R&I – TXPAT ***.
Alas, these extremes are not stable or sustainable, and so each wave ends in a devastating crash. The income of the top 0.1% took a hit as the dotcom bubble burst, but then China’s entry into the WTO saved the day as rampant globalization and additional extremes of financial leverage and fraud boosted their fortunes in the 2000s.
The dual extremes of financialization and globalization created the 2008 bubble, and its collapse almost took down the entire global capital house of cards. Central banks, ultimately financed by the Fed to the tune of $29 trillion, twice the size of America’s entire GDP, instituted The Great Reset under the usual guise of “emergency measures” which then became permanent policies.
The Great Reset led to the hyper-centralization of control over the global economy’s money as central banks coordinated unprecedented money-printing and financial repression, which includes zero-interest rate policies (ZIRP), as the debt-bubble would pop if rates aren’t nailed down to zero.
All the PR being spewed about The Great Reset is the final frantic flailing of a system that’s drowning in its own excesses. The 50-year long era of the few enriching themselves as the expense of the many has ended, for the same reason eras of extreme exploitation always end–the elites got too greedy and overshot the economy’s ability to sustain their rapidly expanding share of the income and wealth.
Put another way: the elites have cannibalized the system so thoroughly that there’s nothing left to steal, exploit or cannibalize. The hyper-centralized global money control has run out of rope as the cheap oil is gone, debts have ballooned to the point there is no way they’ll ever be paid down, and the only thing staving off collapse is money-printing, which holds the seeds of its own demise.
Allow me to summarize the only way The Great Reset envisioned by global elites can actually manifest: The Martians arrive towing huge meteorites of pure lithium and gold, and rather than incinerating the global elites, they hand the global elites the meteorites to further their concentration of wealth and power.
Short of that science fiction, this sucker’s going down. The Great Reset has already run its course after 12 long years of artifice, fraud and trickery. So global elite shills, lackeys, factotums, toadies and apparatchiks–prepare for your Wil-E-Coyote moment of truth.
David Adams
Article URL : https://www.zerohedge.com/economics/great-reset-already-happened?