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We don't see things as they are, we see things as we are.
Anais Nin — US (French-born) author & diarist (1903 - 1977)
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October 29 2009
via Matthew Yglesias » Bubbles and Inequality
as income inequality goes up, more money flows to the well-off, who use it to buy financial assets. Conversely, less money flows to the poor and middle class, who respond by increasing their debt level. Both of these mechanisms produce a higher demand for financial assets and therefore promote asset inflation.
as income inequality goes up, more money flows to the well-off, who use it to buy financial assets. Conversely, less money flows to the poor and middle class, who respond by increasing their debt level. Both of these mechanisms produce a higher demand for financial assets and therefore promote asset inflation.
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peoplesgeography
peoplesgeography
