PDF Ebook Inequality and the Collapse of Privilege: An Of Two Minds Essential, Volume 2
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Inequality and the Collapse of Privilege: An Of Two Minds Essential, Volume 2
PDF Ebook Inequality and the Collapse of Privilege: An Of Two Minds Essential, Volume 2
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Audible Audiobook
Listening Length: 3 hours and 22 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: SpokenTome.Media
Audible.com Release Date: January 2, 2019
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Language: English, English
ASIN: B07MKS8Z1X
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Charles Hugh Smith is an author with a radical outlook, who criticises the centralised power of modern societies and the huge wealth differentials that result from it. Smith’s strong views are reinforced by his background as a successful businessman specialising in the remodelling and construction of custom designed homes in the San Francisco area, and also as a financial expert who is often interviewed for his alternative viewpoints. He is also a blogger and novelist with a website at www.oftwominds.com that has attracted 20 million page views.Smith investigated why the wealth gap has widened so dramatically, and he concluded that the social and political system determines how a society’s surpluses are distributed. “In hierarchical societies dominated by elites, these social and political rules boil down to one dynamic: privilege,†writes Smith, adding: “The privileged transfer their responsibility for outcomes and the risks of loss to the unprivileged while maintaining a grip on opportunity, power and wealth.â€Smith defines eight types of capital that are monopolised mainly through the corruption of state power. At the heart of this corruption are banks, which can borrow vast amounts from the central bank at low interest rates. Each dollar of cash is leveraged into $20 of new interest-generating loans. Private banks depend on fractional reserves of only 1/20th of the loans they make, but if they have bad debts, as they did during the subprime mortgage crisis, the government forces taxpayer to bail them out, because they are too big to fail.Smith also criticises corruption in the private sector. For example, he shows how directors assign themselves millions of share options, then buy back their company’s shares with low-interest borrowings, thus inflating their p/e ratio and the value of their own stock options.Smith mentions many lesser forms of privilege, including white drivers being pulled over by the police less often than black ones, easy entrance to Ivy League universities by the offspring of their financial patrons, and the enhanced earnings and benefits of unionised state employees.The author paints a picture of the USA as terminally corrupt, and believes that the economy will self-destruct unless all privilege is rooted out by radical change. Smith believes that technology, especially the Internet, is enabling networked collaboration and trade that are decentralised (peer-to-peer) and self-organising. He points out that participants do not need a hierarchical chain of command to manage work flows, production or sales, because the network adjusts without being centrally managed. He mentions his solution, called CLIME (Community Labor Integrated Money Economy) in which people are paid equal wages for equal work and expansion of the money supply is linked to the increase in productive work.Inevitably, many readers will be sceptical of Smith’s vision of social reform that meticulously eliminates privilege. Still, I feel that Smith has done a great service by describing so many of the corrupt factors that destroy opportunity in a competitive society. I hope that many people read this book and are influenced to address the problem of privilege, which is so central in withholding from the majority of citizens justice and the equal opportunity for fulfilment.
Charles Hugh Smith is one of the most brilliant thinkers of our time. All of his books are extremely incisive and penetrate deeply to the core of the subject. Very highly recommended!
CHS is always a GREAT read and so much on target with his analysis of our culture and economics thereof. Worth every penny.
Money was a necessary technology to facilitate trade when bartering proved inefficient. A world enabled by Uber-like technology using time banking connecting buyers with sellers is feasible. We are an app away from creating a world where we bypass money and can pay in options such as labor time, barter, digital currencies or a combination of all three. What's a good way to reach you Charles? Investorfinancedhomes@gmail.com
very interesting and a good read
Very informative and though provoking. Should be read in conjunction with "The Fourth Turning" and included in all high school mandatory reading curriculum in the USA.
Charles Hugh Smith is a Berkeley character, a brilliant social observer who writes on his own account and is accountable to nobody. It gives him the freedom to say what others cannot.Throughout the book he contrasts advantage and privilege, two concepts which today's social justice warriors conflate.Advantage comes with superior ability. A person who scores 800 on the math SATs has a tremendous advantage. He is smart, and will do well at whatever career he chooses. Likewise, exceptional athletes, attractive people, and people with sunny dispositions have natural advantages.Privilege is unearned. A person may be born into privilege, like the English aristocracy, or may happen into it by joining a labor union that protects him from market forces such as being fired. Smith finds civil servants to be privileged: they are paid more than their counterparts in the private sector, and their pensions are more secure.Among the useful coinages in this book is PORR, for power, opportunity, responsibility and risk. Advantaged people must bear responsibility and take risk, as they take advantage of opportunities that might lead to power. Privileged people take no risk – things come to them automatically.Smith is fond of citing Nassim Nicholas Taleb, author of The Black Swan's phrase "skin in the game." Privileged people have no skin in the game. If a civil servant makes a mistake, he does not get fired. His pension remains secure. Civil servants can therefore do hugely stupid things such as extend student loans, more than half of which are not being paid back because they are in default, forbearance, deferment or grace periods, without suffering whatsoever professionally.Another of Smith's wonderful observations is that government has in imperative to grow. It has simply no way to shrink. The history of all governments is to grow to the point of being unsustainable, after which the collapse. In one of Smith's earlier books he introduces the phrase "run to failure." It is very apt. Government cannot reform itself. It must run to failure – collapse – before it can be replaced by anything sensible.Among the things that also "run to failure" are fiat currency systems. They always end up in catastrophe. See Kenneth Rogoff's book This Time Is Different: Eight Centuries of Financial Folly for a history. Governments worldwide are running unsustainable deficits, and central banks are papering them over with unprecedented money printing. It must end in failure.Smith observes that socialism and neoliberalism have an uncomfortable amount in common. They are both managed by privileged elites in positions of power, which they used to push risk off onto the hoi polloi as they garner for themselves the benefits that come from the whole society's productivity. He says that neoliberalism has a Jekyll and Hyde nature, increasing productivity and competition on one hand, while on the other consolidating new markets under the control of vested interests. Those in power today have created such a complex web of legal restrictions that new ventures have a hard time getting started, and once started they have a tendency to be sucked into powerful existing structures. The public does not benefit that much much from private innovation anymore.Smith reiterates ideas from his many earlier books. One of the most interesting, and perhaps difficult is the idea that money should not be created by central banks and governments, nor should it be something as impersonal as gold. He advocates a system whereby money comes into existence only as the result of productive labor. He acknowledges that this is an idealistic solution – one which would challenge the government's monopoly on power. It is nonetheless a useful concept to have an existence after the current order collapses and as free men are attempting to structure something to replace it.For all of the fact that he sees things as they are, Smith is an optimist. There are some facts that his optimism only reluctantly admits. He speaks about advantaged people being more capable than others. What he does not include as thoroughly as he might in his analysis is the fact that humanity is getting dumber. Google "Double relaxed Darwinian Selection" for an article. He acknowledges elsewhere, although not in this book, that automation is reducing work opportunities for the less intelligent at the very time they are increasing as a percentage of society. Lastly, he does not fully incorporate the last few decades' work on irrationality by authors such as Dan Ariely and Daniel Kahneman. Appealing to our common sense to work ourselves out of our predicament may be a forlorn hope.Still and all, as always the book sparkles with useful ideas. It is well worth reading, and the ideas are something to hang on to through the hard times to come.
It’s hard to accept that the worth of the everyday citizen is determined by people and institutions that they don’t know exist.
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