Top 1% Owns 32% of Wealth in USA

[srgreene]

Fair enough (or not fair enough, actually). And I agree it is a troubling trend in our society, but the mindless left here and elsewhere wrongly directs their ire on the matter. They like to lambast greedy capitalists, or capitalism in general, or to the most evil of all: Republicans. But they quite miss the point that the fiat money system that prevails in the USA (and most of the world), and the Federal Reserve that it requires, is at fault.

The reference below correctly identifies the Federal Reserve, and the irresponsible fiscal and monetary policies of the USA, as a major factor in increasing wealth disparity. The cure, though, is not to impose wealth taxes on billionaires, but rather to implement sound money policies that foster savings over financial engineering.

I would say that, in the article linked below, "Tyler Durden" goes too far in blaming it all on the Fed. After all, the Fed is simply a symptom, or creature, of the fiat money system we have had in the USA for over a century (and exacerbated by Nixon's disconnecting the dollar from gold). In coming days, I will try to post a distillation of thoughts about how the *real* culprit is fiat money in general, of which the Fed is only its most prominent feature.

Some salient points in the Zerohedge link below are:

1. Inflation benefits those with first access to money and that's the banks and the already wealthy.

2. The poor who spend every penny and then some on food and shelter get hammered by inflation.

3. Meanwhile, the middle class keeps shrinking.


https://www.zerohedge.com/personal-finance/top-1-own-321-total-wealth-bottom-50-own-25

 

[bellisarius]

All true. The problem is the whole concept of 'wealth.' What was the latest headline? Zuckerburg lost $250 billion? No he didn't, it was all paper. He lost borrowing power, leverage. Not to be taken lightly but not a penny left his pocket.

The Fed is in there as far as blame goes but the erosion of the middle class can be placed directly at the feet of the politicians. Look at those states that issued 'mandates' recently and who/what were deemed 'essential' business's and then look at the valuation of those stocks considered 'essential.' Exactly who is surprised by this report?

I can, and often do, beat the "big box' stores prices with local business's by doing nothing more than 'shopping around.' Yeah, it takes a little time and effort but it pays off. (And unless left with no alternative I refuse to do business with anything sourced from China.)

Back to the Fed. They've become a political entity. The fact that they denied this whole inflationary cycle is the big 'tell'. And when it became frank they told us it was "transient.' They know/knew better but shoveled out the current administrations shit. The problem that they, and the current administration is faced with is that inflation is a hell of lot easier to cause than to cure. They seem to be working on the 'Modern Monetary Theory (MMT).' Fine, just remember that it's just a 'theory' and we're the lab rats. They won't suffer if the experiment fails.

 

[GothTalk]

All true. The problem is the whole concept of 'wealth.' What was the latest headline? Zuckerburg lost $250 billion? No he didn't, it was all paper. He lost borrowing power, leverage. Not to be taken lightly but not a penny left his pocket.

All speculative and imaginary.

The Fed is in there as far as blame goes but the erosion of the middle class can be placed directly at the feet of the politicians.

That's the part the left REFUSES to acknowledge in any way, it implies that their GODZ the democrats might be anything less than altruistic perfection on Earth, and they just can't abide having their worldviews shattered by such realities.

It's all just those evil (R)'z faults!!! That's why all that inequity is worst in the more progressive states....all those (R)'s running them.

Look at those states that issued 'mandates' recently and who/what were deemed 'essential' business's and then look at the valuation of those stocks considered 'essential.' Exactly who is surprised by this report?

Non-stop money generation since 2020..... I love me some (D) lockdownz n' mandates.....pumps my Amazon stock up and up and up!!

 

[pecksniff]

Was the distribution of wealth any different when currency meant gold and silver?

 

[bellisarius]

All speculative and imaginary.



That's the part the left REFUSES to acknowledge in any way, it implies that their GODZ the democrats might be anything less than altruistic perfection on Earth, and they just can't abide having their worldviews shattered by such realities.

It's all just those evil (R)'z faults!!! That's why all that inequity is worst in the more progressive states....all those (R)'s running them.



