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Top 0.1% Of US Households Own As Much Wealth As The Bottom 90%
If it wasn't for Ben "the Hero" Bernanke's courage to print like a drunken Keynesian madman, none of this would have been possible, and by "this" we of course mean that the net worth of the top 0.1% of Americans is about to surpass the wealth of the bottom 90% of US households.
That, and making Thomas Piketty's sequel just a matter of time.
The good news is that the wealth gap is not quite as bad as it was in 1929 when the top 0.1% owned 25% of all wealth, almost double the 16% generously "trickling down" to the "poorest" 90% of the US population.
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real bad stuff is going to happen..REALLY REALLY BAD
The ONE percent was always a scam, it was always the POINT ONE percent that mattered.
The funny thing is that your coffin can only hold so much in it besides your dead corpse.
In other words, you're not taking much when you leave.
Just say'in...
Wonder how many of them have access to the FED's Free Joobuck Printer (FFJP)?
pods
That's the Hoax and Chains the socialist jew media told their flock of sheeple to vote for......
You can also read from the chart that 9.9% of the population has 55% of the wealth. Or the top 10% of the population has 77%.
Sorry, couldn't resist, with apologies to Chris Rea:
Well I'm standing by the river
But the water doesn't flow
It boils with every poison you can think of
And I'm underneath the streetlight
But the light of joy I know
Scared beyond belief way down in the shadows
And the perverted fear of violence
Chokes the smile on every face
And common sense is ringing out the bell
This ain't no technological breakdown
Oh no, this is the road to hell
And all the roads jam up with credit
And there's nothing you can do
It's all just pieces of paper flying away from you
Oh look out world, take a good look
What comes down here
You must learn this lesson fast and learn it well
This ain't no upwardly mobile freeway
Oh no, this is the road
Said this is the road
This is the road to hell
But they just work harder than the rest of us turds.
I was stricken by your simple statement of sarcasm. +1 at ya.
"The ONE percent was always a scam, it was always the POINT ONE percent that mattered."
Disagree. The 1% are the ones who service the 0.1%
The 1% are the ones who service the 0.1%
It's more like the top 20% services and benefits from the oligopoly. That's how they've been able to keep power. They get enough assholes to think they're actually in the "Big Club".
I agree, but probably not in the way you think V. With elite owning the media, VAST majority of U.S. still asleep, and finally, control over how (when) you will are able to communicate (NSA SMURF), it will be very tough (collectively) to do anything about, well... anything. I honestly don't think we will ever know how bad parts of this country could ever get if info is even more censured than it is now. I'm thinking down with a whimper (TPP) and not a bang.
These guys are bad and they no longer care about the cover of darkness. It is straight up in our faces!
Hhhhmmmm, french revolution ring any bells
Actually yes: Will The Failure Of Central Banking Lead To Global Bloodshed: The French Revolution Case Study
Now there is some Hope and Change I can believe in!
+1 "Commerce was dead, betting took its place..."
Thanks for re-posting this Tyler.
Take the money back from Soros that cock sucker, he didn't make anything he just took it from the 'peasants"(his term). Report on that CNBS you lame dick wads
So, about 1929 to 1970 we saw trust busting, privatization and increasing freedom. Since, it has been unmitigated consolidation, government expansion and increasing socialism. Clearly, unrelated to wealth distribution.
Another way to see it:
From: Why The "1%" Hates The Gold Standard
Bingo.
And the same reason why the 0.1% don't want Trump. Because they fear they may loose the abliity to pull the string on the puppets
"Vote for whomever the socialist jew media attacks the most"
Words to vote by.....
see how stupid the 0.1%ers are it took this idiots 15 years to realize how to earn some money as a monopoly
"Earners" .... aren't many of those in the bottom 90% of households ?
Yes, this is a big part of it. However, much of that "wealth" is simply bullshit paper promises. Either way, such "let the majority eat cake" monetary experiments have been tried before. This one will end the same way.
Indeed....
However, as you will notice on this Graphic and others like it, a massive "Double Top" has been forming for some years now.
The "Great Inflation" is at its End, Not Beginning.
"Gold" has been telegraphing this Loud and Clear, but like Participants in all Markets, it is Denied all the way down.
During the Long and Slow "Great Inflation" it is the Ordinary Man who gets the short end; Inflation operates to reduce the Value of their Capital/Wages, until it can be reduced no further.
Demand begins to dissipate across Markets, be they local or international.
This is "ZUGZWANG"; being confirmed across the World by every measure, doctored or otherwise.
No Gimmick, Propaganda, or Machination can create REAL WAGES.
