Marc Faber: Why Do So Many People Feel Economically Disenfranchised?

via gloomboomdoom:

Monthly Market Commentary: October 1, 2020

According to economist Thorstein Polleit who works for Degussa and writes occasionally for www.mises.org, “price inflation caused by the increase in the quantity of money does not only cause serious economic problems. It also brings severe sociopolitical problems. Inflation makes most people poorer, degrades their social status, destroys their dreams of a better life. People become desperate and open to radical political programs.”

Polleit further notes, “that whereas militant Marxism wants to topple capitalism by means of a bloody revolution, Neo-Marxism follows a different strategy. It wants its ideas to attain cultural, moral and ideological hegemony.”

“The supporters of Neo-Marxism attack people’s values—family, hard work, thriftiness—stir conflict among people, discredit Christianity, and manipulate language (via calling for ‘political correctness’) to estrange people from their societal order, moving them away from the capitalist economy. By the end of August 2020, the US money stock M1 had grown 40 percent compared to last year, M2 by 23 percent. The increased quantity of money will, sooner or later, most likely to be reflected in higher prices, be it consumer and/or asset prices.”

Another possibility which we cannot rule out is that the huge deficits drive society towards Fascism or another form of totalitarian rule. After all, if the Neo-Marxists goal is to shatter civic order and to drive people into socialism, right wing extremists can shatter civic order and drive people into Fascism. As Ian Williams Goddard explained, “A society whose citizens refuse to see and investigate the facts, who refuse to believe that their government and their media will routinely lie to them and fabricate a reality contrary to verifiable facts, is a society that chooses and deserves the Police State Dictatorship it’s going to get.”

Under the title Broke Millennials Turn to Day Trading to Strike It Rich in Korea Bloomberg’s Heejin Kim writes about a young Korean lady whose dream it was to own an apartment in Seoul. According to Bloomberg’s Kim, The 27-year-old Miss Lee believe that “in Korea, us 20-somethings only have two ways to get rich: Either we win the lottery or trade shares.”

I suppose that if this is the way young people think about earning a decent income and acquiring wealth, the world is really in trouble.

Since the US Presidential elections are approaching let us remember the words of the founder of public relations and modern propaganda Edward Bernays (1891 – 1995 – yes he lived 103 years) who wrote: “The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. We are governed, our minds are moulded, our tastes formed, our ideas suggested, largely by men we have never heard of…”

With kind regards
Yours sincerely
Marc Faber