I thought this was a good summation of what has happened, what is happening and what is likely yet to come, at least as far as our financial system is concerned.
I suppose many (most?) of you already follow Orlov’s great blog and have already read this piece. As far as I’m concerned, it’s one of the very best analyses of the predicaments we face all wrapped up in a concise and easy to understand piece of journalism.Financial Feudalism
Once upon a time—and a fairly long time it was—most of the thickly settled parts of the world had something called feudalism. It was a way of organizing society hierarchically. Typically, at the very top there was a sovereign (king, prince, emperor, pharaoh, along with some high priests). Below the sovereign were several ranks of noblemen, with hereditary titles. Below the noblemen were commoners, who likewise inherited their stations in life, be it by being bound to a piece of land upon which they toiled, or by being granted the right to engage in a certain type of…
View original post 1,758 more words
