then perhaps you (not you personally, the collective similarly situated you) should be in CDs or Treasuries and be grateful that somehow you usually earn a positive real return while others do the hard work of recreating aggregate wealth every goddamn day. 1/

your outsize equity returns for nothing are other people’s costs, one way or another. equity returns are only worth paying to people who in one form or another contribute to the wealth generation process. 2/

i want to be very clear i’m not criticizing you or anyone personally for using index funds. if the financial-system-state-nexus creates an extraction racket, individuals may have to participate or get left behind, and we all do what we have to do live in this world. 3/

but it wld be a better world if we hadn’t invented an escalator by which people who come into a bit of money can leave an underclass behind, contributing no discernment or discrimination, nothing at all we couldn’t otherwise more cheaply provide, just because they could and did join the racket. /fin