it seems to me that he's confusing two groups here. The college degree holding middle class is just that - a middle class. It's also now being hollowed out via that wealth pump by the group that I would argue actually deserve the title of 'elites' - that 0.1% at the top. The super-wealthy billionaire club who can enact huge socio-political change simply by moving their money about. Lumping them together seems to be a bit of an odd move, though I understand the argument that you can't have a middle class that's larger than the working class under it.
Excellent point, and I may be just as much to blame as Turchin. There's only so much detail I can include in a book review, and I believe Turchin makes finer distinctions within the book itself.
One way I look at it is that even if the degree holding, rapidly shrinking middle/upper class might be losing out economically, they still grasp the cultural steering wheel. Their ideologies control corporations, Hollywood, the mass media, etc. So they're still winning in that way.
But also to your point, making these distinctions is difficult. I have a college degree and have done stuff that would apparently make me an elite like travel the world, read a bazillion boring books and live in NYC for a while, etc. But I don't consider myself even remotely part of my "elite peers."
This whole chicanery is only possible due to how easy the 'elites' can print money out of thin air and use it for their economic/political ends, if that power is limited, so does the damage that they can cause, hence "fix the money fix the world" as Bitcoiners advocated for. Money today is just a data on spreadsheet, so easy to manipulate. It makes sense that they shouted "Separate money from state! (or private cartels for that matter)". It sounds impossible, but money/assets is often gained via violence, so separation of money and state must also mean separation power from state, make it difficult for them to steal or rob the money/asset.
While I don't mind the idea of money separated from the state, their printing press & seigniorage is their cherished lovechild and will never be given up without a massive fight.
Many people don't understand the problem of central banks. I had a conversation with someone this evening who is intelligent. The person avoided the possibility by jokingly saying people think it is just the Jews. I'm not anticipating hard money or Bitcoin to be a solution anytime soon
Tbh I've only heard of the word 'seigniorage' 1 yr ago from Lyn Alden, and I consider myself a pretty well read and educated person. Just how it's been hidden from the popular narrative, it amazes me that it's never ever mentioned in popular economics/politics non-fiction books. Not even in Sapiens, I doubt Guns Germs and Steel even mentions it, let alone Rich Dad Poor Dad. It's perhaps only hidden in some unheard of Austrian economics books.
I hope online education, not through a college, does away with a large percentage of the higher education system. I've learned more practical skills from digital courses than I ever did from a college class.
I agree and really thought we’d see a shift toward on demand learning online. The content is often better and accessible where and when you need it. Oh, and almost free. But once again it’s an issue of the gatekeepers preventing the obvious solution and perpetuating systems of control.
I read this too, and I think the idea of the wealth pump is a useful framework. Some of Turchin's solutions for the problem though seem a little naive and uncomplex. He throws out that we need to tax the rich more... well we can try, but the people with money are always going to be one step ahead of the people trying to take it from them, especially if the people with money have a huge amount of influence over the people that are coming to take their money.
Yes they're always going to be one step ahead of the tax man. Chris MacIntosh always says "Capital goes where it's treated best" and I think that's a useful phrase. If the US/Western Europe starts taxing the hell out of the rich, capital would likely flow to other places.
I don't think there is any one easy solution to this mess. Multiple partial solutions are needed, but to get them requires an upper class who are willing to make concessions and treat the bottom half of the country with some respect. I don't see lots of signs that we're there yet.
it seems to me that he's confusing two groups here. The college degree holding middle class is just that - a middle class. It's also now being hollowed out via that wealth pump by the group that I would argue actually deserve the title of 'elites' - that 0.1% at the top. The super-wealthy billionaire club who can enact huge socio-political change simply by moving their money about. Lumping them together seems to be a bit of an odd move, though I understand the argument that you can't have a middle class that's larger than the working class under it.
Excellent point, and I may be just as much to blame as Turchin. There's only so much detail I can include in a book review, and I believe Turchin makes finer distinctions within the book itself.
One way I look at it is that even if the degree holding, rapidly shrinking middle/upper class might be losing out economically, they still grasp the cultural steering wheel. Their ideologies control corporations, Hollywood, the mass media, etc. So they're still winning in that way.
But also to your point, making these distinctions is difficult. I have a college degree and have done stuff that would apparently make me an elite like travel the world, read a bazillion boring books and live in NYC for a while, etc. But I don't consider myself even remotely part of my "elite peers."
This whole chicanery is only possible due to how easy the 'elites' can print money out of thin air and use it for their economic/political ends, if that power is limited, so does the damage that they can cause, hence "fix the money fix the world" as Bitcoiners advocated for. Money today is just a data on spreadsheet, so easy to manipulate. It makes sense that they shouted "Separate money from state! (or private cartels for that matter)". It sounds impossible, but money/assets is often gained via violence, so separation of money and state must also mean separation power from state, make it difficult for them to steal or rob the money/asset.
While I don't mind the idea of money separated from the state, their printing press & seigniorage is their cherished lovechild and will never be given up without a massive fight.
Many people don't understand the problem of central banks. I had a conversation with someone this evening who is intelligent. The person avoided the possibility by jokingly saying people think it is just the Jews. I'm not anticipating hard money or Bitcoin to be a solution anytime soon
Seigniorage is the root of all evil.
And yet unknown to ~80% of the population
Tbh I've only heard of the word 'seigniorage' 1 yr ago from Lyn Alden, and I consider myself a pretty well read and educated person. Just how it's been hidden from the popular narrative, it amazes me that it's never ever mentioned in popular economics/politics non-fiction books. Not even in Sapiens, I doubt Guns Germs and Steel even mentions it, let alone Rich Dad Poor Dad. It's perhaps only hidden in some unheard of Austrian economics books.
I hope online education, not through a college, does away with a large percentage of the higher education system. I've learned more practical skills from digital courses than I ever did from a college class.
Fully agreed. The only education systems are already great, now we just need employers to recognize them the same way they recognize degrees.
In the meantime, they are a good way to move from being an employee to learning how to become an Internet entrepreneur.
I agree and really thought we’d see a shift toward on demand learning online. The content is often better and accessible where and when you need it. Oh, and almost free. But once again it’s an issue of the gatekeepers preventing the obvious solution and perpetuating systems of control.
Yes, 100%
I read this too, and I think the idea of the wealth pump is a useful framework. Some of Turchin's solutions for the problem though seem a little naive and uncomplex. He throws out that we need to tax the rich more... well we can try, but the people with money are always going to be one step ahead of the people trying to take it from them, especially if the people with money have a huge amount of influence over the people that are coming to take their money.
Yes they're always going to be one step ahead of the tax man. Chris MacIntosh always says "Capital goes where it's treated best" and I think that's a useful phrase. If the US/Western Europe starts taxing the hell out of the rich, capital would likely flow to other places.
I don't think there is any one easy solution to this mess. Multiple partial solutions are needed, but to get them requires an upper class who are willing to make concessions and treat the bottom half of the country with some respect. I don't see lots of signs that we're there yet.
Bravo 🙌
Gracias amigo