Their argument didn’t make sense to me from the beginning.

One of its premises is that The Rich are some cohesive group that can trade amongst themselves in a hermetically sealed economy. That seems obviously untrue, there are a lot of different rich people with competing goals and motives.

Another false premise is it argues that finance and tech are completely detached from the so-called “real” economy. It uses the example of money moving between international account, detached from inherent physical value.

That also seems obviously false. The purported benefit of finance and tech is that they act as a force multiplier for the rest of the economy. In exchange they get to skim value off of the top.

If middle class consumption stopped or decreased in a serious way, finance and tech would be impacted. It seems weird to argue otherwise when we have such recent examples, like the great financial crisis.

Also, going back to my first point, if valuations of certain “main street” companies start to fall, it would set in a chain reaction. Because again, the rich aren’t a single cohesive group.