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No surprises on the UK. A lot in housing and not much in equities.
Equities are not big here, mainly I guess due to not having the 401k culture that the USA has. Stuffing your money into a pension fund is though. Of course that just ends up in equities, or equities with a huge fee attached
If the richest were richest because they were the most productive (after substracting whatever destruction they perform), then the richest would deserve admiration.
Today, however, the richest are almost all rich without being productive. In fact, most are rich because they are master predators.
Let everyone enjoy/bare/suffer ALL the consequences of his own actions, and enjoy/bare/suffer ZERO consequences of the actions of others.
That's not fair. I'm not rich but I know a fair amount of rich people and most of them are very good, decent people who work hard, are smart and maybe had a little bit of luck. I think if you did a population sampling of rich people you would find the same percentage of criminals as in the group of poor people. The rich ones just seem to get away with it and give the rest of their crowd a bad rep. Let's burn some of those bad boy fat cats and lock em up.
That depends on who you consider "rich". In the context being discussed, "rich" means super rich. Sure, the further down the "rich" scale, the more "earned" [a fair portion of] their wealth.
But you are very wrong about percentages of criminals being independent of wealth. The super-rich are ALL massive criminals. That doesn't mean they never did anything productive, that simply means they get rich through unethical, non-productive acts.
This extends down to professions like doctors and plumbers. A huge portion of doctor revenue exists due to unethical laws and regulations that force people to visit doctors to get permission slips to buy and consume medicines they need. That is extremely unethical and predatory practice, and most doctors willingly paid their union (the AMA) to lobby congress to impose those laws. If you forget the endless atrocities of this kind, you arrive at delusional conclusions about who is ethical and productive, and who gets rich by unethical, predatory behaviors.
that force people to visit doctors to get permission slips to buy and consume medicines they need
But can't ya see, those doctors (and the even more pathetic pharmacists) ensure the quality of the supply chain!!! Har Har Har
And we can't have "The People" taking antibiotics like candy, no that would be bad. The docs took an oath, they are very honest. Just go inside a nursing home to see all the seniors in slumberland 24 hours a day.
Not all criminals are equally-abled...the white-collar jagovs make bigger messes than your average street punk with a chrome-handled 'gat'.
Tonight, we're getting poorer.
always great chartwork. thanks.
His name is "General Petraeus" and "he's not interested in running for office." And in New York State "they deny active duty soldiers the right to vote" and in Upstate New York "they have 15,000 combat hardened heavy infantry" coming from the most deployed unit every year FOR THE PAST 15 YEARS. If you want me get into specifics about "New Yorkers' outlook toward returning combat soldiers and their relationship and associations with handicapped people while working for the Federal Government" i'd be more than happy to. Needless to say "it involved a Federal Judge" and he could have cared less about those handicapped people.
10th Mountain is light infantry, not heavy.
Please, I'd like to know more.
Isn't it a bitch that you can't take it with you when you die. I've got to get a better accountant.
Or a better God.
If Zerohedge was a hooker, I'd pay.
Same here...but it might put them over 250k and then they would be qualified as "rich" ;-)
I would loan you the money.
That asset composition chart is interesting. I assume South Africa leads in financial assets because they convert diamonds and other percious minerals into paper assets.
We on the other hand take paper and create even more paper.
I saw a guy handing out T-shirts with the same likeness of obama this weekend, but the word at the bottom was "PLEASE". I laughed my ass off.
Was he handing them out or selling them?
All this makes me wonder just exactly what a "financial asset" is really worth. Seems to me that any actual value these have is determined solely by what others will trade for them. In ponzi currencies.
I'd much rather be in the situation of, say, Indonesia. Having the mass of my wealth in land, property or farmland, or perhaps in gold.
After all, such concrete assets will likely prove far more widely saleable in future than some overvalued spuriously-purported "asset" consisting largely of someone else's promise to pay a stream of fiat paper currency...
You and me, the landless neo-peasantry, stuck in suburb-land in North America or some other "developed" economy...better buy gold, because at least you can hold it in your hand, trade it anywhere and it won't blow away...
I'm not sure if I agree with this articles idea of wealth, but then again most of the people and cultures that use a definition similar to mine have been genocided or indoctrinated.
That said, I have a one word solution and rebuttal... Jubilee.
Those of us who have no debts and have money in the bank (or stocks & bonds, etc.) better be thinking of what Jubilee means...
Buy physical gold!
$4,000? Woohoo! I made it! Upper half, bitches!
wondering what the poor people are doing tonight?
Watching teevee programming that demonstrates what happens when you fuck wit da police. Or, if their shift isn't over yet, thinking about what effort is required this evening to get wasted.
I'm reading zerohedge.
wasted before I started reading zerohedge. But I intend to wake up tomorrow and apply for unemployment benefits after 15years of paying into the system. Retirement age is going to be a flexible thing in the near term!
I prefer to call them "small people"...
"commoners" is the vintage term.
sheeple, riff raff, hoi polloi, great unwashed, minions, multitude, plebeians, proletariat, rank and file, the common people, the herd, the plebs, the proles, the peons, the working class
"great unwashed" made me laugh. thanks for that.
Thank ye, m'lord...
What the report is missing is that in the USA most of the wealth is concentrated in relatively few hands, but the (now) public debt is "owned" by everyone. And since the taxes used to pay for the debt are collected from income (and disproportionally higher from earned vs unerned income) and not from consumption or wealth, the gaps between the middle class and the wealthy, and especially between the wealthy and ultra high net worth individuals will growi ndefinitely.
