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The "1%" Own Half The World's Assets: The Stunning Chart

Tyler Durden's picture




 

On of the key things to understand about the massive, coordinated, global easing effort on which central banks have embarked since the financial crisis is that these policies have served to widen the gap between the rich and poor. 

Ben Bernanke - and plenty of other vaunted central planners for that matter - will tell you a different story. They’ll tell you that by creating jobs and boosting the economy, QE and ZIRP have actually done more for the middle- and lower-classes than they have for the wealthy. 

Obviously, that’s nonsense. When you adopt a set of policy measures specifically designed to inflate the value of the assets that are most likely to be concentrated in the hands of the rich, you perpetuate inequality and exacerbate class segregation by default - indeed, by definition. Here's proof:

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.

This is everywhere apparent and has been documented by the Fed itself on at least one occasion this year. Meanwhile, asset bubbles in things like high end art and mega mansions underscore the extent to which the top echelons of society are increasingly flush. 

Credit Suisse is now out with the latest edition of its Global Wealth report and although the results are not surprising, they are worth highlighting. 

Three standouts: i) the rise in the value of financial assets is most certainly contributing to an increase in global inequality, ii) dollar strength led to the first decline in total global wealth (which fell by $12.4 trillion to $250.1 trillion) since 2007-2008, iii) 0.7% of the world's population own nearly half of the world's wealth while the bottom 71% of the population own just 3%. 

We present the wealth pyramid first followed by some further color from the report.

The topd of the pyramid, zoomed in:

*  *  *

From Credit Suisse

The share of financial assets rose again as a percentage of total wealth and may help explain why wealth inequality is edging upwards. The top 1% of wealth holders now own half of all household wealth.

To determine how global wealth is distributed across households and individuals – rather than regions or countries – we combine our data on the level of household wealth across countries with information on the pattern of wealth distribution within countries. Once debts have been subtracted, a person needs only USD 3,210 to be among the wealthiest half of world citizens in mid-2015. However, USD 68,800 is required to be a member of the top 10% of global wealth holders, and USD 759,900 to belong to the top 1%. While the bottom half of adults collectively own less than 1% of total wealth, the richest decile holds 87.7% of assets, and the top percentile alone accounts for half of total household wealth. Last year’s report covered trends in wealth inequality in detail. The shares of the top 1% and top 10% in world wealth fell during 2000–2007, that of the top percentile from 48.9% to 44.8%, for example. However, the trend has reversed since 2008 and the additional rise this year takes the share of the top percentile to a level not observed since 2000 and possibly not seen for almost a century. Nevertheless, the share of the top decile remains below the 88.3% level achieved in 2000.

While there are reasons why wealth inequality may be on a secular upward path, the year-on-year changes are heavily influenced by the relative importance of financial assets in the household portfolio, as we explore in more detail in the next section of this report. There are strong reasons to think that the rise in wealth inequality since 2008 is mostly related to the rise in equity prices and to the size of financial assets in the United States and some other high-wealth countries, which together have pushed up the wealth of some of the richest countries and of many of the richest people around the world. The jump in the share of the top percentile to 50% this year exceeds the increase expected on the basis of any underlying upward trend. It is consistent, however, with the fact that financial assets continue to increase in relative importance and that the rise in the USD over the past year has given wealth inequality in the United States – which is very high by international standards – more weight in the overall global picture. 

 

There are many reasons for the wealth differences observed across individuals. Some of those with low wealth are young and will have had little opportunity to accumulate assets. Others may have suffered business losses or personal misfortune, or may live in countries or regions where prospects for wealth creation are limited. Opportunities are also constrained for women or minorities in some countries. At the other end of the spectrum are individuals who have acquired large fortunes through a combination of talent, hard work and good luck. The wealth pyramid shown in Figure 1 reflects these differences. It has a large base of low wealth holders and upper levels occupied by progressively fewer adults. We estimate that 3.4 billion individuals – 71% of all adults in the world – have wealth below USD 10,000 in 2015. A further billion adults (21% of the global population) fall in the USD 10,000–100,000 range. While average wealth is modest in the base and middle tiers of the pyramid, total wealth here amounts to USD 39 trillion, underlining the economic importance of this often neglected segment.

Full report

*  *  *

So please Ben, tell us more about how that trickle down "wealth effect" works...


 

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Tue, 10/13/2015 - 11:53 | 6663014 JustObserving
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0.7% of the world's population own nearly half of the world's wealth while the bottom 71% of the population own just 3%. 

Behind every great fortune is a great crime

Tue, 10/13/2015 - 11:55 | 6663015 Looney
Looney's picture

Can you really blame them for wanting to own 100% of the world’s assets?  It's only FAIR.  ;-)

Looney

Tue, 10/13/2015 - 12:00 | 6663034 HopefulCynical
HopefulCynical's picture

The top of the pyramid zoomed in gives number of people, but not percentage of population. I'd like to see the actual percentage of wealth held by the 0.01%, relative to the "1%' that the media and polticians bleat endlessly about.

Tue, 10/13/2015 - 12:04 | 6663048 two hoots
two hoots's picture

You mean they are only half way there?  I was starting to worry?

Tue, 10/13/2015 - 13:10 | 6663229 Dental Floss Tycoon
Dental Floss Tycoon's picture
It's just an extension of the Pareto principle. 20 percent of the people own 80 percent of the wealth, therefore 4 %  (i.e. 20% of 20%) own 64 % (80% of 80%), therefore 0.8% (i.e. 20% of 4%) own 51% (i.e. 80% of 64%) and  it has always been so! Nothing has changed at the top. 
Tue, 10/13/2015 - 13:41 | 6663405 SafelyGraze
SafelyGraze's picture

Mission Accomplished!

Tue, 10/13/2015 - 18:25 | 6664489 svayambhu108
svayambhu108's picture

Beyond the point of no return every asset will become a liability.

