They will be able to attend a wide range of seminars, in an attempt to see what’s coming next. They don’t know. The accelerating diversity of opinions is overwhelming the narrow focus of the elite. They have enormous wealth, but this wealth is directed mainly by customer demand. Public opinion can no longer be directed by a centralized elite.
So, they will skip most of the seminars. They will meet in private rooms and bars, as the locals met at Duffy’s Tavern so long ago. They will talk over how well things are going with QE3. They will ask each other: “What will happen when the day of monetary reckoning comes?”
The elite seek this, in the words of R. E. McMaster:
Next, build a team of kindred souls
Who share your heart’s desire
Working together, all with a stake
Fans the passion for your fire.
They can do this. They can fund their non-profit projects. But the tyranny of the urgent tyrannizes them. Their vast wealth is not based on passive management. It calls them to put their noses to the grindstone every day. They have only 24 hours a day. They have only threescore and ten years, plus maybe another ten (Psalm 90:10). David Rockefeller has beaten the odds, and a few others have. But time collects its toll.
Can their heirs keep the show running? This is their central concern. It is every establishment’s central concern.
The answer down through history is a resounding “no.”
Duffy’s Tavern closed. Cheers closed. They all close.
(For the rest of my article, click the link.)