The Rich Are About To Get Very, Very Rich: Study Finds Global Millionaire Wealth Set To More Than Double By 2020

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Fri, 05/20/2011 - 10:43 | 1295351 downwiththebanks
downwiththebanks's picture

Woo-hoo!

AUSTERITY, banker-gangster style.  "Suck me off, hookers, and pass the blow.  It's party time at the casino!"

Fri, 05/20/2011 - 11:40 | 1295597 Richard Weed
Richard Weed's picture

"And while a comparable study of how much wealth the lower and middle classes are set to lose over the next decade, we are confident that it will be roughly comparable...inversely. So if anyone harbored any illusions that the current status quo was about anything but the rich getting richer, all those can be promptly swiped aside."

Oh no...!  If the rich get richer, that means they must be taking it away from the poor... it is a closed universe out there... the pie cannot be getting bigger... What idiocy...!

Shame on you Tyler... I would expect such idiodic shite from a French socialist professor at the Sorbonne, not from you.

 

Fri, 05/20/2011 - 11:53 | 1295671 downwiththebanks
downwiththebanks's picture

Richard Weed, on the other hand, believes people accumulate wealth when it falls from the sky.

Fri, 05/20/2011 - 12:17 | 1295779 cdskiller
cdskiller's picture

No, he's just an intellectual coward, trolling around, looking to make empty personal attacks.

Fri, 05/20/2011 - 12:28 | 1295829 Highrev
Highrev's picture

I think that "last name" is indicative of the problem.

          ---------       ·     ----------

So what's up Doc? Wadaya think? Time for an "American Revolution"?

Don't you guys have any okupas over there to get things rolling?

 

Fri, 05/20/2011 - 13:48 | 1296163 Bananamerican
Bananamerican's picture

"The Rich Are About To Get Very, Very Rich"

pennies   on   the   dollar....

on the other hand, a society that $plit can not long endure...especially when those downstream used to occupy, within memory, a more comfy strata


Sat, 05/21/2011 - 03:51 | 1297792 jeff montanye
jeff montanye's picture

no tree grows to the sky.  even the pie may shrink for a time, not to mention the elite's serving, dick weed (may i call you dick?).

Thu, 08/11/2011 - 02:44 | 1549964 mediahuset
mediahuset's picture

internetgeheimen

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Fri, 05/20/2011 - 12:40 | 1295810 Comrade de Chaos
Comrade de Chaos's picture

to RW

Well according to the latest social mobility figures they do. Not in a literal sense of cause, it's done through lower taxation and greater ability to DEFER taxes. If anyone thinks the Bush taxcuts and any tax laws in the last 20 years are oriented towards the middle class, you are so f kidding yourself. 

Can one deduct a boarding school tuition of 30K+ for their kids under 18 (I might be off on this, but i think you can)? Can one deduct a purchase of a computer ($400) for their kid?

 

p.s. I would be curious to see stats on the average actual tax rate (% of their income after deductions, etc) of those making 200K+ vs 20 to 100K a year. Doubt anyone publishes those numbers. 

 

Now, I am not against anyone making huge amount of money. I am against the ability of anyone to skew the government legislature to rip the most benefits at the expense of everyone else. A reasonable Flat income tax for everyone without any deductions, that what a true capitalist society would settle for... 

Fri, 05/20/2011 - 12:53 | 1295915 hawks5999
hawks5999's picture

Not for nothing, but 200K+ is not who this study is talking about. 200K+ is not bad money, to be sure. But in some areas of the US it's not luxurious. Not asking for sympathy for the 200K+ wage earner but there needs to be recognition that 200K+ is not the same as $30MM net worth. It's often not the same as $1MM net worth.

 

You are wrong, btw, about boarding school tuition deductibility. You can't deduct boarding school tuition of $30K+.

Fri, 05/20/2011 - 14:41 | 1296343 Comrade de Chaos
Comrade de Chaos's picture

hm, you are right regarding the tuition, I was thinking/(working on) about something else  ), however overall the tax legislature does favor the rich.

