What happened Pragmatic Realist was the transformation from a wage based economy to an asset based economy. The political and financial elite were so spooked by inflation that wages were actively depressed and the push to asset accumulation was encouraged. This push for asset accumulation of course led to the massive amount of private debt not just in this country, but throughout the world. For most people, assets could only be obtained through credit. David Atkins explained it much better and more throughly than I.
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