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It's the symptom.

Whip-saw interest rates push vulnerable middle and lower socioeconomic people out of their mortgages (and other asset building debt too), hence taking their assets.

Then, the rates also increases the cost of living, while wages stagnate to match this. So their buying power is less. The whip-saw nature of this creates this total latency, and some job wages never even make up the difference.

The wealthy class meanwhile swoops in and acquires those very assets once held by the midde and lower class but now for cheaper.
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nobody 2y ago

It's not about hating on the rich, it's about recognizing that the system can arbitrarily change the rules and redistribute wealth and assets.

The lower and marginal class never gets a level chance at getting ahead. The system benefits them the absolute least.

If the wealth gap was built on an eqitable set of rules that didn't change so severely, there wouldn't be this issue.

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Roir Raw 2y ago

Global total wealth is not a constant

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nobody 2y ago

Precisely. As global wealth increases the wealthy disproportionately have means and access to acquire more of it, at the expense of the marginalized.

This is why I support Bitcoin. It's a more equitable system where the rules, at least, are open, transparent, non(or at least very slow) changing and free for all to participate.

25% of the world's population doesn't have access to banking. And a disproportionate of those people are rural women.

A vast number of the top wealthy are profiting from a deeply skewed system.

Bitcoin helps fix some of this.