Tue, 10/13/2015 - 14:17 | 6663518 RaceToTheBottom
RaceToTheBottom's picture

It's all skewed by the WalMart family.

 

Tue, 10/13/2015 - 15:06 | 6663729 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

In spite of an abundance of evidence to the contrary, much of the American public will continue to reflexively view Social Democracy as the wolf in sheep's clothing - and not (crony) capitalism.

It is difficult to help those who refuse to be helped. One can only take pity on them.

Tue, 10/13/2015 - 16:11 | 6664042 ElectroGravitic
ElectroGravitic's picture

Goldman Sacks says this is a $600 Trillion nut. Actually this is much bigger.

A misanthropic cabal has hidden cheap, clean energy from humanity for more than 100 years. Since the price of energy is embedded in everything from food to housing, this has caused damages in excess of $600 Trillion in addition to unnecessarily polluting our biosphere. Put a price on that!

Socially significant news organization refusing to publish this, is itself a crime.

For more details, see SIRIUS The Movie at:

http://www.SiriusDisclosure.com/

Source: https://www.youtube.com/watch?feature=player_detailpage&v=0gVLv5eg4Xg#t=...

Tue, 10/13/2015 - 13:28 | 6663365 thecondor
thecondor's picture

Once the world economy collapses, these number will chnage considering most of this wealth is paper wealth. 

Tue, 10/13/2015 - 12:13 | 6663081 Syrin
Syrin's picture

It's good to be me.   Jelly much?

Tue, 10/13/2015 - 14:39 | 6663630 Blue Vervain
Blue Vervain's picture

I'd like to see minus numbers used to reflect those in debt (aka "credit"). I expect Third Word lepers without two shekels to rub together are actually at a tier most Westerners can only aspire to reach.

Tue, 10/13/2015 - 12:02 | 6663042 nuubee
nuubee's picture

Wow, look at how decimated the American middle class has been, barely anything in the middle. That can ONLY spell trouble.

Tue, 10/13/2015 - 12:43 | 6663194 Dark Space
Dark Space's picture

Put up your pitchfork, EVERYONE in the U.S. middle class, is in the Global 1%. The average family income in the U.S. is 50x greater than the world's poorest.

Tue, 10/13/2015 - 16:14 | 6664054 ElectroGravitic
ElectroGravitic's picture

The bankers must repay what they stole.

The "Network of Global Corporate Control" stole "many thousands of trillions" of dollars from us, which amounts to millions of dollars each for every person on the planet.

http://divinecosmos.com/

Joe Rogan Experience #331 - Dr. Steven Greer
https://youtu.be/0gVLv5eg4Xg?t=5093

Tue, 10/13/2015 - 12:51 | 6663227 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

Thank your local, state, and federal governments for decimating the middle class.  The government paying people to NOT work gets more people to NOT work.

Tue, 10/13/2015 - 13:39 | 6663398 ersatz007
ersatz007's picture

haha...yep it's all the gov'ts fault. 

Tue, 10/13/2015 - 13:49 | 6663438 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

Not all, as you claim, but mostly.  A free market capitalist system raises EVERYONE who wants to raise themselves up.  The government gets in the way of that.  See Cuba, Russia, N. Korea, Venezuela, et al for proof.

Tue, 10/13/2015 - 14:02 | 6663475 ersatz007
ersatz007's picture

the gov't is 'owned' by the 0.1% 

we don't have 'capitalism' - we have 'cronyism'.  cronyism depends on more than just the gov't to fuck things up.  

Tue, 10/13/2015 - 14:01 | 6663472 Chupacabra-322
Chupacabra-322's picture

@ Lower,

"hank your local, state, and federal governments for decimating the middle class. The government paying people to NOT work gets more people to NOT work."

Stop kidding yourself, thy're not "Governments." They're Criminal Fraud UNITED STATES, CORP. INC'S posing as "Governments at the Criminal Fraud STATE / LOCAL level.

Tue, 10/13/2015 - 16:55 | 6664241 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

I agree.  And they are killing the middle class.

Tue, 10/13/2015 - 12:08 | 6663060 max2205
max2205's picture

The trickle is yellow wet and warm

Tue, 10/13/2015 - 13:09 | 6663299 detached.amusement
detached.amusement's picture

and soon to be stinking to high heaven

Tue, 10/13/2015 - 12:19 | 6663110 Salah
Salah's picture

It's a giant set-up for Pluto in Capricorn, in which the concentrated wealth implodes with the collapsing event horizon of the 'bubblelized' outside surface.  The resulting explosion just blows it all away to the outer bands, from which the whole process starts over.  Places like NYC, London, HK etc are where the concentrators & consolidators start again (unless they're prevented from it).

 

 

Tue, 10/13/2015 - 12:46 | 6663207 AetosAeros
AetosAeros's picture

What I find amusing about the whole thing is the failure of these 'Masterminds' to realize what most ZH'ers already know, i.e.; In the event of TEOTWAWKI, unless you Physically hold it, you don't really own it. If you can't defend it and hold it, you are also in jeopardy of not owning it as well.

 

These 'Masterminds' of theft, graft, and oppression somehow believe that paying a security guard a worthless wage to protect his/her stolen property is sufficient in safeguarding their future and the future of their children, while realistically, that very same guard will be privy to all the inside information needed to walk away at the coincidentally perfect time with as much booty as they can carry. History proves this over and over. But as with everything these theives have done to get where they are, they never consider exactly what they've done to get there that the past has shown will create the turmoil that is coming, and they never see it coming when the hand that feeds gets bit off at the elbow by the very 'servants' they've surrounded themselves with.

I hope the odds are forever in their favor........ 