Non-stop money generation since 2020..... I love me some (D) lockdownz n' mandates.....pumps my Amazon stock up and up and up!!

Makes you part of the problem. Not and indictment, just an observation.

On the other hand I watch what Bezos, Musk and others are doing with their 'wealth' as opposed to Gates and Zuckerburg et al. The former are taking us to frontiers that NASA hasn't been able to do for damn near 40 years while the latter are investing in how to manipulate us.

 

[GothTalk]

Makes you part of the problem. Not and indictment, just an observation.

100%.... my POV is the problem is going down regardless, I'm way too tiny to do anything about it.

So, I can surf the wave...or get buried by it.


The current American economy.
https://c.tenor.com/-9XmEOH-NdAAAAAC/apocalypse-now-robert-duvall.gif
https://i.makeagif.com/media/12-22-2015/nYpETP.gif

On the other hand I watch what Bezos, Musk and others are doing with their 'wealth' as opposed to Gates and Zuckerburg et al. The former are taking us to frontiers that NASA hasn't been able to do for damn near 40 years while the latter are investing in how to manipulate us.

Yup.

 

[phrodeau]

Makes you part of the problem. Not and indictment, just an observation.

On the other hand I watch what Bezos, Musk and others are doing with their 'wealth' as opposed to Gates and Zuckerburg et al. The former are taking us to frontiers that NASA hasn't been able to do for damn near 40 years while the latter are investing in how to manipulate us.

What frontiers?

First electric car in space? NASA did that fifty years ago and folks drove it around on the moon.

 

[WillJ8787]

Makes you part of the problem. Not and indictment, just an observation.

On the other hand I watch what Bezos, Musk and others are doing with their 'wealth' as opposed to Gates and Zuckerburg et al. The former are taking us to frontiers that NASA hasn't been able to do for damn near 40 years while the latter are investing in how to manipulate us.

Lol ..we all know Bobo is part of every problem.

 

[Champakian]

The real headline is the percentage of people worldwide
who would kill just to be one of the American "poor..."





That "wealth" isn't the mattress stuffing of the rich.
It is, through investment, one of our economic drivers.

 

[WillJ8787]

Fair enough (or not fair enough, actually). And I agree it is a troubling trend in our society, but the mindless left here and elsewhere wrongly directs their ire on the matter. They like to lambast greedy capitalists, or capitalism in general, or to the most evil of all: Republicans. But they quite miss the point that the fiat money system that prevails in the USA (and most of the world), and the Federal Reserve that it requires, is at fault.

The reference below correctly identifies the Federal Reserve, and the irresponsible fiscal and monetary policies of the USA, as a major factor in increasing wealth disparity. The cure, though, is not to impose wealth taxes on billionaires, but rather to implement sound money policies that foster savings over financial engineering.

I would say that, in the article linked below, "Tyler Durden" goes too far in blaming it all on the Fed. After all, the Fed is simply a symptom, or creature, of the fiat money system we have had in the USA for over a century (and exacerbated by Nixon's disconnecting the dollar from gold). In coming days, I will try to post a distillation of thoughts about how the *real* culprit is fiat money in general, of which the Fed is only its most prominent feature.

Some salient points in the Zerohedge link below are:

1. Inflation benefits those with first access to money and that's the banks and the already wealthy.

2. The poor who spend every penny and then some on food and shelter get hammered by inflation.

3. Meanwhile, the middle class keeps shrinking.


https://www.zerohedge.com/personal-finance/top-1-own-321-total-wealth-bottom-50-own-25

Inflation benefits the already wealthy....yes, ding, ding, ding

You might have noticed in your city or where you live....the major construction projects that seem to be sprouting up everywhere now and many started mid-way through the pandemic.

The wealthy investors pounced on any and every opportunity to invest....the flip side....they bought out companies, businesses, owners who were talking a blood bath during the pandemic....sensing this blood in the water and great deals to be had....they bought these folks out for pennies on the dollar.

