Instead of an ownership society, we are evolving into a society of mortgage debtors, corporate debtors and government debtors. And as far as the supposed savings (“financial ownership”) are concerned, John C. Bogle has observed that instead of the economy being dominated by individual investors , it is being financialized into “an intermediation society dominated by professional money managers and corporations.” This trend “has not been accompanied by the development of an ethical, regulatory and legal environment … The ownership society is over. The agency (or intermediation) society is not working as it should.” The post N is for Neo-Serfdom, O for Offshore Banking appeared first on BSNEWS.
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