05-06-2016, 11:23 AM
Economic inequality typically intensifies during a 3T. The culture becomes more attuned to the idea that top-down economic growth (often known as "trickle-down") succeeds in creating wealth that the culture deems unsuited for criticism for ethical failures. Immigration (employers preferring to get labor on the cheap love to import workers) rises during a 3T, and the part that goes into employment depresses wages. Social cohesion and institutional trust weaken except in Big Business.
So what happens? Business promotes debased culture because such is profitable. Labor unions weaken. Education becomes vocational in focus. Hustles flourish, and toward the end of the 3T a bubble economy develops. The bubble devours capital, depressing investment in plant and equipment while feeding a speculative boom. In the Double-Zero decade as well as the 1920s the bubble was real estate.
"The Good Lord isn't making any more real estate" becomes a rationale for pricing real estate into the stratosphere. But anything can be priced into the realm of absurdity. The last buyer gets stuck with something supremely costly but suddenly worth far less. Stock market crashes as severe as those of 1929 and 2008 ensue.
So what happens? Business promotes debased culture because such is profitable. Labor unions weaken. Education becomes vocational in focus. Hustles flourish, and toward the end of the 3T a bubble economy develops. The bubble devours capital, depressing investment in plant and equipment while feeding a speculative boom. In the Double-Zero decade as well as the 1920s the bubble was real estate.
"The Good Lord isn't making any more real estate" becomes a rationale for pricing real estate into the stratosphere. But anything can be priced into the realm of absurdity. The last buyer gets stuck with something supremely costly but suddenly worth far less. Stock market crashes as severe as those of 1929 and 2008 ensue.
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.