Tue, 10/13/2015 - 13:34 | 6663333 Bob
Bob's picture

Not to encourage them, but I'm thinking a epically fatal global epidemic could wipe out nearly the entire world population.  Hey, 911 was just a micro-scale proof of concept.  Only the leader and the top 5 critical personnel need to know; everybody else's role can be compartmentalized and ficticious, regardless of its essential lethality. Hell, the FDS man delivering those Valentine Day roses grown in Columbia might be the best Typhoid Mary.  Or (pushing the calendar a bit) those Chinese toys brought to all the girls and boys by Santa.  

How to distribute roles and death zones, though?  I'm thinking it could be done using modified package/truck routing software, with an extra variable of "what are they worth to us?" added.  Note to Psychopath Master: Work the nuclear power plant operators into that "in" group you--we--need to keep. 

Long as you control the antidote, you own the surviving human world.  Literally slaves all.

Lifestyle bennies can mark the social strata of the organization, considering how much existing, suddenly vacated infrastructure will be provided by "our tragedy."  Leave the intermediation of money out of it entirely.  Make it all about the fervency of their sacrifice to you, their new God.  The antidote will be part of the sacrament for the Blessed. 

Or perhaps it is better to use money to make it look like the familiar game has been preserved and they are all winners in a competitive game.  It will keep them occupied, you know that's right! In this instance, we'll have to call the antidote "medicine" or "treatment."  Whatever.  Potatah-potatter.

Long as the "antidote" is temporary, say a week, reassess staff frequently and it will be all Win! Win! Win!

If you want a vision of the future, imagine a boot stamping on a human face - forever.

George Orwell

Tue, 10/13/2015 - 12:00 | 6663038 Oldwood
Oldwood's picture

Yes, like politicians perpetuating hopelessness upon millions of people for their own power.

Tue, 10/13/2015 - 12:14 | 6663089 Syrin
Syrin's picture

The only thing more f'ed up than this are the figures of who pays taxes in America.

Tue, 10/13/2015 - 12:32 | 6663160 Oldwood
Oldwood's picture

Honestly, there is no honesty about it. Most of the taxes are paid by the rich and by business, both of which will do all in their power to pass those costs down to their customers. The dirty lie is that it is the middle class that is getting their brains beat in. They receive virtually no benefits from government, no entitlements at all, yet do the bulk of the work and the consuming. They get nailed from both sides and few have any idea how much taxes they are paying with their purchases. This is the beauty of VAT and why so many governments love it. Business could care less as long as their competition pays the same, and the consumer pays it all, without a clue how much it actually is. The very last thing ANY controlling entity wants is transparency. Best to do God's work in the dark.

Tue, 10/13/2015 - 13:00 | 6663265 Syrin
Syrin's picture

Except the bottom 47% contribute NOTHING, but it's even worse.   They actually get paid to vote democrat once every four years.  People who put nothing into the pot should not have a vote.   

 

No representation without taxation

Tue, 10/13/2015 - 13:20 | 6663297 Billy the Poet
Billy the Poet's picture

Most of the taxes are paid by the rich and by business, both of which will do all in their power to pass those costs down to their customers.

 

That's called the cost of doing business. Self righteous politcians say that businesses are "rich" and should rightfully be taxed. They sell envy to the voters who fail to realize that that the cost of doing business, including taxes, is always passed along to the consumer.It has to be this way. Imagine that you owned a rental property and property taxes increased. You would have to increase the amount of rent you charged otherwise you'd be paying people to live in your house.

 

The real problem is not productive business but the government and the bankers who follow a communist rather than capitalist agenda. Look at any chart of wealth inequality over the past several decades. You'll plainly see that the shift from sound money to unbacked fiat resulted in wealth redistribution to the well connected via the banks. The more fiat the Fed creates out of nothing, the greater the inequality grows.

 

Karl Marx's Ten Planks of Communism

 

5. Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.

Tue, 10/13/2015 - 13:41 | 6663406 ersatz007
ersatz007's picture

it's not communism, it's cronyism.  

Tue, 10/13/2015 - 14:15 | 6663510 HopefulCynical
HopefulCynical's picture

They are the same, at their core.

Tue, 10/13/2015 - 16:22 | 6664108 Billy the Poet
Billy the Poet's picture

it's not communism, it's cronyism.

 

It may have elements of croynism but it's crony communisism not crony capitalism.

Tue, 10/13/2015 - 12:30 | 6663137 White Mountains
White Mountains's picture

In the United States it is NOT the 1%, the one guy out of every hundred people, that is your enemy!

The 1% is your next door neighbor who made good on the construction company that employs half a dozen guys.  The 1% are like me, who created something from nothing, uses local factories to make his shit and sells it to people who want my stuff.

The REAL elites would love for you to make war on the 1%, on your successful neighbors.  Wake the fuck up.

The 1% are what made America great.

The EVIL ones compose the .001%  NOT the 1% you dumb-asses.

Tue, 10/13/2015 - 12:53 | 6663201 White Mountains
White Mountains's picture

I see at least one dumbass who has his head up his ass is jealous of blue collar work hard come from nothing success.  He likely lives in taxpayer subsidized housing and lives off EBT that I am paying for and he hates me for that.

Don't worry, I'll keep working my ass off so you can live for free as a member of the free shit army.

Tue, 10/13/2015 - 13:06 | 6663289 Syrin
Syrin's picture

No, we have disninformation bots here that don't have the intellectual capacity to argue with any comment here, so what they resort to is thumbs downing large chunks of the post.  They are paid to be traitors.

Tue, 10/13/2015 - 13:54 | 6663452 ersatz007
ersatz007's picture

i am certainly not part of the 1% - but i will tell you this, i have absolutely NO PROBLEM with anyone who came about their wealth honestly and through productive means.  NONE.