 

Fri, 05/20/2011 - 12:35 | 1295850 hurdygurdypauli...
hurdygurdypauliepoodle's picture

As much as the comments here can be assinine and childish, yours is terribly elitist and ignorant. That mentality is the problem. In a supposedly capitalist society that your country falsely calls itself, where the rich get richer and the poor get poorer, and middle class is disappearing means something is wrong.

The rich are happily determined to keep it that way, and have been quite literally stealing it, hoarding it and off shoring it. They have been given tax breaks and credits so that the wealth could trickle down and jobs be created and yet to date it hasn't happened.

The rich eat all the pie and don't even leave crumbs. And if there not enough pie to gobble up,, they create one out of thin air... like the ludicrous LinkedIn lunacy, where the rich dupe the public into buying crumbs of their crappiest pie... The ultimate rich get richer scenario, while screwing whoever they can along the way.

Fri, 05/20/2011 - 15:01 | 1296407 DaveyJones
DaveyJones's picture

You obviously are not familiar with the nature of the universe

Fri, 05/20/2011 - 16:36 | 1296691 Ben Dover
Ben Dover's picture

As we all know, it isn't a closed system. But I would argue that it is a fixed one.

Fri, 05/20/2011 - 12:03 | 1295720 Ying-Yang
Ying-Yang's picture

Where is Robin Hood when you need him and his merry band?

Fri, 05/20/2011 - 10:46 | 1295357 swissaustrian
swissaustrian's picture

There will be billions of millionaires in $ terms soon - so what?

Fri, 05/20/2011 - 10:47 | 1295367 downwiththebanks
downwiththebanks's picture

So lots of people are getting their foreclosed upon by these parasites.

Fri, 05/20/2011 - 11:04 | 1295443 blueRidgeBoy
blueRidgeBoy's picture

you must have missed Mark Lapolla's comments yesterday about squatters rent...living in your house for 18+ months for free while the bank crawls through the foreclosure process also sounds like parasitic behavior to me.  I'm sure they feel entitled...

Bottom line, greed on the part of lenders AND borrowers is the root cause.

Fri, 05/20/2011 - 11:19 | 1295500 Clampit
Clampit's picture

Fallible / corrupt [i.e. human] management of the currency is the root cause.

Fri, 05/20/2011 - 11:25 | 1295518 downwiththebanks
downwiththebanks's picture

Why is the bank crawling through the process? Just produce the paperwork and a corrupt judge will have no problem tossing people on their asses.

That you're placing blame for the real-estate crisis on both sides equally reveals all one needs to know about which side you're on.

Fri, 05/20/2011 - 12:42 | 1295861 hurdygurdypauli...
hurdygurdypauliepoodle's picture

Exactly...

Fri, 05/20/2011 - 12:51 | 1295904 Shock and Aweful
Shock and Aweful's picture

+ 14,500,000,000,000,000

 

Fri, 05/20/2011 - 12:04 | 1295712 MrBoompi
MrBoompi's picture

Maybe borrowers can be blamed for 5% of the housing crisis and recession, but that's probably way too high.

I'm sure you would blame the speculators for high commodities prices instead of the Federal Reserve's monetary policies too.

Fri, 05/20/2011 - 12:26 | 1295816 cdskiller
cdskiller's picture

So, if the doors to a local store have been blown out by a big-wig criminal, is looting okay? If a stranger next to you is not watching his wallet should it be legal to take it? If the law allows you to place a bet that eventually the market will discover that the million dollar piece of art you sold is a counterfeit, does cashing in on that bet absolve you of the crime of fraud?

