"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
Capital vs Labour
Thanks to Ted Kavadas rounding up these 3 charts (and 7 others shown here). In the past 30+ years since the peak in the cost to borrow, Capital has chased financial asset prices (housing, stocks and bonds etal) in bidding wars to record highs against yields plunging to negative return lows.
During this time frame, Labour has formed longer lineups as more and more jobs become a negative return on work/time. Why invest one's time in working for someone else if "unemployment" and grubbing about for oneself produces a similar quality of existence?
The past class struggles against the owners of the means of production ended either with revolution that restructured society or the common ruin of the contending classes. (paraphrased from the 1847 Communist Manifesto Wikipedia)
Well the North American "Spring" seems nowhere in sight, so forget the revolution. Perhaps the reset will be a "restructuring of the contending classes"; although that idea currently seems remote; a minimum wage increase or an asset mark to market is well lobbied against. Also the U.S. (and Canadian) federal governments are on a declared path of austerity as is Europe and other developed countries. As governments reduce spending the only alternative sources for investment in the economy are the private sector and trade. The trade balance is stubbornly negative.
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense