Where exactly do you think the rich keep their money?
Jay Sun

If by “invested” you mean “systematically juicing their own stock prices through the largest mass buyback in the history of the world,” then, yes, you’re right. Go read the charts, Jay Sun. Better yet, go spend some time reading the dozens of new monographs that are crippling this tired argument for mass financialization.

And, btw, It’s not just left wing gadflies saying it anymore. It’s centrist — sometimes neoliberal — organizations warning about secular stagnation brought on by hoarding and tepid demand. Just 12 hours ago Christine Lagarde said the same thing. But she’s one of Venezuela’s foreign advisers, right? Nope. She’s the head of the IMF.

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