“We’ve seen growing immiseration for 30 to 40 years: rising levels of state debt, declining median wages and declining life expectancies. But the most important aspect is elite overproduction” – by which he means that not just capital owners but high professionals – lawyers, media professionals and entertainment figures – have become insulated from wider society. It is not just the 1% who are in this privileged sector, but the 5% or 10% or even 20% – the so-called “dream hoarders” – they vie for a fixed number of positions and to translate wealth into political position.
“The elites had a great run for a while but their numbers become too great. The situation becomes so extreme they start undermining social norms and [there is] a breakdown of institutions. Who gets ahead is no longer the most capable, but [the one] who is willing to play dirtier.”
Well. When my wife and I were young, we didn't have plumbing or electricity let alone HVAC, we had to fend off sabretooth tiger attacks with our bare hands. :'C
"sharing economy" -- the cruellest joke of predatory capitalism.