Wall St versus Main St
The U.S. federal government debt has reached $35T. The problem isn’t that the debt can’t be serviced (the government prints its own money so it cannot go broke); the problem is that it is a symptom of how unbalanced the U.S. economy has become.
Financialisation has grown wealth in Wall St at the expense of Main Street productive capabilities.
A short essay here discusses some of the dimensions of financialisation in the U.S.:
