Below is a chart and brief excerpt from today's Early Look written by Financials analyst Drago Malesevic.
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Regarding average earnings, we can see just how much they have moved in real terms over the last 20+ years, growing by a paltry geometric average of 50 bps per year. Peeling back the onion further to inspect the distribution of those gains reveals an even more disturbing reality, leaving aside concerns over how exactly the stated rate of consumer price inflation is calculated. I’m not sure if Stanley Druckenmiller has been invited back on CNBC yet after his appearance two months ago, but his characterization of contemporary monetary policy as the greatest single engine of wealth inequality marked a rare moment in network television. These are things people once seldom heard of, spoke of, and were largely powerless against. |
