The Financial Singularity Cometh
More than two millennia ago Plutarch wrote these simple words: “An imbalance between rich and poor is the oldest and most fatal ailment of all republics”.
The real zinger of a word there is “fatal“.
History has shown us time and again that a nation can not and will not survive once the disparity between rich and poor passes a dangerous tipping point. Perhaps more importantly: History is quite clear on what happens to the wealthy who ignore this lesson.
Which brings us to yesterday at around 10am. Here is billionaire Johann Rupert (via Bloomberg), Executive Chairman of Richemont, confiding that the thing that keeps him ‘up at night’ is how unfathomably rich he is relative to everyone else:
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