 

what i do have a problem with, however, is bankers/financiers/rentiers/corporations that influence legislation with money (i.e., bribing) their local, state, and federal gov'ts to enact legislation that reduces competition through regulation or other restriction; with brokers that do NOTHING productive but gamble other peoples' money - especially those trading derivatives - does a derivative actually contribute something of productive value to the economy other than fake, fiat money?  I have a problem with those 1%-ers that have never done an honest days work in their life and believe that they are somehow 'self-made' despite the fact that daddy or mommy passed on enormous wealth to them.

the productive wealthy should not be attacked.  they've taken risks.  they've worked hard.  

but the taxes they pay not only go to propping up the 'Free Shit Army' (some of which actually need the help, and many of which commit fraud), but also to prop up the financial fraud that takes place in the form of bail-outs for too-big-to-fail insurance companies, for senseless wars that enrich those benefitting from the MIC, and many other forms of cronyism that take place year in and year out.

so instead of arguing with each other, we should be banding together to rout out the criminals...all of them - rich, poor, or inbetween.

 

Tue, 10/13/2015 - 13:03 | 6663277 Gold Eyed Cat
Gold Eyed Cat's picture

You ever notice how no one ever mentions it's the small business person that took ALL the risk.  If we are a failure we have to eat it alone.  But if we are a glowing success, we are expected to redistribute, redistribute, redistribute.  Because only a greedy, black hearted monster would want to actually profit from their work.

On a related note, happy (early) boss's day to all the risk takers out there.

 

Tue, 10/13/2015 - 13:04 | 6663282 HopefulCynical
HopefulCynical's picture

It's probably more like the 0.01%, with the 0.001% comprising the actual Head of the Snake.

However, you are 1000% correct. The 1% or, put more accurately, the 0.99%, are the upper-middle class. They are the whipping boys, the sacrificial lambs, the beasts of burden and the scapegoats.

I've been saying this for 15 years. I'm so glad it's starting to be seen by so many other people.

Tue, 10/13/2015 - 12:51 | 6663230 rubiconsolutions
rubiconsolutions's picture

So the world's economy is just one big pyramid scheme? Multi level marketing on a massive scale. "So what you need to do to increase the number of folks in your downline is create money out of thin air and get billions of people hooked on infinite credit."

Tue, 10/13/2015 - 16:58 | 6664239 SDShack
SDShack's picture

It goes beyond that. You have to understand the reason behind the Ponzi to understand why it exists, and why it is perpetuated by the elites at all costs.

The Top Tier uses the 2nd Tier to create and enforce the security state...which is necessary for the system to survive. The Middle Tier is the Serfs, or Debt Slaves that provide the financial backing of the Ponzi. The Bottom Tier is Cannon Fodder. Welcome to the New Feudal World Order.

Tue, 10/13/2015 - 13:28 | 6663370 seek
seek's picture

"Behind every great fortune is a great crime."

Yes, Indeed. I'm in this 0.7% group and my crime is working hard and starting a business. I'm penalized heavily for doing so on a regular basis because I'm a hardcore recidivist.

Meanwhile, those penalties are going to people are completely innocent of the crime of working. So rest easy, there's justice in the world.

(so much /sarc you'll have to wipe the floor afterwards)

Tue, 10/13/2015 - 13:56 | 6663455 Chupacabra-322
Chupacabra-322's picture

@ Just,

"Behind every great fortune is a great crime."

"Behind every great fortune is a great Ponzi."

Nothing has changed over thousands of years. It's yet another Step Pyramid Model of Authority/ Monarch Reign Pyramid Model of Authority. A Criminal Fraud System based on Debt, Bondage & Enslavement.

A system, owned by Criminals & run by Criminals.

Tue, 10/13/2015 - 11:55 | 6663016 venturen
venturen's picture

just the way democrats(socialists, communist), FED and Goldman et al planned. 

Tue, 10/13/2015 - 12:11 | 6663069 ShorTed
ShorTed's picture

Don't kid yourself, doesn't matter if Team Red or Team Blue was in chage, the outcome would've been the same.

Tue, 10/13/2015 - 12:20 | 6663112 NidStyles
NidStyles's picture

Both teams represent team Israel. Either via their Marxist drivel or through Neo-Con propaganda. So yes, it is about which team. Had Team America actually been represented in it's own interests, none of this woulod have happened. The issue is that too many of you are anti-nationalist. 

Tue, 10/13/2015 - 12:26 | 6663136 Syrin
Syrin's picture

I'm sure you have readily available material to back this claim, right?

Tue, 10/13/2015 - 13:01 | 6663268 Syrin
Syrin's picture

Thumbs down for asking for any sort of proof.   Certainly makes your claim look tenuous even though it's all hipster cool and trendy here at ZH.

Tue, 10/13/2015 - 13:17 | 6663321 Billy the Poet
Billy the Poet's picture

Thumbs down for your failure to have learned the facts after 4 years and 20 weeks reading the Hedge. There's only one country in the world that is paid by the US to spy on, attack and pollute the US.

 

See:

Jonathan Pollard

The Declaration of Ward Boston

Numec

Dual citizens in US government

Tue, 10/13/2015 - 11:56 | 6663023 KnuckleDragger-X
KnuckleDragger-X's picture

I really don't care anymore and I encourage them to 'invest' as much of that as possible in things like art etc.

Tue, 10/13/2015 - 11:58 | 6663029 venturen
venturen's picture

plan on working on your serf plot

Tue, 10/13/2015 - 12:08 | 6663057 KnuckleDragger-X
KnuckleDragger-X's picture

I own my "serf plot" and I already work it. You can come on down and try to take it from me if you wish and good luck with that.....

Tue, 10/13/2015 - 13:25 | 6663357 Billy the Poet
Billy the Poet's picture

Charlie don't serf. He just raids those who do.

