The wealthiest Americans now genuinely have more money than they know what to do with. Over $4.7 trillion of the $35 trillion in wealth owned by the top 1%, now sits in bank accounts collecting near zero percent interest, it is effectively ‘dead money.’ DOUBLE DOWN asks Charles Hugh Smith how the ‘unraveling of everything that actually matters’ fits into this paradigm of far too much free money for some. He says we see the unraveling of intangible capital: the resilience of our economy, our social capital, i.e. our ability to find common ground and solve real-world problems, our sense that the playing field, while not entirely level, is not two-tiered, and our sense of economic security. They also discuss the riots against ‘neoliberalism’ and ‘prying open the Overton Window.’ Tune into Double Down to hear what Charles Hugh Smith has to say on this and more.
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