|Highway 61 Revisited|
Not only that, those graphs detailed a serious escalation of the increase in the wealth of the 1% along with the increase in poverty within the 99% middle class and working poor.
The graph shows the steep climb in military spending compared to a steep decrease in domestic spending on durable goods, which "coincidentally" tracked the same path as the increase of the wealth of the 1% even as the wealth of the middle class and working poor decreased.
In a similar series that followed, Dredd Blog even mentioned that the Wall Street Journal (WSJ) was using the term "plutonomy" as a better way to describe what these graphs were showing:
The data may be a further sign that the U.S. is becoming a Plutonomy – an economy dependent on the spending and investing of the wealthy. And Plutonomies are far less stable than economies built on more evenly distributed income and mass consumption. “I don’t think it’s healthy for the economy to be so dependent on the top 2% of the income distribution,” Mr. Zandi said. He added that, “In the near term it highlights the fragility of the recovery.”(The Graphs of Wrath, quoting WSJ, emphasis added). We chose the term "plunder" to describe what was taking place, pointing out that deregulation had changed the law that had once characterized such activities as the province of the "robber barons".
The middle class and working poor began, in essence, to be plundered because it was no longer "robbery" since deregulation had made it legal in the sense that it was no longer a crime.
Of course the "it" was the removal of equal opportunity which transferred the bulk of wealth from the 99% to the 1% unfairly and in an un-American way.
Anyway, here is the text of that post from this date in 2009:
I used this graph in a recent post down stream in the series showing that the robber baron age ended by legalizing certain forms of financial robbery, and how foreclosures and job losses went up as the plunder factor went up.
Legalization ended the robber baron age because the laws which made their actions robbery vanished, at which time the age of plunder began.
This age of plunder will be with us until the Crawford jail is enlarged and filled.
Paul Krugman writes a piece where he cites to a graph that shows a full stop of the transfer from the wealthy to the middle class, and shows that decline being replaced by a steep rise in the transfer of wealth back to the wealthy.
That reversal began at about the time the Bush II presidency manifested itself upon the world.
Isn't that a coincidence?
|Bush II surge of 1% share of income|
The end of this age of the robber barons and the start of the age of the plunder begins at the time of the beginning of the wars, thus, the American people began to be plundered and their treasures began to transfer to the warsters and banksters when Bush II felt his infamous oats and became The Decider.
What astounds us who detect this in minutes or hours, by reading details in the documents available on the internet, is that so many people are surprised at this plunder and have no real clue about its reality.
This age of plunder is so very obvious and clear that even no high school student would fail to detect it, if they were interested.
I will add in closing that the MSM, like high school students, seems to have better things to do than detect the plunder of the American people by the plunder barons.
Isn't that a coincidence?
No, it is not a coincidence, it is a result of the sainthood of Ayn Rand philosophy by and within the 1%, the plutocrats.
The resulting disastrous toll on the stability of the American economy is due to removal of the middle class driven aspects, to instead resort to a "trickle down" plutonomy.
The previous post in this series is here.
The "moral code" this Monty Python piece spoofs is explained in the second video under it:
"When plunder becomes a way of life for a group of men living together
in society, they create for themselves in the course of time a legal
system that authorizes it and a moral code that glorifies it." -Frédéric Bastiat