When Institutions Fail, Fragmentation and Decentralization Become Solutions

by Charles Hugh Smith
Of Two Minds

That which has failed is unsustainable, no matter how many trillions the Federal Reserve tosses against the tides of history.

The chapter titles of Michael Grant’s excellent account of The Fall of the Roman Empire identify the core dynamics of decline:

The Gulfs Between the Classes

The Credibility Gap

The Partnerships That Failed

The Groups That Opted Out

The Undermining of Effort

Every one of these is a manifestation of institutional failure. The Gulfs Between the Classes (see chart of soaring inequality below) manifests a completely broken economic and social order, and the abject failure of core institutions (for example, the source of wealth inequality, the Federal Reserve).

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