Fri, 05/20/2011 - 12:31 | 1295826 Ghostbusters
Ghostbusters's picture

i for one have respect for anyone that can stick it to the bank or the government.  I have respect for the law but not their laws.  public policy caused this mess and that means laws.  what was his name, greenshart or was it greenspan?  what about the "american dream" of owning your own home...who invented that, the people? sounds like marketing to me or more aptly named propaganda.  take a mortgage and become a slave to the bank as a sub-prime borrower.  want to go to university we have a servant loan program for that...then zero-down, ARM, CDO's, and the like...this is all about public policy controlled by private interests accompanied by a lack of representation on behalf of the taxpaying middle class...i refinanced auto loans for citi in 2006 as a summer job from 21% to 18% and a longer term.  i was doing my job but i understood basic finance and would tell people the truth.  the truth is that most people dont understand, the banks are there to take your money like a used car salesman, and the government creates laws to benefit the "big guys" who are coincidentally their friends who give them jobs after politics, positions to their wives, or expensive whores. the government knew many people couldnt pay and so did the banks but that didn't stop the credit or loan processing but what do you think is going to happen when a crack addict has all the crack, credit => profits, but then being a zerohead, we know that the banks/elites/execs own the government so it they are really stacking their own deck...can you say nationalization...they get richer and we pick up the tab, genius.  we all know the problems, the symptoms, the causes which makes all this semantics.  the question becomes how do we take it down?  How can we pay taxes to these governments?

Sat, 05/21/2011 - 08:37 | 1297927 VodkaInKrakow
VodkaInKrakow's picture

Don't be jealous. After all, no one asked the banks to so thoroughly screw-up the mortgage process (which had worked well for centuries) as much as they did. It was as if the banks but a revolver to their head and not only manage to shoot themselves, but to fire all six rounds into their head.

Banks f*cked it up. Their actions led to those 'parasites' being able to do so. And, just who f*cked up the entire global economy? I believe, it was the very same morons in the banks knowingly approving bad loans - that had a large hand in screwing the world. No one asked them to approve bad loans. They did it themselves.

Those morons deserve to burn. And those 'parasites' deserve to live rent free for as long as possible. After all, I don't recall anywhere in the regulations where the potential homeowner ends up walking into the bank and giving him or herself the ability to approve their own loans. Nope. Nowhere. Doesn't exist.

Banks did it. Time to burn.

Fri, 05/20/2011 - 10:47 | 1295369 Id fight Gandhi
Id fight Gandhi's picture

USA, where everyone is a millionaire, and a million bucks can buy you a gallon of gas.

Zimbabwe printed 100 trillion dollar bills. It cost 150 billion to buy two eggs.

Fri, 05/20/2011 - 10:51 | 1295388 blueRidgeBoy
blueRidgeBoy's picture

+1.  "Zimbabwe - where everyone's a millionaire".  Coming soon to your neighborhood!

Fri, 05/20/2011 - 11:44 | 1295603 mayhem_korner
mayhem_korner's picture

Meredith Veira's new game show: Who Wants to be a Zimbabwean?

Sat, 05/21/2011 - 08:40 | 1297930 VodkaInKrakow
VodkaInKrakow's picture

Possibly coming in the next year or few... Who Wants To Be An American Millionaire.

I will be laughing my ass off when the Polish zloty reaches parity with the dollar. Then you know America is a peasant nation full of landlords and serfs. I will be laughing my ass off even more if it takes a few Polish zloties to exchange for a few million dollars.

Sat, 05/21/2011 - 08:40 | 1297931 VodkaInKrakow
VodkaInKrakow's picture

Possibly coming in the next year or few... Who Wants To Be An American Millionaire.

I will be laughing my ass off when the Polish zloty reaches parity with the dollar. Then you know America is a peasant nation full of landlords and serfs. I will be laughing my ass off even more if it takes a few Polish zloties to exchange for a few million dollars.

Fri, 05/20/2011 - 11:13 | 1295491 malek
malek's picture

+1
What's a million nowadays? And what will it be like in 2020?

Fri, 05/20/2011 - 11:22 | 1295521 Mountainview
Mountainview's picture

In Dollars, but what about the Dollar?

Fri, 05/20/2011 - 11:29 | 1295536 Michael Victory
Michael Victory's picture

Hooks @ the IMF.

Blow under the hood.

A quadrillion in derivatives.

 


Rome falls.



Fri, 05/20/2011 - 10:43 | 1295358 LawsofPhysics
LawsofPhysics's picture

Bah ha.  These guys better make sure they understand what real wealth is.  Paper is paper.  And the fact that some fucknut with a degree from harvard just made a lot of it for them by no means they are wealthy.  Hedge accordingly.

