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Our Frustrations Run Far Deeper Than Covid Lockdowns

This is a syndicated repost courtesy of oftwominds-Charles Hugh Smith. To view original, click here. Reposted with permission.

The reality is the roulette wheel is rigged and only chumps believe it’s a fair game.

It’s easy to lay America’s visible frustrations at the feet of Covid lockdowns or political polarization, but this conveniently ignores the real driver: systemic unfairness. The status quo has been increasingly rigged to benefit insiders and elites as the powers of central banks and governments have picked the winners (cronies, insiders, cartels and monopolies) and shifted the losses and risks onto the losers (the rest of us).

We now live in the world the 19th-century French economist Frederic Bastiat so aptly described:“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.”

As I noted in The One Chart That Predicts our Future, ours is a two-tier society and economy with a broken ladder of social mobility for those trying to reach the security of the technocrat class and a well-greased slide for everyone who trips and slides from relative security down to the ever-expanding ALICE-precariat class: assets limited, income constrained, employed.

As Bastiat observed, those rigging the system to benefit themselves always create a legal system that lets them off scot-free and a PR scheme that glorifies their predation as well-deserved rewards that are the natural due of their enormous appetite for hard work and innovation.

You know, hard work and innovation like this:

JPMorgan Makes $1 Billion From Gold Trading After Paying $1 Billion Fine For Manipulating Gold Trading.

Embezzling a couple billion dollars also earns you a get out of jail free card: none of the perps in Wall Street’s skims, scams and frauds ever gets indicted, much less convicted, and none of Wall Street’s legalized looters ever goes to prison.

And this is a fair and just system? Uh, right. Meanwhile, the reality is the roulette wheel is rigged and only chumps believe it’s a fair game. Those who know it’s rigged have essentially zero agency (control / power) or capital to demand an unrigged game or finagle their way into the elite class doing the skimming.

The net result is soaring frustration with a patently unfair system that’s touted as the fairest in the entire world. Gordon Long and I do a deep dive into the frustrations with systemic unfairness in our new video, The Frustrations of Unfairness Are Reaching a Boiling Point.

The key takeaway in my view is the unfairness isn’t limited to the economy, society or politics– it’s manifesting in all three realms. It isn’t just frustration with domestic issues–the global economic order is also a source of unfairness and powerlessness.

We each drew up a list of specific drivers of unfairness / frustration. Here’s my list:

And here’s Gordon’s list:

There is much more in our presentation. These are the dynamics that are tearing apart our social cohesion and that will soon start destabilizing the economy–regardless of how much “money” the Federal Reserve prints.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

My new book is available!A Hacker’s Teleology: Sharing the Wealth of Our Shrinking Planet 20% and 15% discounts (Kindle $7, print $17)

Read excerpts of the book for free (PDF).

The Story Behind the Book and the Introduction.

Recent Podcasts:

The Frustrations of Unfairness Are Reaching a Boiling Point

AxisofEasy Salon #31: The Covid Episode (1 hr)

My COVID-19 Pandemic Posts

My recent books:

A Hacker’s Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook coming soon) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the first section for free (PDF).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic($5 (Kindle), $10 (print), (audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake$1.29 (Kindle), $8.95 (print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 (Kindle), $15 (print)Read the first section for free (PDF).

Become a $1/month patron of my work via patreon.com.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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