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9-7-2020 C.J. De Santis w/Reversing Financialization in Post-COVID-19 World

  • Broadcast in Finance
David Lykken

David Lykken


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The COVID-19 pandemic has revealed the extreme income and wealth inequality that has undermined U.S. economic growth for more than 40 years. The bottom 90% of U.S. households by income have endured stagnant wages, rising debt loads and generalized economic insecurity, all of which became evident as house prices collapsed in 2007-2009. Although many suggest that the inequality is attributable to the impact of globalization and technological advancements on employment and wages, what they miss is the role of speculative finance (financialization) and the complicity of the central bank in driving this process. Continue reading......