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Over the last two years, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, a new report from Oxfam says.
A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the top 1% of the ultra-rich, according to the report. The remaining 99% of the global population collected just $16 trillion of new wealth, the global poverty charity says.
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Gabriela Bucher, executive director of Oxfam International, called for taxes to be increased for the ultra-rich, saying that this was a "strategic precondition to reducing inequality and resuscitating democracy."
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Normally you and I see things eye-to-eye.The non richest 99% need to be like Avis and try harder
this isn’t a zero sum game
get busy dudes and dudettes
Well, over the past two years governments and central banks around the world conjured up trillions of dollars and dumped them into their economies in the name of "stimulus". Now we know where all that money went. And the only thing surprising about this is the fact that some people seem to be surprised by it.
As they always will. In a society where People are free to make less-than-good decisions, it'd be a shame if everyone got equal results.whats the saying , a rising tide lifts all boats
some boats get lifted higher.
WEALTH is naturally "redistributed" through free economic transactions.whats the saying , a rising tide lifts all boats
some boats get lifted higher.
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All in all, the market hummed at the ideas that the Fed was close to a rates peak; so was everyone else; that there wouldn’t be a recession; that the dollar is weakening; that rates would go down; and so assets would go up. The latter is of course all that really matters.
Are the assembled billionaires in Davos really worried about what was already projected as a mild recession that would reverse very low unemployment rates and very high (nominal) wage growth? No! What worries them are tight labor markets and nominal wage growth: that, and the asset-price recession in 2022 as interest rates rose in response.
With higher rates, the rich have already been in recession, and they didn’t like it. One year was quite enough, thank you very much, and now it’s time for central banks to make the rich richer and the poor poorer again, as before. ...
The issue I was trying to highlight with this thread is the disproportionate effect of central bank monetary policy on growing the inequality gaps with their asset bubbles. It's built into the fiat cake.
They ARE the bakers after all...It's built into the fiat cake.
It's been proven by that college professor. Graded everyone the same. Failed everyone at the end because 'Socialism' is the great equalizer.You could make everyone in this country equal in terms of wealth tonight, and they would be unequal by morning.
Some would save conservatively, some would invest at varying risk levels, some would spend on depreciating assets and become poorer.
Had no clue. ...
Agree completelyNormally you and I see things eye-to-eye.
Not this time.
The One-Percenters are not getting rich off talent, or service to their fellow man.
They're STANDING IN THE SPRAY - of fiat pumped out by the Fed. That is to say, they're crony rentiers, taking their seigniorage...created from nothing, and devaluing the dollars we WORKED for...they're taking that money by the truckload, and using it to buy stocks mindlessly, buy land (including residential single-family homes) to price it out of reach of working schlubs; and to pay for the cost of making a particular poison that we're ordered to call a vaccine.
The Fed needs to go the way of the dinosaur. And crony rentiers need to go the way of Nuremberg convictees.
how about in a society driven by propaganda to a population taught they're the 'best consumers in the world'As they always will. In a society where People are free to make less-than-good decisions, it'd be a shame if everyone got equal results.
The Fed released its always shocking quarterly data on the distribution of wealth on Friday. It divides US households by category of wealth: The “Top 0.1%,” the “Remaining Top 1%,” the “Next 9%,” the “Next 40%, and the “Bottom 50%.”
What’s always shocking – though we’ve known it all along – is the huge wealth disparity between these groups of households, even between the “Top 0.1%” and the “Remaining 1%,” and even between the “Top 0.1%” and the “Next 9%.”
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During QE and interest-rate repression, the already wealthiest people got immensely richer, as shown by the explosion of the wealth of the “Top 0.1%” (red line in the top chart) and of the “Remaining Top 1%” (purple line) through 2021.
The Fed has never made a secret out of its official policy, the “Wealth Effect.” Yellen published a paper about it in 2005 when she was head of the San Francisco Fed; Ben Bernanke published an editorial in the Washington Post in 2010, whacking dumfounded Americans over the head with his explanation of why the Fed was going for the wealth effect. The effect was supposed to be that this wealth somehow trickles down.
What we got instead of the wealth-trickledown is the worst inflation in forty years that followed the biggest wealth disparity ever.
I explained the Wealth Effect here, also citing the various references, including those from Yellen and Bernanke.
But the Fed has become quiet about the wealth effect recently. The failed policy has been replaced by a record amount of QT and rate hikes. It’s like “wealth effect” has suddenly become the dirty word that it has always been.
The Fed’s QT and higher interest rates have begun to reverse the wealth effect and have lowered the wealth disparity a little. The Top 0.1% have given up on average $3.1 million of their wealth since the peak in Q4 2021, despite the big gains in Q1 and Q2 this year.
In Q1 and Q2 this year, stocks have seen a historically huge bounce – and you can see in the charts above how part of the lost wealth was recovered. But Q3 is negative for stocks so far. The Fed will release the wealth data for Q3 in three months. The rapid wealth gains or losses at the top are largely due to changes in equity valuations.
this is beacuse the poor have a generally LOW IQ and are typically lazy. perfect combination for povertyThe richest 1% of people amassed almost two-thirds of new wealth created in the last two years, Oxfam says
Since 2020, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, according to a new report from Oxfam.www.cnbc.com
Direct link to the report:
this is beacuse the poor have a generally LOW IQ and are typically lazy. perfect combination for poverty
Creating lots more dollars should fix it!
Top 1% actually requires a lotta luck and likely some shrewed dealings that many arent willing to participate in. Most highly intelligent hard workers can get to the top 5% (net worth over 3 million), without too much effort.The whole point of this thread was to highlight the effect of inflation (caused by central bank monetary policy) disproportionately benefitting asset class owners (the top 1%) while hurting everyone else (inflation taxes). The deficiencies of the low IQ and lazy are understood. They contribute to folks not being top 1% asset class owners. That doesn't change the fact that the Fed's inflationary monetary policy benefits the very few while stealing wealth from the everyone else. There are also a lot of very smart and hard working people that don't achieve top 1% wealth and they are also being hurt by inflationary monetary policy.
Hammer meets nail.
Then get screwed the most.Most highly intelligent hard workers can get to the top 5% (net worth over 3 million), without too much effort.
equal right s is a myth.Then get screwed the most.
Edited to add: per this chart, everyone making below $200k is pretty close to getting a free ride.
View attachment 12637
I've said it before, and I'll say it again. Everyone should have to pay the same dollar amount in taxes. Ie: not to be confused with same percentage.
If we have equal Rights, equal representation, and equal benefit of government as they say we are supposed to have, we should all pay the same amount for those things.
The price of government should be set the same way a gallon of milk is priced. Same for all buyers.
Edited again to further add: if we did that, the days of big bloated wasteful gov would come to a quick end, and freedom would once again reign in America.
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