Tue, 10/13/2015 - 12:15 | 6663090 Raging Debate
Raging Debate's picture

Knuckle - My plan has been to sell to them to get mine back. I do give value back and reinvest it properly into the economy for them. It is the only way for a win-win. Not going to claim its easy but keeping me from drinking myself to death staying busy lol. I can die tomorrow without guilt as I tried and did accomplish a few things to help. I do what I can and realized over time the world is bigger than my ego :^)

 I do hear lots of complaints from the wealthy now about the 'help'. The remedy is pay them a living wage because producticivity decline numbers are stating that such wealthy will no longer get champaign service offering a Mad Dog budget. The millenials seem most impacted in behavioral changes in this environenment and very unmotivated. Cant say I blame them. What really changed since I graduate High School in 1988 is:

1) Cost of living

2) Could always find a full time job that paid the basic necessities even if not glamorous. 

Tue, 10/13/2015 - 11:57 | 6663026 venturen
venturen's picture

Greenspan started in 1987....Bernanke 2006, Yellen 2014....3 more corrupt responsible people do not exists! 

Tue, 10/13/2015 - 12:10 | 6663066 Oldwood
Oldwood's picture

People tell us what we want to hear so they may take what they want. Old as time itself. It seems everyone is doing it, or at least trying to do it, yet we only want to punish those who do it better than most. Too bad more don't spend time learning to not fall for their shit instead of figuring out ways to punish them.

Tue, 10/13/2015 - 12:21 | 6663115 ToSoft4Truth
ToSoft4Truth's picture

One divorce and 50% of the ‘assets’ are gone.  People line up to be married.  

Tue, 10/13/2015 - 12:32 | 6663162 Mike in GA
Mike in GA's picture

Or one or two major medical events that drain your savings.

Tue, 10/13/2015 - 13:28 | 6663369 Oldwood
Oldwood's picture

My parents told me that was what I was supposed to save for. Now it's government's job to save FOR us.

Tue, 10/13/2015 - 14:27 | 6663562 RaceToTheBottom
RaceToTheBottom's picture

+1 for mentioning the Greenspam.  Keeping his name in the list fights his revisionist efforts.

Tue, 10/13/2015 - 12:00 | 6663035 TAALR Swift
TAALR Swift's picture

The "1%" Own Half The World's Assets

And yet, many ZH bloggers still persists that we have 'Socialism' in the US and the West. 

If there is 'Socialism', it is Socialist Prime Cuts for the 1%, and Socialist Burgers or Socialist Scraps for the rest. 

It is amazing how people are such conditioned creatures of habit: They will regurgitate memorized lines, rather than truly think for themselves.  Perhaps their need to belong is indeed stronger than their need to think.

Tue, 10/13/2015 - 12:03 | 6663043 HopefulCynical
HopefulCynical's picture

If there is 'Socialism', it is Socialist Prime Cuts for the 1%, and Socialist Burgers or Socialist Scraps for the rest.

Correct. Crony fascism for the 0.01%, socialism for the rest, to keep the poor quiet and the middle classes from being able to compete with the Olympians.

Tue, 10/13/2015 - 12:19 | 6663106 ThirdWorldDude
Tue, 10/13/2015 - 12:19 | 6663109 Oldwood
Oldwood's picture

Socialism is a means to an end, just like any other "professed ideology". A way to get people to submit to rules and rulers, supposedly for your own good, only to figure out at some late date you are the filling for their pie.

The notion that "the people" can own their means of production or anything else besides the responsibility for the debts, is laughable. No one cares who "owns" something, they only care who controls and profits from it. People could own their means of production today except they refuse. 95% refuse to even be self employed, to own their own business. Too much work, too much hassle, when you can just get a job and then bitch about "the Man" with his boot on your neck. Put in your 40 and demand "ownership". Things are the way they are because of we, the people.

Tue, 10/13/2015 - 13:30 | 6663376 HopefulCynical
HopefulCynical's picture

Control < Ownership.

And yes, the masses have no interest in being their own bosses.

There are two kinds of Marxist: sociopaths, and useful idiots.

Tue, 10/13/2015 - 12:05 | 6663051 GRDguy
GRDguy's picture

From the 1889 book The Great Red Dragon (Introduction):

An Imperialism of Capital has grown up within the last two centuries from small beginnings, until it is now the mightiest power that has ever existed on earth. It is an Imperialism mightier than the empire of the Caesars, grander than the empire of Napoleon in the hour of his highest glory. In comparison with it, all other empires sink into comparative insignificance. This titanic power is the Imperialism of Capital, which I call, by way of distinction, the Money Power.

Their goal is "to own the earth in fee-simple."  Looks like the financial sociopaths are getting their way.  Sucks.

Tue, 10/13/2015 - 12:22 | 6663121 Oldwood
Oldwood's picture

People would rather rent than buy anyway.

No one has ever owned anything that they couldn't defend. We are not all equal in those abilities...or anything else.

Tue, 10/13/2015 - 12:08 | 6663054 donhuangenaro
donhuangenaro's picture

reminds me of egyptian pyramid... well, nothing changed since then, the only difference is that todays pharaoh elite is calling their rule a 'democracy'...

Tue, 10/13/2015 - 12:12 | 6663073 Bay of Pigs
Bay of Pigs's picture

John Exters inverse pyramid comes to mind...

Tue, 10/13/2015 - 12:12 | 6663074 1stepcloser
1stepcloser's picture

99% are just living on their plantation and shopping at thier comapny stores.

Tue, 10/13/2015 - 12:12 | 6663079 PoasterToaster
PoasterToaster's picture

Only half?  The "governments" of the world claim shadow title to every square inch of land, the shirt on your back, and your soul itself.  And the people that own half the assets of the world also own the governments.

This is the core reason why so many people were turned off by what came to be spun as the "liberal" position that government would save us from the predations of the robber barons.  Even if the situation was as described, there was no way government was going to do jack squat to stop our mass poverty.  It was always a lie.

