{"id":13617,"date":"2015-04-29T00:00:00","date_gmt":"2015-04-28T22:00:00","guid":{"rendered":"https:\/\/michelsanti.blog\/2015\/04\/29\/to-save-the-rich-relieve-the-poor\/"},"modified":"2018-10-17T17:43:31","modified_gmt":"2018-10-17T15:43:31","slug":"to-save-the-rich-relieve-the-poor","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/capitalism\/to-save-the-rich-relieve-the-poor","title":{"rendered":"To save the rich, relieve the poor!"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/sauver-riches1.gif?ssl=1\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium wp-image-6016\" src=\"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/sauver-riches1-200x300.gif?resize=200%2C300&#038;ssl=1\" alt=\"sauver riches\" width=\"200\" height=\"300\" \/><\/a>A debate rages on, mostly in the United States, regarding the secular stagnation of our economies. This secular stagnation is due, in my opinion, to the extraordinary productivity of capitalism. The very low, zero-boundary or even negative interest rates are simply the consequence of capital\u2019s very efficient productivity. As for unemployment, it is itself a reflection of the incredible productivity of labor. In other words, both labor and capital are paid very little because our economy needs less labor and less capital to deliver its goods and services. The corollary is that we produce much more than we can buy and consume.<!--more--><\/p>\n<p>&nbsp;<\/p>\n<p>The stagnation of our economies arises from anemic demand and consumption and not from a supply shortage. This situation will further worsen in the upcoming years, because progress will lead society and business to create and produce even more with less capital and fewer employees. A worker produces 350 tons of steel in an hour today compared with one ton per year in the 1920s!<\/p>\n<p>&nbsp;<\/p>\n<p>However, and contrary to what one would expect from a society that produces more with less, this abundance benefits only a tiny minority of its members. These massive productivity gains will eventually destroy the economy &#8211; and capitalism &#8211; because they do not have a positive effect on overall consumption. It does nothing for capitalism to produce products and services with fewer workers and employees if there are fewer consumers who can afford to buy those products and services. As for the central bank policies called &#8220;quantitative easing&#8221; or \u201cQE\u201d, they have done nothing but enrich the big global financial players through the giddy swelling of bank reserves and the unnatural rise of equity markets. \u201cQE\u201d has had zero impact on overall consumption.<\/p>\n<p>&nbsp;<\/p>\n<p>For the time being, the global financiers have been able to offset the potentially disastrous effects of declining consumption with the mind-boggling and artificially created gains from the soaring equity markets. However, the current secular stagnation\u2019s lack of a revival in future consumption will end up trapping these same financiers.<\/p>\n<p>&nbsp;<\/p>\n<p>That is why one of the most effective remedies that could be put in place today, which would both help the immense mass of working citizens and strengthen businesses, would be a universal minimum wage. Some of the most flagrant shortcomings of capitalism are increased poverty, higher income inequality, and fewer outlets for overproduction. This capitalist system, which has been tremendously successful in creating and multiplying its wealth, now sees its prosperity threatened by the inability of aggregate demand to keep up with the fast pace in productivity gains. The system will not be able to indefinitely pad its nest with the capital gains from rising equity markets. This is because these markets will eventually be \u2018\u2019infected\u2019\u2019 by the events in the real world. And the real world is that of the &#8220;reserve army of labor&#8221; (Marx&#8217;s expression) that must always fight and often suffer in order to survive.<\/p>\n<p>&nbsp;<\/p>\n<p>The necessary and appropriate fiscal measures remain blocked by the global financiers for obvious self-serving reasons. But increasing the income of every citizen would boost consumption, stimulate the economy, and give those citizens a minimum equity in our societies, while having a positive impact on employment. Today, it is in the interest of capitalism to create a universal minimum wage: at least to save itself&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A debate rages on, mostly in the United States, regarding the secular stagnation of our economies. This secular stagnation is due, in my opinion, to the extraordinary productivity of capitalism. The very low, zero-boundary or even negative interest rates are simply the consequence of capital\u2019s very efficient productivity. As for unemployment, it is itself a&hellip;<\/p>\n","protected":false},"author":4,"featured_media":13618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648941282,648941283],"tags":[],"class_list":["post-13617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capitalism","category-guaranteed-wage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>To save the rich, relieve the poor! - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/capitalism\/to-save-the-rich-relieve-the-poor\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"To save the rich, relieve the poor! - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"A debate rages on, mostly in the United States, regarding the secular stagnation of our economies. This secular stagnation is due, in my opinion, to the extraordinary productivity of capitalism. The very low, zero-boundary or even negative interest rates are simply the consequence of capital\u2019s very efficient productivity. 