Destruction of the middle classes

[stpioc]

Finally we know what happened, it's those central banks who are guilty, according to Voodoo economist Micheal Pento:

Gold is not merely a "safe haven" asset. Rather, it is the best form of money known to humankind because of its scarcity and indestructibility. Financial houses hate gold because it tends to do best when the securities they sell head south. And governments hate gold because it best reveals the persistent destruction of the purchasing power of the middle class through central bank debt monetization.

That destruction of the middle classes didn't start with debt monetization, as it happens:

[stpioc]

By the way, that divergence between productivity and median wages, while not exclusively a US problem, it's really most extreme in the US. See how middle classes elsewhere have fared:







This is remarkable, for more see here, as it will be shown that:

• Didn't come at the cost of jobs in France
  
• Globalization isn't likely to be the main driver, as France, the UK and Japan are all more open economies.