‘ The free-market fervor that has gripped the country since the Ronald Reagan administration has allowed the country, for the most part, to remain competitive in a globalized economy. But some contend that the trickle-down economy has sent just that — a trickle — to the masses, while steering a torrent of riches to the wealthy.
“There’s something going on at the very top, an explosion of the ‘uber-rich,'” said Bryce Ward, a senior economist with Portland-based consulting firm ECONorthwest. “There’s been no growth in a decade for the middle.” ‘
Not just Oregon– its the whole country. And if you project it out at current tax rates and loopholes, it looks like a permanent oligarchy.
US becoming late medieval Florence, with new Medicis:
‘During a reign of 30 years, Cosimo [Medici] uses his fortune to maintain absolute control over the internal affairs of Florence. Opponents find themselves squeezed to financial extinction.
Within the city this control is discreet. Outside, in relations with other powers, it is generally acknowledged that Cosimo is the ruler of Florence – by now a city state of considerable significance.
The expansion of Florentine control over the surrounding region accelerates before and during Cosimo’s lifetime. Arezzo falls to a Florentine army in 1384. Pisa, a great prize, is taken in 1406. Livorno, of immense value as a seaport, is purchased in 1421.’
Substitute Goldman, Sachs and Morgan Stanley for Cosimo, Iraq and Afghanistan for Arezzo and Pisa.
Note that in 1527 republicans in Florence made a last attempt to eject the Medicis. Instead they get saddled with a Duke for succeeding centuries. We are in danger of becoming a grand duchy.
The unbridled wealth of a few financiers is as fatal to a republic as the unrivaled power of a few generals.
End/ (Not Continued)