Discussion about this post

User's avatar
XCO's avatar

As a reader based in Europe, I’d like to offer a regional nuance to your wealth pump model. In countries like Spain, the erosion of the middle class and frustration with the state are evident. Yet unlike in the U.S., the elite does not always enrich itself through visible personal wealth. Instead, the extraction appears institutional: the middle class bears a high tax burden, while much of the redistributed wealth is absorbed by an extraordinarily complex, inefficient, and often clientelist state apparatus.

This state is, in turn, heavily influenced by entrenched corporate interests, unions, and semi-public entities that block reform and reproduce privilege. It forms a closed system of elite overproduction and immobility, without requiring conspicuous individual enrichment.

Could it be that, in this context, raising taxes further might not stop the wealth pump, but rather accelerate the draining of middle-class resources into an unaccountable institutional machine?

Expand full comment
Thoughts About Stuff's avatar

“the perverse wealth pump that takes from the common people and gives to the elites”

—I think it is misguided to refer to a natural phenomenon like this in moralising terms as “perverse”. How can something so natural, that it is ubiquitous to every society, be considered “perverse”? The perversion is the arrogant idea that we have magically transcended our nature in such a way that we can avoid it. No, let us bandage up our bleeding hearts and approach the question as scientists.

“Since an external conquest of the US (or European Union) is unlikely”

—North America and Europe are already being conquered in the same way the Western Roman Empire was conquered: not by state actors in the Westphalian sense but by the invasive movement of masses of foreign peoples. There are fewer pitched battles in this kind of conquest, but it is a conquest all the same. Again, let us dispense with liberal moralising and speak plainly about what the material facts of the situation are.

Expand full comment
41 more comments...

No posts