Speeding Right Along

Whether or not this turns out to be peak inequality remains to be seen. What is clear is that we haven’t seen this level of inequality for almost a century, not since the time of the Great Gatsby.

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The good news is that by any measure, the growth in the numbers of middle class individuals since 2000 has been huge.

  Oxfam

To be clear, they are talking about third world countries when they talk about middle class growth.

[T]he wealth of those at the top has continued to rapidly increase, meaning that the overall share of wealth going to the middle class has declined in all regions except China for the whole of this century, with the highest decline in North America of 16%.

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People have been able to keep buying things and governments keep going largely because of huge amounts of cheap debt, but it is far from clear how long this fragile and ultimately unsustainable economic model can continue.

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We know today’s extreme, obscene inequality is bad for the global economy, and bad for the future of humanity, yet as the Credit Suisse numbers so graphically demonstrate, it is rapidly getting worse and not better.

...but hey, do what you want...you will anyway.