On the other side people were told to describe themselves as "conservative" after a brilliant campaign to destroy the Old Right in the 1950's and replace it with a new Aristocrat-friendly populist lie.  Now these people are starting to wise up to the con and are restless.

It's time for people to shake off all the propaganda and start taking apart the system that enslaves them.  Try to control that 50% of the world's assets when no one will cooperate with you.

Tue, 10/13/2015 - 12:13 | 6663080 TheObsoleteMan
TheObsoleteMan's picture

Why should anyone be surprised. Concentrated wealth is the natural outcome of the monetary policy we have. If you were to look at statistics over time {since 1913} you would unmistakably see it, slow but steady at first, but over time it picks up speed, so that by the 1980s it is parabolic. Unless there is a change in policy, in another short twenty years, we will look like a feudal society. It was designed to be this way.

Tue, 10/13/2015 - 12:26 | 6663138 Edward Morbius
Edward Morbius's picture

+1000

This is the outcome the FED was created to produce.

Tue, 10/13/2015 - 12:51 | 6663231 kralizec
kralizec's picture

For the survivors...yes, there could be a feudal society.

Tue, 10/13/2015 - 12:14 | 6663085 autofixer
autofixer's picture

Serfs and Lords the normal human condition.  We had a few years where there was a "Middle Class" in some parts of the World; however, that has been fixed.  

Tue, 10/13/2015 - 12:31 | 6663157 Salah
Salah's picture

If you're raising kids, and you want 'em to be successful, teach the following

1. how to use your time, it's a disappearing resource, staring with New Year calendars

2. learn to take risks, and how to properly evaluate risks, starting with outdoorsy stuff, bodily actions, etc

3.  learn to use your memory, vis-a-vis std. mnemonic technique

Do this and they'll be part of at least the 5%

 

Tue, 10/13/2015 - 12:17 | 6663098 Billy Sol Estes
Billy Sol Estes's picture

I know! We just need some more government to put these bad men behind bars and make things fair again...

Tue, 10/13/2015 - 12:18 | 6663100 ToSoft4Truth
ToSoft4Truth's picture

Start climbing.... 

Tue, 10/13/2015 - 12:18 | 6663101 Batman11
Batman11's picture

Deflation occurs when supply exceeds demand.

High inequality means the few, who can consume no more, are even richer while the majority are worse off, leading to lower disposable income and consumption.

I think the two may be related.

The last great depression happened at a time of great inequality too.

 

Tue, 10/13/2015 - 12:21 | 6663114 Batman11
Batman11's picture

We should know how it works by now, this isn’t the first time.

1920s/2000s - high inequality, high banker pay, low regulation, low taxes for the wealthy, robber barons (CEOs), reckless bankers, globalisation phase

1929/2008 - Wall Street crash

1930s/2010s - Global recession, currency wars, rising nationalism and extremism

1940s/? - Global war

We are nearly there with the Middle East on fire and the two nuclear super-powers at each other’s throats.

Tue, 10/13/2015 - 12:27 | 6663139 PoasterToaster
PoasterToaster's picture

Deflation occurs when the supply of money shrinks.

Tue, 10/13/2015 - 13:42 | 6663414 HopefulCynical
HopefulCynical's picture

Close. Inflation and deflation refer to the size of the mmoney supply relative to the economic output of the underlying society represented by that money supply.

If the economy grows by 5%, but the money supply is only increased by 4%, it is deflationary. If the reverse, it is inflationary. If the growth or contraction of the two match, that is stable monitary policy.

ALL other "definitions" of inflation are pointy-headed gobbledeygook, designed to confuse the masses into giving up even trying to understand economics, and ceding control of the economy to the banksters and economists.

Thus, for anyone to talk of deflation, given the actions of the Fed, is laughable and utterly false.

Tue, 10/13/2015 - 14:26 | 6663557 Batman11
Batman11's picture

So the price of crude is all about the money supply?

Tue, 10/13/2015 - 12:39 | 6663177 Apocalicious
Apocalicious's picture

Deflation occurs when demand for money exceeds supply for money, increasing the value of money. Inflation is the opposite - supply exceeding demand. A contraction in the money supply is hence one specific instance of demand exceeding supply, and an expansion in the money supply is one specific instance of supply increasing more than demand. However, even with constant supply, demand curves can change...

Tue, 10/13/2015 - 12:24 | 6663127 worbsid
worbsid's picture

Where in these charts does it show the person that is negative on assetts i.e. that person who owes more than his net value.  The person that is broke, home underwater, cards and friends maxed out?  IMHO, there is a mirror shaped asset triangle of debters.  

Tue, 10/13/2015 - 12:24 | 6663129 I Write Code
I Write Code's picture

I think it's dang white of them rich folks to run everything for us po folks, and I hope maybe some day they can own 100% so I can pick cotton all day without a care.

Tue, 10/13/2015 - 12:32 | 6663153 Bill of Rights
Bill of Rights's picture

Lets be honest this was the plan, Remember Goldman ET AL were shorting the housing bubble as people were getting further and further into debt. It was a global scam, they created these shocks to the system, this is how they control things, SHOCK AND AWE!...

Tue, 10/13/2015 - 12:32 | 6663159 All Out Of Bubblegum
All Out Of Bubblegum's picture

The 0.7% is doing God's work.

