1. create currency out of thin air
2. give it to super-wealthy banks, financiers and corporations to boost their wealth and income.
I borrow from central banks at 1% and lend it to you at 4.5%, 7% or even 19% or more. What's not to like?
If Joe Blow is insolvent, the only loan he can get is at 23%, if he can get any credit at all.
as second or third "investment" flats. If the empty flats start dropping in price, government entities start secretly buying flats to support the market.
Built it and they will come, until they don't. But who cares, the developers and local governments (i.e. corrupt officials) already pocketed the dough.
So why can't we fix what's broken?
1. Any meaningful systemic reform threatens an entrenched, self-serving interest/elite which has a tremendous incentive to squash, co-opt or water down any reform that threatens their monopoly, benefits, etc.
2. It's far cheaper in cash and political capital to block something than it is to push through a reform that reduces the skims and scams of entrenched, self-serving interests.
3. Entrenched, self-serving elites are disconnected from the real world of the commoners; they live in , from you-can't-fire-me job security to gold-plated healthcare to generous pensions to access to central bank credit lines-- all of which is unavailable to the commoners wearing yellow vests. As a result, their grasp of the real problems is unrealistic, as the real-world experience of the bottom 90% is an abstraction.
4. Entrenched, self-serving elites are protected from the disastrous consequences of their policies and self-serving greed. In Taleb's terminology, they have : policies can be complete failures but nobody's fired, and nobody's pay is cut.
5. The Neofeudal "fix" to all crises, and social and financial problems--enriching the already rich and empowering the already powerful--signals the entrenched elites that the system is working just fine:
6. The corporate media and the social media giants are entrenched interests, and so it serves their interests to ceaselessly promote the status quo Neofeudalism as the cat's meow and marginalize dissenters, skeptics and reformers.
The status quo fixes of enriching the already rich as the solution to every problem have gutted the social contract and destabilized the economy. Giving more to banks, financiers and corporations is only going to speed the dissolution of the Eurozone and the existing social order.
What's broken? Nothing, from the perspective of those at the top of the wealth-power pyramid: