To quote Aerosmith’s Steven Tyler, “There’s something wrong with the world today.” Wealth and income inequality have soared to levels not seen in a century; housing affordability has hit the worst levels on record; consumer sentiment has plunged even though the unemployment rate hovers around 4%; the federal debt is growing exponentially even while inflation still simmers above the Fed’s target leading many to point to the growing risk of a debt crisis. Meanwhile, retail investors speculate in meme stocks and crypto projects employing leverage in a way we have rarely if ever seen before. But the underlying problem common to all of these issues has largely been misdiagnosed. In his latest book, Ruchir Sharma makes a compelling case for What Went Wrong With Capitalism in the United States over the past forty years that has led to many of the challenges we face today. In this conversation, he shares some of the high level themes of the book, including what it will take to rehabilitate capitalism, bringing much needed balance to the economy, and what that process will mean for investors. As the chair of Rockefeller International, he also has a clear vested interest in the outcomes. For notes and links related to this episode visit TheFelderReport.com/podcast.
