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The Price of Time | Edward Chancellor & Joseph Wang
Forward Guidance
The Wealth Pump and the Matthew Effect
I've been reading a book. I read a book last week by some, by this Russian American political scientist called Peter Turchen. He says there are these periods of rising inequality and that end in what he calls elite over production. And the wealth pump is pumping from the poor, taking it, or he also calls it the Matthew effect. We saw it in the Gilded Age in the US in the late 19th century,. falling interest rates of, you know, financialization, the creation of these monopolies.
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