Financialization is the mass commodification of debt and debt-based financial instruments collaterized by 'low-risk' assets, and only possible in a massive expansion of low-cost credit and leverage.
Financialization results when leverage and information asymmetry replace innovation and productive investment as the source of wealth creation.
Credit-based, leveraged capital, i.e. Neofeudalism.
"Civilizations fail when their elites change from an admired dynamic creative class to a despised Establishment of corrupt rentiers, an entrenched governing class unfit to govern."
Those with access to leverage and unlimited credit are more equal than everyone else.
The ability of wage earners to acquire rentier assets such as rental housing, farmland and timberland is intrinsically limited by the financial system that makes credit and leverage scarce for the many and abundant for the few.
The creation of national money has been "privatized," or taken over by private money lenders, debt mongers.
source
http://www.zerohedge.com/news/2016-10-04/when-did-our-elites-become-self-serving-parasites
