outpaced everyone else 15-fold.

Join our Telegram channels

Join our Telegram group ➡️ t.me/Liquidary

Follow us Twitter ➡️ twitter.com/liquidary

 

Find the full article here

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Liquidary.com will use the information you provide on this form to be in touch with you and to provide updates and marketing. You can unsubscribe anytime.