Income inequality: Does wider gap between rich and poor threaten capitalism? | The Christian Science Monitor

Bill Goss, founder and co-chief investment officer of $2 Trillion PIMCO, quoted in this article:

“We’re not just experiencing a new Gilded Age, but a Bitcoin Age. Artificial money, corporate K Street, and Wall Street interests are producing one world for the rich and an entirely different world for the working class. It can’t go on like this, either from the standpoint of the health of the capitalist system itself or the health of individuals and the family.”

“For the past 10, 20, 30 years, capital has moved away from labor and towards corporations and investors. I’m not sure capitalism can thrive in a system in which … [labor] has a declining interest, in terms of percentage of the pie. Then ultimately the pie itself can’t grow, because consumption can’t be supported”… the “era of taxing capital at lower rates than labor should now end.”

Read the article at The Christian Science Monitor.