Interest rates have broken the global wealth pump

Edward Chancellor Reuters June 23, 2023 Link


“Everybody knows that the dice are loaded … the poor stay poor, the rich get rich.” In the 35 years since Leonard Cohen wrote these words, the rich in the United States have become even richer and the poorest have stayed resolutely poor. In the past, periods of widening inequality have often ended in civil conflict. We have reached another such crisis point, says the complexity theorist Peter Turchin. Rising inflation and higher interest rates would appear to make matters even worse. In fact, they may offer peaceful resolution to the current era of social strife…..

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