One might anticipate that the bottom 50%’s meager share of the nation’s exploding wealth would have increased as smartly as the wealth of the billionaires, but alas, no. America’s economy has changed in ways few of the winners seem to notice, as they’re too busy cheerleading their own brilliance and success.

Four monster waves are about to crash onto the Fed’s beach party and sweep away the unwary revelers. Hey, is the water in the bay receding? Never mind, free drinks are on the Federal Reserve, so party on, life’s a beach, asset bubbles will never pop, we’re safe. Of course you are.

The era of abundance was only a short-lived artifact of the initial boost phase of globalization and financialization.Global corporations didn’t go to all the effort to establish quasi-monopolies and cartels for our convenience–they did it to ensure reliably large profits from control and scarcity.

The vast majority of market participants are about as ready for a semi-random “volatility event” as the dinosaurs were for the meteor strike that doomed them to oblivion. Judging by euphoric gambler–oops I mean “investor”–sentiment and measures of volatility, risk of a market drop has been near-zero for the past 18 months. But risk was never actually low, it was only hidden. When it emerges, it’s a surprise only to those who mistakenly thought risk had vanished.

So by all means, focus on the inexorable rise of stocks, cryptos and housing as “proof” of America’s soaring “wealth” while the social order unravels beneath our feet. It is a supremely tragic irony that while the corporate media ceaselessly touts America’s soaring financial “wealth,” the nation’s true wealth–its social order is fast unraveling.