Meanwhile, before I continue, I want to make it perfectly clear (to quote an old adage) that I am NOT interested in hatching a new conspiracy theory. I am not saying the 1% or .1% or .01% got together and conspired to concoct some clever scheme to force impoverished workers into ruthlessly competing with one another by blowing a financial bubble so huge as to ensure the complete and total collapse of the world economy unless we all agreed to impoverish ourselves through the institution of appropriately harsh austerity measures. For one thing, they aren't smart enough. For another, they don't think like that, because they don't have to think like that. They have better things to think about, such as finding the next whiskey bar -- or the next little dollar -- or the next luxury hotel:
They don't need to plan a conspiracy because the "system" does the planning for them. And by "system" I mean, you know, that wonderful system of "free" market capitalism we all love so dearly.
Also, before I continue, I would like to take back what I wrote earlier about economists who love to explain more than they like to think, because I just discovered a thinking economist, just today, by coincidence, God bless me. More on that presently as well.
Oh and one more thing before I really get started, let's take a look at a fascinating graph, courtesy of the Business Insider (June 22):
Corporate Profit Margins as a Percentage of GDP:
Here's another, from the same source:
Wages, as a Percentage of GDP:
The headline, appropriately enough, reads: