I noted in February that John Kenneth Galbraith and Marriner Eccles explained 50 years ago that inequality causes crashes, and that many modern economists agree.
I just found a slightly older statement saying the same thing.
Specifically, the well-known Greek historian Plutarch – who died in 120 A.D. – said:
An imbalance between rich and poor is the oldest and most fatal ailment of all republics.
Given that the level of inequality in America today is one of the greatest in history, it is not surprising that the republic is ailing so badly.
Read the full story here.
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