The rich get richer and everybody else is responsible for the ever-mounting debt. From Sven Henrich at northmantrader.com:
There’s an old adage: There are two guarantees in life: Death and taxes. Let’s modernize this a bit shall we? While it’s true even the rich still die these days (for now), but taxes are already a debatable question. After all taxes for corporations and the rich have come down dramatically in recent years and gaming of tax codes is the professional obsession of myriads of full time lobbyists and accountants who have found and lobbied every which way for the ultra wealthy to minimize tax exposure in tax havens, offshore accounts and clever deduction schemes.
No, the modernized version of the death and taxes adage has morphed into something more sinister:
There are two guarantees in life: The rich get obscenely rich, everybody else gets to carry ever more obscene public debt levels.
This week we again get to see an annual ritual: The rich and powerful meet in Davos (119 billionaires are attending) and they get to ravel in having gotten even richer versus the year before and obscenely so as easy money by central bankers have once again levitated the prices of the very assets disproportionally owned by the wealthy: Stocks.