Civil unrest has broken out in France
as a global economic downturn
is just getting underway.
The significance of this warning sign
should not be underestimated...
This was made clear when Macron caved in to their initial demands and cancelled it. Nor is this merely an expression of Macron's unpopularity (though a 25% approval rating certainly doesn't help).
A deep undercurrent of
discontent has been rising in western Europe, and the conditions
which are fueling it are set to accelerate.
wealth inequality exacerbates this trend.
National, religious, and racial heritage provide low hanging fruit. The left typically underestimates these forces, and overestimates the power of their own ideologies.
Also their contempt for
tradition and authority undermines their ability to organize much
beyond brief shows of collective force (Occupy
Wall Street for example).
However in the aftermath of the 2008 financial crisis the response was different. This time around populist movements were still on the rise a decade later, and were gaining strength as a new crisis approached.
As a result inequality levels increased globally.
In 1980 the
top 1 percent held close to 10
percent of the wealth, by the year 2016 this share had doubled to 20
percent in the United States.
As this crash unfolds, and living standards are meaningfully impacted, we will see upheavals throughout the West make the yellow vest uprising seem quaint.
History will remember
them as a
canary in the coal mine...