As soon as cash has been pushed back or stripped away entirely, monetary policymakers can implement an uninhibited negative interest rate policy to devalue debt. Customers can no longer get out of the “bank balance sheet”; the final escape door is then locked.
Before 2020, there were growing signs of increasing economic prosperity for a wide variety of income groups in America. Whether or not this prosperity survives covid lockdowns and ever higher levels of government regulations remains to be seen.
Eugenicist Progressives introduced the minimum wage, because it was well suited to perform the Progressives’ dirty work of discriminating against (what they considered) the least productive by making them unemployable.
