

8 Surprising Facts About The Shrinking Middle Class From 'Third World America' - startuprules
http://www.huffingtonpost.com/2010/08/09/8-surprising-facts-about_n_675545.html#s124112

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The key events that I see are:

1) The outsourcing boom

2) The Nixon Shock: <http://en.wikipedia.org/wiki/Nixon_Shock>

3) The elimination of Glass-Steagal

#1 killed the well-paying blue collar job and unions. #2 killed the stability
of the dollar. #3 (especially combined with #2!) allowed banks to leverage
regular deposits to inflate M3 and create mega-bubbles and then drop their
losses on the depositors and the taxpayers.

Put it all together, and we are indeed on our way to third world status: 10%
own 90%, everyone else is poor.

Then add in the recent resumption of Vietnam-style expensive smoldering meat-
grinder warfare, which is bankrupting the federal government. Then, for the
cherry on top, throw in peak oil.

