This question comes from reading the New Economic Perspectives article America’s Deceptive 2012 Fiscal Cliff – Part 4. The title of the article does not come close to doing it justice.
To celebrate this as a “postindustrial society” as if it is a new kind of universe in which everyone can get rich on debt leveraging is a deception. The road leading into this trap has been baited with billions of dollars of subsidized junk economics to entice voters to act against their interests. The post-classical pro-rentier financial narrative is false – intentionally so. The purpose of its economic model is to make people see the world and act (or invest their money) in a way so that its backers can make money off the people who follow the illusion being subsidized. It remains the task of a new economics to revive the classical distinction between wealth and overhead, earned and unearned income, profit and rentier income – and ultimately between capitalism and feudalism.
Before I finished reading this article, I had provided a link to it in my previous post What Should We Tax? In that article, I had focused on part 3 of the fiscal cliff series. I knew that part 4 had more discussion of a wealth tax, but I had no idea that it would be such a strong indictment of the current system.
Above, I only quote the conclusion. If I had space to include enough of the article’s justification for this conclusion, steam would be coming out of your ears as you read it. Rather than waste that head of steam here, follow the link to read the article. You can then marvel at how successfully we as a civilization have been made to forget what we used to know.