The New York Times : The Elites Were Living High. Then Came the Fall.


 The New York Times : The Elites Were Living High. Then Came the Fall.


Plus ça change plus c’est la même chose. The more things change, the more they remain the same, as the French would say. How interesting that thousands of years ago the ruling elites evaded taxes themselves and heavily taxed the productive part of the population. Heterodox economists have studied the Great Depression, and they see similarities between the time just preceding the onset of the depression and our current situation.  In 1929, wealth inequality reached high levels similar to today. As today, much this wealth was based on asset appreciation and debt as opposed to creation of wealth in the productive economy. When debt became too burdensome to support, the economy crashed. Unfortunately, it will be the 99% that suffer the most , just as the wealthy in Syria did fine.  


www.history.com/.image/t_share/MTU4MDgxNjIzNjYz...



Photo Reference :
https://www.history.com/topics/great-depression/1929-stock-market-crash

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