Of Two Minds

The best-case scenario is those who love their “great city” will accept the daunting reality that even greatness can go bankrupt.

Two recent essays pin each end of the “urban exodus” spectrum. James Altucher’s sensationalized NYC Is Dead Forever, Here’s Why focuses on the technological improvements in bandwidth that enable digital-economy types to work from anywhere, and the destabilizing threat of rising crime.

The heretical truth is that many of the “consumption rituals” that signified “prosperity” for decades are either meaningless, unaffordable or require way more effort than the meager payoff is worth.

Of all the economic heresies imaginable, perhaps the most heretical is to recognize what we label “prosperity” as increasingly meaningless rituals more akin with Soviet-era staged parades than actual well-being.

Just as time is a one-way arrow, “the politicization of everything” is a one-way road to dissolution and collapse.

The essence of any Totalitarian society is the politicization of everything, as everything must be either supporting the status quo or it’s a threat to the status quo.

The “take this job and shove it” exodus is silently gathering momentum.

The exodus out of cities is getting a lot of attention, but the exodus that will unravel our economic and social orders is getting zero attention: the exodus from work.

After a bout of inflation and “socialism-light”, we could end up with even more extreme inequality when the whole rotten structure collapses.

Imagine owning a Buffett-Bezos fortune of bilious billions, or even 10% of these mega-fortunes, i.e. between $5 billion and $20 billion. Heck, imagine owning 1% of these mega-fortunes, i.e. $500 million to $2 billion.

You’re extremely rich so you can buy the best advice.

Do you hear the pathetic bleating of America’s billionaires and their army of toadies?If not, you soon will, for a remarkable report has been released that documents the $50 trillion in earnings that’s been transferred to the Financial Aristocracy from the bottom 90% of American households in the past 45 years.