Posted 6 months ago on April 27, 2018, 9:37 a.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
In a hypothetical casino card game the house takes 5% of every pot. If 10% of the money at the table is on average played on each hand, then the house takes 0.5% of the money in the game on each rake. After 200 hands, 100% of the money that is on average at the table has been taken by the house. The only way the game may continue is to have new money come to it. The winners, of course, smell the new blood and even anticipate it greedily. And the biggest winner over a time is always the house. Until the free market ideologues took over, the biggest difference between a casino bank and finance was that the gaming house took a bigger cut of the handle. Do you see why the bubble must burst again? Will the next time be the big one?
The pyramid of profits on the non productive activities of the FIRE sector is, of course, ultimately as unsustainable as it is destructive to the real economy. But most of us are successfully distracted from the perfidy and parasitization that threaten our ultimate demise. We're too busy scrabbling to make ends meet in the impossible environment the elite ruling class has created to facilitate the pyramid scam we call an economy. That con started a long time ago.
"The Protestant work ethic and capitalist economic system that burgeoned from that is all about working and making money and "earning" your way, and accumulating capital is seen as success, which kind of puts people against one another."