The Death Spiral of Financialization

The Death Spiral of Financialization
// Silver For The People

charleshughsmith.blogspot.com / CHARLES HUGH SMITH / WEDNESDAY, JULY 19, 2017

Each new policy destroys another level of prudent fiscal/financial discipline.

The primary driver of our economy–financialization–is in a death spiral. Financialization substitutes expansion of interest, leverage and speculation for real-world expansion of goods, services and wages.
Financial "wealth" created by leveraging more debt on a base of real-world collateral that doesn't actually produce more goods and services flows to the top of the wealth-power pyramid, driving the ...
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