That was the entire point of the income tax.
this is why high income taxes slam the door on upward mobility for those who begin at the bottom. upper class elites (such as Soros) love the idea of high income taxes because they've already acquired the base assets for effortless earnings. meanwhile, the rest of us livestock can duke it out between "rich" ($250k ?) and "poor" earners.
might we end income tax and introduce consumption tax, if we must, and thus reward productivity and job creation, and punish waste?
...not that i'm into manipulative tax codes as such. even when Soros buys a yacht he is creating jobs. that is good enough for me!!!!
This graph of effective rate vs income is not that steep, it is the middle class taking it in the hash pipe so quit yer snivelin.
If that's the case, and it's more like 10% or 5% effective on the way up, exactly how discouraged are people to have the extra $100k to $1M per year by working a little harder, even if they only get to keep $90k or $800k of that dough?
If they employ logic like that, they deserve to stay 'poor'.
When I say 'rich', I don't mean people pulling a salary. I mean people who can live quite comfortably off the interest on their wealth alone. The ones that don't pay income tax, if they ever did after their accountants and lawyers got done man-handling the state.
So jack up Soros' top-end rates and make the graph between 0 and $1M less steep for everyone else (you know, the people who actually participate in the economy because we don't have everything we need already).
If they employ logic like that, they deserve to stay 'poor'.
says god almighty himself. ha, ha. its all about 'deserve' with you, isn't it, snowball? whats the matter? not getting what you 'deserve' in life? you better hope that you never do.
your points about 'interest' income are better than some of your very weakest points, anyway; so then tax 'interest income' differently than other 'earned' income. problem solved.
that said, lending money is not without default risk. and lending money (investing in bonds) obviously helps the borrower by creating more demand for their bonds and lowering their borrowing costs. this allows the borrower to become more profitable and hire more people to expand, which creates jobs so that low income workers have more opportunities to feed themselves. all because billionaires invested their peacefully earned money into bonds. see how this works, snowball? so why punish success? If Oprah earns a billion because folks enjoy her message, and she spends it on a yacht, then that creates jobs. If she invest in stocks, then companies are better capitalized in order to create jobs, and if she invest in bonds then she lowers borrowing costs which creates jobs. so why are you hating on Oprah? does she not "deserve" her billion?
oh, snowball, is your 'defender of the poor' attitude really just player hating because you did not live up to how great your mummy told you that you would be?
...i'll bet it is. ;)
Even the so-called poor in America eat better, live easier, have access to better medical care, have more choices in their work and recreation, and enjoy more political and economic freedom than the majority of people - rich and poor - that have ever lived throughout the history of human existence.
So people at the top have a whole bunch of wealth. Big deal. It doesn't mean you can't achieve financial success or live well. And even if you seized all that wealth and redistributed it evenly, your life would be no better. Not sustainably, anyway. Class envy is nothing but blaming the rules of the game because of your failure to win at it.
How does one win a game in which everyone loses?
...and no you cannot choose not to play. Your parents already bought you in.
What a foolish ignorant species we are.
Go ahead my man, go 'win' the game.
"our" parents were not as clever as "their" parents. sorry, its true!!
so lets slam the door on upward mobility for ourselves by progressively taxing income to marginal rates that exceed 90%. ...that will show the global elite!!!!
Effective rates vs income...lowest in generations...and still you whine.
You seriously believe these money junkies will be 'discouraged' about making that last ten million?
What's your alternative scheme that somehow guarantees upward mobility while increasing taxes on the bottom of the ladder?
Your folks did you a disservice somewhere along the line.
snowball, you have got to be one of the most routinely self-righteous and ill-informed commentators. i could say plenty about your folks, by how you turned out. it must be nice to always be 'defender of the poor' like some kind of robinhood. i'm sure it makes you FEEL like a great person. what a joke.
In a world of billionaires, you wish to tax people earning $250k as though they are 'rich'? You do not see how this secures the place of billionaires and limits the opportunity of someone to join their ranks?
I'm glad you wish to be generous with other people's hard-earned money, AT THE POINT OF A GUN, no less.
whatever makes you feel like a 'good person', snowball, although i seriously doubt you give much of your own money away. I'd bet my left arm that the tens of thousands that i've given to private charities over the years dwarfs you REAL contributions to society.
of course, nothing i say will change your mind, but i do believe you are an asshole, and i have no doubt that you are hurting the very people that you claim to defend.
do you really believe that BIG GOVERNMENT (high taxes) help people? GOVERNMENTS DO NOT "CREATE JOBS". THIS IS A BROKEN WINDOW FALLACY.
LOOK IT UP, FUCKWIT. AND GIVE YOUR PARENTS A SLAP FROM CHOPPER FOR RAISING SUCH A PRICK.
Be The House.
I don't endorse the present state of affairs; I merely accept things as they are. Yes, yes, we're a foolish, ignorant species and all that. Good luck hanging around waiting for that to change. That reminds me of some of the parents in my neighborhood who are dissatisfied with the public schools. They get involved and volunteer and go to PTA meetings and try to convince me to vote for more funding (taxes) for the schools and so on and so forth. I simply put my child in private school and am done with it. They aren't going to change anything, and meanwhile their children suffer. It's just a big waste of time.
There is a multiplicity of choices available to modern Americans that would have been unthinkable for the majority of humans who have lived on this planet. These choices exist whether or not the top x percent have y percent of the wealth. The reality is that there will always be unequal distribution of wealth, for the simple reason that in humans there is an unequal distribution of ability and opportunity. You're not going to change it, so learn to thrive within it.
yeah, clever folks always figure out the new set of rules. its easy!!
You're not going to change it, so learn to thrive within it.
This is from Martin Luther King Jr's famous "I have a dream" speech, isn't it?
or you can just, "Look Like Money" Phil T. Rich (Yung Ralph)
Am I the only one who reads this guy and thinks to himself..."ignorant species?" what is he think he is, some kind of fracking alien?
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