By Charles Hugh Smith
OfTwoMinds.com
July 15, 2026
The underlying story of the past 50 years has been the offloading of risk onto workers and consumers.
On my map of how the world works, we start with structures of control that distribute the good stuff-resources, assets, income and power-and the bad stuff: costs, losses and risks. As I explained in The US Economy In a Nutshell, the current arrangement distributes the gains to the top 10% and the costs and risks to the bottom 90% via privatizing the gains and socializing-i.e.