Since nothing is working, why not try something new?

An unspoken class war has resulted in the election of Donald Trump and the vote for Brexit, wrote an angry Prof Y Varoufakis. He thinks that "the key to understanding what is going on: the unceasing class war unleashed on the poor since the late 1970s". Two pieces of data are proof of class difference. "In the US, more than half of American families did not qualify, according to Federal Reserve data, to take out a loan that would allow them to buy the cheapest car for sale (the Nissan Versa sedan, priced at $12,825). Meanwhile, in the UK, over 40% of families relied on either credit or food banks to feed themselves and cover basic needs." Shocking indeed. A recent study in the US showed that one in two of millennials would prefer to live in a socialist or communist country rather than in capitalist United States. "Nearly 45 percent of millennials polled said that they would prefer to live in a socialist country compared to the 42 percent who said they preferred a capitalist one. Another 7 percent said that they preferred living in a communist country." One in five admire Stalin, Putin and Kim Jong Un. Worrying. Not surprising, seeing that inequality in earnings has increased since 1980, as per Piketty and Saez. The US, China and Japan are resorting to protectionist policies instead of enacting bold economic reforms, wrote W Pesek. The US alone has lost 5,000 manufacturing jobs since 2000. Jobs were lost partly due to advances in technology but mainly due to increase in imports, especially from China, wrote MC Klein. There is widespread anger in the world as globalization is blamed for increasing inequality, wrote S Saran. Poor people have gained from globalization but the rich have gained even more. "There is widespread public perception that rising wealth is not so much a reward for talent and excellence but more the result of sheer greed and market manipulation." The Indian economy has grown much faster from globalization but we are more vulnerable to the actions of the central banks of rich nations, wrote R Singhal. The US Congress passed a tax reform bill which reduces corporate tax from 35% at present to 21% so that US companies will pay higher salaries to their workers and manufacture inside the US, instead of hunting for low tax countries. European countries are worried about the Base Erosion and Anti-Abuse Tax provision which will tax companies for holding the intellectual property abroad. Apple, which has a sweetheart deal with Ireland which reduces its tax liability to almost zero, will now have to pay tax in the US. Companies might decide to bring all their tax liability to the US and save on tax accountants and lawyers. This is what worries Europe. Socialism and communism have failed, capitalism is not trusted. Who knows, Trump's policies may work.