Fri, 05/20/2011 - 10:50 | 1295370 SheepDog-One
SheepDog-One's picture

Lets see what their paper does for them when they have to hide in the cellar for the rest of their lives due to bands of marauding rioters with ropes and guns.

Fri, 05/20/2011 - 11:41 | 1295607 Captain Planet
Captain Planet's picture

and guillotines....

apparently they have one on display on the outskirts of Berlin, near where Hitler was contemplating his last moves...

 

 

Fri, 05/20/2011 - 14:09 | 1296235 downrodeo
downrodeo's picture

you're not your job, you're not how much money you have in the bank, you're not your fu@#!ng khakis...

Fri, 05/20/2011 - 10:50 | 1295368 EscapeKey
EscapeKey's picture

The great news about that is that a whole lot of new jobs in "law enforment" will be required to keep public order.

Fri, 05/20/2011 - 10:48 | 1295376 Id fight Gandhi
Id fight Gandhi's picture

Maybe private security. But many places are laying off their force because they're broke. Rich won't want to pay taxes to some cop for regular people.

Fri, 05/20/2011 - 10:51 | 1295371 6 String
6 String's picture

I think given the CAGR of the Russell 2000 the estimates are off a bit: global wealth should surpass at least 999 trillion or much more by 2020.

Fri, 05/20/2011 - 11:26 | 1295532 SheepDog-One
SheepDog-One's picture

We're already well past $1 quadrillion in debt....guess they better kick the printing machines into high gear.

Fri, 05/20/2011 - 10:51 | 1295375 centerline
centerline's picture

Complete bullshit.  This makes the fatal assumption that game just keeps chugging along.  90% or more of "millionaires" will be wiped out and wont see it coming.  Either that, or we will all be millionaires... too bad a loaf of bread will cost a million dollars.

Fri, 05/20/2011 - 10:58 | 1295404 downwiththebanks
downwiththebanks's picture

That's speculation.

The reality is the right now wealth is being stolen and transferred at an extraordinary rate. 

Fri, 05/20/2011 - 10:59 | 1295422 topcallingtroll
topcallingtroll's picture

so I am a thief because I have money?  I am not a banker.

Fri, 05/20/2011 - 11:20 | 1295488 downwiththebanks
downwiththebanks's picture

I don't do anecdotes.  And I don't give a tenth of a shit about you.

I'm saying precisely what I'm saying:  wealth is being stolen from the masses who work for a living in all sorts of ways.

People here couldn't care less because they're getting PAID. Others don't care because, like the 21 May Apocalypsos, they're consumed by visions that at some time in the distant-or-not-too-distant future, when the world explodes, the rich will get theirs ... maybe.

Both are stunningly poor examinations of the real world.

Fri, 05/20/2011 - 11:13 | 1295492 SMG
SMG's picture

Depends on how you made it.  The oligarchy are enslaving and centralizing everything using their fractional fiat central banking system and making money and gaining power from it.  The fiat ultimately has no value, it's just a con on the people who give up their valuable productive assets for it.  No question that is immoral. 

Decentralization and asset backed money would be a great way to put an end to this thievery.

Fri, 05/20/2011 - 12:08 | 1295740 Bangin7GramRocks
Bangin7GramRocks's picture

You are not a thief because you have money. However, that $700,000 stock portfolio that you brag about to your friends would be $100,000 if not for all the bullshit manipulation of the past 2 years. And if you are a business owner and do not pay a living wage because the "market" only demands 9 dollars an hour, than you are a scumbag and a thief.

Fri, 05/20/2011 - 12:47 | 1295900 hurdygurdypauli...
hurdygurdypauliepoodle's picture

Was going to comment, but you said it in a nutshell! 

Sat, 05/21/2011 - 00:18 | 1297568 longorshort
longorshort's picture

Wow you bash him because he was one of the few people who make wealth in the markets.  You really would not like to see how much I made shorting the top of the market in 08.  Its really sad no one really dicusses how to setup trades on these huge bubbles here.  There is lots of money to made from their blowing and collapse.

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