It is hard to believe, but Alan Greenspan actually said something of value today.
Greenspan noted the stock market valuations, and said that corporate profits may be reaching some diminishing returns as a percentage of GDP.
I have not done the math or looked up the figures, but he made the point I think that the artificiality of the recovery is notable, and cannot be sustained without some sort of organic growth from the real economy.
The one percent won't understand any of this, what is really going on, because they have lost all perspective, and so have their hangers-on who only say for pay. Sometimes it almost gets funny if it were not so sad. I thought JPM Jim Glassman's comments on Pope Francis were hysterical.
They speak with one another, and get all sorts of confirmation bias from their 'winning,' but really the divergence between the real economy and the financial system as it is currently constructed is one of the more dangerous conditions we can see in a nation's history.
The chart of population employed as a percentage of total population below is rather telling.
Let's see how this all goes. Generally it does not go well.
