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Should the wealth effect reverse as assets fall, capital gains evaporate and investment income declines, the top 10% will no longer have the means or appetite to spend so freely. Soaring wealth-income inequality has all sorts of consequences.

We need a new iteration of economics that advances beyond the obsolete, misleading statistical measurements of bygone eras. Let’s focus on a largely forgotten history, one within living memory of everyone born in the 1950s, a history of signal importance to our understanding of the forces that will dominate the next decade.

The second essential step is to recognize how the spectacles of “news” and entertainment distract our attention from this erosion of basic rights. Hierarchical power structures like city-states arose as problem-solving solutions<, not just for the elites who benefited from the concentration of wealth and power but for the citizenry.

If the Fed succeeding is a “Black Swan,” bring it on. What if the “Black Swan” of 2023 is the Federal Reserve succeeds?