Capitalism is always like this....someone is always getting screwed. The latest as of this morning....rising gas price due to the "threat" of a Russian invasion. When was the last time you saw gas prices jump .10 to .20 cents down? Answer, it never happens.

It always jumps upward dramatically and comes down kicking and screaming.....someone explain to me this market force?

 

[Champakian]

Nobody gets screwed under Socialism.

 

[Champakian]

PS - Gas/Energy prices went down drastically when Trump was in charge.

 

[WillJ8787]

PS - Gas/Energy prices went down drastically when Trump was in charge.

It's not an either or.... Capitalism or Socialism...black or white thinking?

Yes, I remember prices dropped dramatically under Trump, after they first jumped dramatically up....about 9months to 14 months into his term. The jump up was so large it negated the impact of the tax cuts for personal income taxes he passed.

Do you remember that cupcake?

 

[Champakian]

You know that your opponent knows they are on shaky ground when they attempt to demean...

So, I guess that you are trying to imply that anergy costs are about to crater thanks to Biden policy?

POP TART?

 

[pecksniff]

What does any of this have to do with fiat money vs. gold-backed money?

 

[RobDownSouth]

PS - Gas/Energy prices went down drastically when Trump was in charge.

Yup. Supply and Demand. Economics 101.

The former guy's spectacular failure in dealing with the pandemic forced much of America to work from home. Gas demand plummeted, Gas prices were lowered due to diminished demand.

 

[phrodeau]

It's not an either or.... Capitalism or Socialism...black or white thinking?

Yes, I remember prices dropped dramatically under Trump, after they first jumped dramatically up....about 9months to 14 months into his term. The jump up was so large it negated the impact of the tax cuts for personal income taxes he passed.

Do you remember that cupcake?

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m

Gas prices dropped in the spring of 2020, from the drop in demand at the start of the pandemic. Even then, prices didn’t go as low as they were at the lowest price during Obama’s term in February 2016.

 

[GothTalk]

The former guy's spectacular failure in dealing with the pandemic forced much of America to work from home.

Democrats locking their states/cities down and doing as much damage to their economies as possible has nothing to do with Trump.

Your TDS not withstanding of course.

 

[phrodeau]

Democrats locking their states/cities down and doing as much damage to their economies as possible has nothing to do with Trump.

Your TDS not withstanding of course.

Nineteen out of twenty-six Republican governors issued stay-at-home orders in the spring of 2020.

 

[GothTalk]

Nineteen out of twenty-six Republican governors issued stay-at-home orders in the spring of 2020.

And even they, being sad sheeple terrified the (D)'s might call them racist some more for not doing things the way Democrats in California demanded, were far more lenient and shorter lived with their oppression and destruction.

Especially once they figured out the lockdowns and mandates didn't have shit to do with covid.

Who was locked down the hardest and longest, but only for little people, the elites of course being exempt???? The bluer states.

 

[phrodeau]

And even they, being sad sheeple terrified the (D)'s might call them racist some more for not doing things the way Democrats in California demanded, were far more lenient and shorter lived with their oppression and destruction.

Especially once they figured out the lockdowns and mandates didn't have shit to do with covid.

Get your facts right next time, OK?

 

[GothTalk]

Get your facts right next time, OK?

My facts were never wrong.

The left is way more hardcore on their lockdowns than the right.

The right having states that didn't is STILL triggering the shit out of the left.

The mere name "DeSantis" sends you lot into fits of rage.

 

[pecksniff]

Was the distribution of wealth any different when currency meant gold and silver?

 

[WillJ8787]

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m

Gas prices dropped in the spring of 2020, from the drop in demand at the start of the pandemic. Even then, prices didn’t go as low as they were at the lowest price during Obama’s term in February 2016.

Correct....I doubt 45 would have cared.

 

[WillJ8787]

Nineteen out of twenty-six Republican governors issued stay-at-home orders in the spring of 2020.

Yep, and remember how Bobo was crying that he was deemed "unessential" during the shut down in his self identified "red" state.