Thus at the end of "The Great Inflation", comes the "Deflation".
This is where 99% of the 1 % Lose.
Like the Ordinary "Suckers" they Delude themselves into Denying Human Nature and Mathematics, and believe that becuase they are "Powerful" and "Rich" they will not lose.
I know this firsthand based on my activites in recent years, and ALL Market history demonstrates why.
In the last "Great Deflation" the Majority of the Wealthy did NOT make it to the "Real Bottom".
Nor will they this Time around.
There will be no "Gold Standard".
There will be no "Hyperinflation".
There will be no "Collapse of the Dollar".
It is the "PROMISE TO PAY" that is failing in a Classic Bust, of Epic Proportions.
Myself, I'm betting a $ 100 Million that Greed and Arrogance will Yield to FEAR; as it always has and always will.
Stay Tuned.
No coincidence the direct correlation with the Community Reinvestment Act and the subsequent derivatives and other fictitious investments.
And 90%+ marginal tax rates in the middle of those four decades.
You never let us down, thanks
We need to move to a system where we share the wealth of the country, and not allow the 0.1% to own it and charge rent to everybody else.
The only way to achieve this is to make everybody and every business, pay rent to the state for any land or site they want to use. Any money they make from this land they keep - no taxes of any sort. No income tax, sales tax, captal gains tax, company tax etc etc.
And then the lobbyists start doing their work and certain "excpetions" are made...
How about LESS government in all its forms? I know it's a very old fashioned idea, but why don't we give it a try. The last thing we need is another government tax scheme.
You don't need much government if there is a fairer distribution of wealth. Most of goverments activities involve finding ways to tax people and distibute to others. Government would only be a tenth of it's current size if you could stop all that activity.
Why so much red for this? I'm not gonna up it, but it makes sense. This would in effect be a consumption based tax. Those who use the most pay based on what they use. Instead of organizers and takers paying nothing while producers paying everything.
Let's start with your home state No Debt. The most bloated and corrupt government in the Western Hemisphere!
...and you think those rents will be equalized for all land? Have you EVER heard of the game MONOPOLY, comrade?
Like all rent, you pay for the quality of the site. City land would be the most expensive. Agricultural land much less. Just like Monopoly.
It would depend somewhat on how well those city folk want to eat...
How anybody wants to eat would depend on how hard they work. Currently the 0.1% eat very well by collecting rent from all the land that businesses occupy. The majority of busines do not own their own land. They rent it from the 0.1% and then have to pay taxes on top of that.
In your imaginary world, rent in the absence of taxation becomes taxation. I don't know if you can grasp this rather simple construct. The rent structure charged by landowners would become progressive, usury, then ultimately confiscatory.
Rent is not a tax. It's a payment for the benefits of occupying a site - usually a site that society has heavily invested in with transport facilities, lighting, sewerage, roads, justice etc etc. You should pay to society for the benefit you receive from it.
The confiscatory system you talk about is precisely what we have at the moment. If there any improvements to a site the 0.1% simply put the rent up. Wages for the 90% always stay low no matter what the improvemnts in technology etc.
OK praps...you better start focusing on your debate with Hillary.
All the politicians have no interest in a fairer system. They're doing very nicely out of the current system. It's the 90% that lose.
lol. What do you think the purpose of the state is? Fuzzy bunnies? No the state is there to make sure the wealth moves upwards.
Where does the concept of a state come from? It comes from the lords and kings of the past who murdered anyone who got in their way. The state exists to represent the interests of the people at the very top.
roll the fucking guillotines.
Ah, finally back to the carefree days prior to the Great Depression. I get all misty just thinking about it.
The top 0.001 % .... have as much wealth .... as the bottom 50% .... thanks to FDR's "New Squeal" deal .... bringing good things to life .... for 80 plus years ?
'lardassians' f'n good one LMAO!!!!
The 90% holds shit in wealth!
House belongs to bank car belongs to creditors, and that's again the bank!
Think about that for a while!
Time over........
You're fucking slave!
Worse; after paying mortgage for 30 years you still have to pay property/house tax to pay for government jobs and pensions.
You are never done paying and you only own your house as long as you keep paying the extortion property tax
Just more evidence that The Federal Reserve has been very successful!
Get long sharecropping and guillotines!!!!
It is your own fault that you are not wealthy.
Sincerely, Jack Ma. Now, off to the mines, slaves.
Long Cash
The top 0.1% simply got there for two basic reasons. Firstly compounding and secondly, they only need to consume a very very small part of their income thus allowing the balance to compound. This is something that most of us cannot do.
How about the .01% making the Laws nd having Insider Trading ability's to know which way to Invest or short.