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However, in its current form, work is a very recent concept in the course of human history. Until the advent of the tradable joint stock company (Dutch East India Company) towards the end of the Renaissance in 1602, human beings had\u2026","rel":"","context":"In &quot;Productivity&quot;","block_context":{"text":"Productivity","link":"https:\/\/michelsanti.fr\/en\/category\/productivity"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30386,"url":"https:\/\/michelsanti.fr\/en\/brutal-capitalism\/big-tech-capitalism","url_meta":{"origin":13617,"position":2},"title":"Dystopian Horizon: The Great Schism","author":"Michel Santi","date":"October 5, 2025","format":false,"excerpt":"\u00a0 The 2020 crisis, fueled by monetary stimulus, has transformed capitalism. Efficiency and Artificial Intelligence have become Wall Street\u2019s sole imperatives, carving out a historic gap between the euphoric markets and the labor force. This divide between the Stock Market and the Street is more than just economic\u2014it is a\u2026","rel":"","context":"In &quot;brutal capitalism&quot;","block_context":{"text":"brutal capitalism","link":"https:\/\/michelsanti.fr\/en\/category\/brutal-capitalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/la-grande-divergence.jpg?fit=1200%2C673&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/la-grande-divergence.jpg?fit=1200%2C673&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/la-grande-divergence.jpg?fit=1200%2C673&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/la-grande-divergence.jpg?fit=1200%2C673&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/10\/la-grande-divergence.jpg?fit=1200%2C673&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":20341,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/700-years-of-interest-rates-to-predict-the-future","url_meta":{"origin":13617,"position":3},"title":"700 years of interest rates to predict the future","author":"Michel Santi","date":"June 8, 2020","format":false,"excerpt":"The bankers of Florence \u2013 the inventors of modern finance \u2013imposed a two-figure interest rate in return for their loans. The usurer Shylock, in Shakespeare\u2019s The Merchant of Venice, was happy with 8%, whereas this service charge on debt had fallen to around 4% at the start of World War\u2026","rel":"","context":"In &quot;capitalism&quot;","block_context":{"text":"capitalism","link":"https:\/\/michelsanti.fr\/en\/category\/capitalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/CgyAm_qW4AALCCn.jpg?fit=600%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/CgyAm_qW4AALCCn.jpg?fit=600%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/CgyAm_qW4AALCCn.jpg?fit=600%2C450&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13637,"url":"https:\/\/michelsanti.fr\/en\/unemployment\/central-banks-dining-with-the-devil","url_meta":{"origin":13617,"position":4},"title":"Central banks dining with the devil!","author":"Michel Santi","date":"September 16, 2015","format":false,"excerpt":"One after another, every establishment which has the power to print money has joined in on the feast. In the absence of public policies dedicated to openly relaunching growth and battling unemployment, and in the presence of indecisive politicians who are not versed in economics, only central banks have had\u2026","rel":"","context":"In &quot;Central Banks&quot;","block_context":{"text":"Central Banks","link":"https:\/\/michelsanti.fr\/en\/category\/central-banks"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20550,"url":"https:\/\/michelsanti.fr\/en\/productivity\/there-is-life-outside-of-work-2","url_meta":{"origin":13617,"position":5},"title":"There is life outside of work","author":"Michel Santi","date":"August 28, 2020","format":false,"excerpt":"\u00a0 The time when Voltaire stated in Candide that \u201cWork saves us from three great evils: boredom, vice and need\u201d is over. Today, it is no longer appropriate to work regardless of the cost. In other words, less work could improve our living conditions and could undoubtedly improve the way\u2026","rel":"","context":"In &quot;Productivity&quot;","block_context":{"text":"Productivity","link":"https:\/\/michelsanti.fr\/en\/category\/productivity"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/01\/Japon-300x169.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=13617"}],"version-history":[{"count":0,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/13618"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=13617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=13617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=13617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}