Tue, 10/13/2015 - 12:43 | 6663195 HamSandwich
HamSandwich's picture

What's funny is that I don't really mind the classic "wealth holder" - the timer-coming-owning family, the shipbuilding magnet, or even the oil/gas/shale companies as the figureheads of yesteryear have disappeared. What bothers me, and I believe most people, are the financial maniulators who steal the wealth of the underclass through mass amount of preferenced usury with the central banks of nations. We're robbed every day through inflation with every dollar they loan out at whatever percent and "repay" the central banks with a small fraction. This has to stop. They have to go. Sieze every asset - and I mean EVERY - SINGLE - ASSET, imprison EVERY -SINGLE - FAMILY - MEMBER, and liquidate EVERYTHING. These scumbags did not earn their money, and they do not ear them today. They are not omnicient and do not deserve, nor can be trusted with the power of wealth and market manipulation. There's a real reason Bloomberg and his friends want to disarm the populace, and it isn't because a fraction of a fraction of a fraction of children deaths are casued by mentally unstable individuals with firearms.

 

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy."

Tue, 10/13/2015 - 13:57 | 6663458 HopefulCynical
HopefulCynical's picture

Sieze every asset - and I mean EVERY - SINGLE - ASSET, imprison EVERY -SINGLE - FAMILY - MEMBER, and liquidate EVERYTHING.

+1 million.

The private banking families are parasitic, psychopathic vermin who must be ripped from power, stripped of their illicit wealth, and locked away so they can never menace humanity again.

Psychopathy is genetic, and there is no cure. The human race has a choice to make.

Tue, 10/13/2015 - 14:35 | 6663601 RaceToTheBottom
RaceToTheBottom's picture

Interesting that they still quote Ayn Rand.

 

Tue, 10/13/2015 - 12:44 | 6663199 tarabel
tarabel's picture

 

 

I wouldn't worry too much about what other people are doing or what they have.

Lots of stocks, bonds, and cash, eh?

All gonna go poof and then their relative advantage will be drastically chopped down, perhaps totally eliminated.

Like beautiful girls who one day wake up as ugly old women, it will all be gone-- never to return.

Take care of your own affairs and plan for a fuure that revolves around real commerce and possession of real assets.

https://youtu.be/eih67rlGNhU

 

Tue, 10/13/2015 - 12:49 | 6663216 Duc888
Duc888's picture

 

 

Hey man, I always got a kick out of the fact that we're born on a planet and we always wind up owing some shitbags for rent (property tax) just to live on it.

 

Ya can't even float along on some rickety boat sailing the seven seas... ya gotta pay property tax on that too.  Too funny.

 

Maybe the next step is to launch all the squatters into the surface of the sun or something...

 

Tue, 10/13/2015 - 12:54 | 6663241 yogibear
yogibear's picture

Ain't that nice....

The Charlie Munger and Warren Buffet (Richer than the Duke Brothers, in trading places could have ever dreamed of) own a great deal of that chart.

Tue, 10/13/2015 - 16:48 | 6663242 TheObsoleteMan
TheObsoleteMan's picture

The 1% know one of the secrets to preserving their vast wealth: own investments that at least keep pace with inflation, but better yet, investments that outpace inflation. Just look over the past fifty years: We went from a single earner family, to two, and in another few years, that number will be three {possibly four}. Until fifteen years ago, few had heard of a "reverse mortgage". This type of loan was created thirty years ago because they knew even then that in the near future seniors would not be able to keep up with inflation. With this product, the banks make $ when they sell the house, and then again when they buy it back! So what we have, is a condition where the majority of the population are chasing inflation, and they are having to run faster and faster. Unless there is a change, this ends in rivers of blood for somebody, as the cost of just keeping body and soul together becomes beyond the means of too many. Below is the proof we're screwed:

 

http://www.marketwatch.com/story/fed-officials-seem-ready-to-deploy-nega...

 

 

Tue, 10/13/2015 - 12:56 | 6663250 Vlad the Inhaler
Vlad the Inhaler's picture

Turns out your "job creators" are really parasites that are about to destroy their host, and then cannibalize each other. Supply side economics does not work, David Stockton tried to warn you back in the 80s, and you wouldn't listen.  The corporations are in a race to the bottom, and they won't stop until the US worker is on par with the worker in Ethiopia. But they forgot that our economy runs on consumer spending, and that the 1% can't possibly spend enough to make up for the bottom 99.  They've used every advantage to line their pockets instead of growing their companies, now the game is up.

Tue, 10/13/2015 - 14:37 | 6663619 RaceToTheBottom
RaceToTheBottom's picture

Outsource the Trickle Downers to Ethiopia

Tue, 10/13/2015 - 12:57 | 6663255 homiegot
homiegot's picture

Just elected Bernie Sanders. He'll fix it. Bwa!

Tue, 10/13/2015 - 12:59 | 6663261 Bemused Observer
Bemused Observer's picture

They 'own' half the assets on paper. They do NOT have physical possession. Someone DOES though, and if things become destabilized I don't imagine those folks will willingly hand the assets over.

Own a bunch of rental property? No...in fact the TENANTS now have possession. Good luck trying to change that in a SHTF scenario should those tenants decide to stop paying.

Overseas assets? Sure, whatever you say...I'm sure other governments will be happy to secure any claims you may have when they're busy keeping their own populations under control.

Money in financial accounts? Watch it disappear back into the cyberspace it came from.

Sure, they "own" half the world...lol! And I'm the Queen of England, until I actually show up at Buckingham Palace with a U-haul.

Tue, 10/13/2015 - 13:02 | 6663273 MadVladtheconquerer
MadVladtheconquerer's picture

The rich get richer and the shit gets shitter.

Only one way to stop this:  eat the rich.

How many times in history has this happened to such a degree that you learned about it in hi school social studies?  Three times in the last

250yrs?  French Revolution, Russian Revolution?  Ain't gonna happen here.  Why?  Because The Powers That Be (TPTB) are a little sharper than they are

given credit for.  They know as long as Joe 6 Pack has access to NFL Season Ticket and MLB Season Pass

as well as all the Miller High Lifes and Doritos he can consume PLUS gets to lease that BMW 325i (or the super king cab F150

bigger than most apts), Joe wiill NEVER EVER lift his fat ass off the sofa.  OH!  And the Steelers are playing tonight! (Or last night.)