How about them able to profit on all administration funds "Cronyizm"
How about pockets lined thru bribes, kickbacks and lobby's.
How can most of US get a chunk of that. The CEO's and Government officials just swap places after scandels.
nevermind...
Peter Pan writes "The top 0.1% simply got there for two basic reasons. Firstly compounding and..."
Sure... just have enough money and "let it compound". That's how the rich do it -- it's not faer! Of course, hard work and determination is never a factor in wealth creation. Such wishful thinking is always used to justify excessive taxation. Gotta love some of these libertarian-socialists that hang out on ZH. Hypocrisy at its finest.
Simple formula for the 1%:
*Note - insider privilege and a 50 year head start are required
0.01% You mean the zionists?
find a job, you slob!
What?
No jobs?
find a job, you slob!
The South was right!
This phrase has been one of the cornerstones of Bernie Sanders' speeches for months. And variants of it have been used when drilling FED CHAIRMEN for years.
Socialism for the .01-1%. Who-gives-a-fuckism for the rest.
Bernie is there as controlled opposition to save the New American Century.
That anyone here would be naive enough to suppose that there is any solution through a national election, mildly surprises me. Most Amerikans cannot live without the Hope that someone will lead them to safety.
It looks like when the lines cross, world wars start!
A very salient observation.
I believe the problem is too much debt.
Any single person with just one dollar in his pocket and no debt is wealthier than the bottom 20% all together.
The problem isn't that the top 0.1% have so much. The problem is that the bottom 90% have so little.
+1
I know a lot of people that earn a pretty good income -
One couple I know makes almost $200K - husband and wife both work.
But they spend evey dime they make and borrow as much as they can on top of that.
Toys, vacations, trade cars every year.
They have negative net worth - how is that anyone fault but their own?
I am sick of - it is someomne elses fault that people live pay check to pay check and never save anything - sure some will always have a hard time saving - but America also has a lot of people that think they must have every latest POS gizmo that is advertised -
Then they womnder why they don't have any savings.
Although your point is no doubt valid, it is also the exception, not the rule.
The reason why a lot of Americans have a negative net worth and no retirement savings is because half of all Americans earn less than $15 an hour.
Even if you lI've in the miderst or south you can't save shit at $15/hr.
They are paid less than $15 because the skills they have are worth less than $15.
How is it that the top 1% hold people back from learning a skill that allows them top earn a higher income?
I will agree - this is not a one size fits all - you can't say this is the only reason or that is theonly reason - because there are many reasons -
But one thing seems clear - the reason most people don't have shit is because they make shitty decisions -
It needs to start with personal accountability.
If someone wants to know why they have nothing - they should look in the fucking mirror first - before blaming "the rich".
They must be afraid of the upcoming removal of cash...... LOL
The problem isn't that the top 0.1% have so much. The problem is that the bottom 90% have so little.
Much better way to look at it. The fact is most "rich" people own businesses either directly or indirectly and when they are forced to pay more in taxes those taxes are passed on to the consumer. The passive income tax is a perfect example, and is one main reason why rents have gone up. Operating expenses are always passed on to the consumer and a tax is an operating expense Progressive taxation always leads to poverty. And when that happens, what do think socialists offer as a solution? Moar taxes for the rich! Which then impoverishes the people further.
We made Kings and Queens of some.
We made slaves of most.
'Stolen' really not 'own' which while possession is important lends legitimacy to robbery, exploitation and pillage to no constructive end whatsoever.
Instead destructive excessive short term worthless person personal gain and misuse of Capital by taking it out of disposable circulable income resource mode
into a sterile useless waste and justification for an artificial class of the 'self superior' who are if anything not worth a shit
---since they clearly fucked everything up.--And continue to fuck everything up super bad.
Ben only knows one thing: PRINTING.
1) First he prints 18 Trillion soon to be worthless dollars.
2) Then he prints worthless books...
At least in 1929 they had real money.
Concur with compounding answer..suppose...you have two individuals..one has $100 and the other 1 million dollars (1,000,000)...suppose money invested earns 6% per year.
In 12 years your money doubles... from $100 to $200 and from $1 million to $2 million.
Another 12 years goes by...we go from $200 to $400 dollars and from $2 million to $4 million.
Another 12 years ...we go from $400 to $800 ..and from $4 to $8 million.
So in 36 years... Mr. Low Income person goes from $100 dollars to $800 dollars. Mr. Wealthy goes from $1 million to $8 million...
Over the long run..the wealthy become wealthier and the poor...why they just eat the crumbs. In capitalism...it pays to be a winner.. I mean wealthy.