It goes back to FDR's chicken in every pot palabra.  Except its a leased Beamer in every driveway and a big screen TV in every den and maybe an iphone.

Human beings are like molecules: they seek the lowest energy state available to them (ground state vs the sofa).  Want a reaction?  Input energy or lower

the activation energy barrier.  Or both.  The internet actually makes Joe easier to control:  Joe can vent all over the net and he doesn't even have to get off his fat ass

and assemble!  That requires TOOOOOOOOOOO much effort.  Now I ax ya, are TPTB REALLY that stupid?  Or are they fucking geniuses who have figured out that to

control Joe you simply get Joe to consume and distract him w/  PLENTY of stuff to consume?  Never mind money.  We'll give you credit.

You see, its not that the TPTB control 70% of the wealth; its that Joe 6 has NO clue how to go about building wealth.  He thinks it comes from the "status" of a leased Beamer

or in buying 1 share of GE stock in the form of a giftcard priced at 30$.  This is why the rich get richer and Joe stays Joe.  In the post re the stock gift cards, the WSJ quoted

an individual who clearly had ZERO clue re "stock market business".  She had no time to follow the daily trends and apparenly didn;t have time to access the greatest library of

info in human history to read sentence one about the matter.  How can you fix stupid?  I can lead a dope to data but I cannot make him think.

Tue, 10/13/2015 - 14:20 | 6663532 HopefulCynical
HopefulCynical's picture

Yet another GREAT comment in this thread.

Lots of "getting it" going on in here today.

Tue, 10/13/2015 - 13:02 | 6663275 Oldrepublic
Oldrepublic's picture

1933 was an interesting year on that chart, seems also to be the year in which an coup d'etat was planned in the US

Tue, 10/13/2015 - 13:07 | 6663293 Catullus
Catullus's picture

Astonishingly Pareto.

Tue, 10/13/2015 - 13:12 | 6663295 PrimalScream
PrimalScream's picture

The significant thing about the wealth charts - from 1929 to 1990 .... the average American did BETTER AND BETTER.  But since 1990, the tide has turned and average American families are doing progressively worse. 

If you look at election candidates today - ALL of them, both parties - how many really come from the ranks of the "average American"?  Set aside the BS .... is there anyone running for President of the USA who is an "average Joe on the Street"?  The days of ... log cabin to White House ... are long gone in this country.

Do you really think that if we've got election candidates who come from the top 1% of money holders - that these people are going to suddenly change things?

How did the trend get started - in a positive way - in 1929??

ANSWER - there was a global Depression !!!

That's what fixed things, and started getting ownership back into the hands of regular Americans.

Tue, 10/13/2015 - 14:03 | 6663480 MadVladtheconquerer
MadVladtheconquerer's picture

So, the conclusion that one could logically take away from this is that after the smash, buy w/ both hands and feet.

Or, we're gonna party like its 1932!

And if there is ever an optimal time to use margin/leverage, its in coming off a generational bottom.

Tue, 10/13/2015 - 13:08 | 6663296 Jack Burton
Jack Burton's picture

In a financialized world in which bankers and hedge funders own governments, expect the 1% to own 90% very soon. Some argue this is natural, and a free market rewarding the hardest workers. If you still believe that, then you are a 1%'er or brainwashed. MS Rand is long since dead, her ideas may have had some purchase back in the later 50's early 60's. But it is the age of crony capital in the year 2015!

Tue, 10/13/2015 - 13:18 | 6663329 K_BX
K_BX's picture

I bet most folks here are at least top 20% seen globally - probably even better off. Maybe the pitchforks are coming for you.

Tue, 10/13/2015 - 13:40 | 6663401 all-priced-in
all-priced-in's picture

I was thinking the same thing -

 

Greedy bastards with more than (I will guess to get in the top 20%) $50K in net worth - we ned to resistribute this cash around to the poor.

 

/s/

 

 

Tue, 10/13/2015 - 14:06 | 6663491 flysofree
flysofree's picture

Typical bogus argument advanced by the elites. 

Tue, 10/13/2015 - 19:08 | 6664621 Faeriedust
Faeriedust's picture

Most breakdowns show that if the unbelievable amounts collected by the TRULY rich (aka top 0.7%) were equitably distributed, all of that 71% with virtually nothing would be able to have about as much as a middling member of the 10-100K crowd.  In other words, it really IS the ultrarich who are screwing the pooch.  But they will do everything in their power to make the middle pay the piper, so that they can continue to enjoy their self-indulgent lifestyles.

Google "curiales" for the equivalent in Rome, which is the nuts and bolts of how Rome fell.  Slave class, obviously, COULDN'T pay for the armies or the roads.  Senatorial class WOULDN'T.  All the bills fell on an ever-shrinking middle class.

They never tell you in school that the fundamental basis of Solon's reforms that allowed Athens to temporarily escape political gridlock was a redistribution of land (capital) from the very wealthy to the very poor, and the imposition of taxation-equivalent (in kind via provisioning the Navy) on a sliding, wealth-based scale (known today as "progressive taxation").  One does wonder why.

 

 

Tue, 10/13/2015 - 13:19 | 6663330 K_BX
K_BX's picture

nay - double!

Tue, 10/13/2015 - 13:39 | 6663397 MadVladtheconquerer
MadVladtheconquerer's picture

It seems that the tip of the pyramid (FIG 4) does not follow from the full pyramid in FIG 1.

According to the pyramid presented in FIG 4, there are approx 34mill adults in the 1mill + USD category.

Assuming there are 7.2bill human beings on the planet and 65% of these humans are adults (aged 18+),

then the %age of adults on the planet w/ assets of at least 1mill USD is 0.7%.

Per Fig 1, there are 113mill adults included in the 1MILL + USD segment; the %age is 2.3% of all adults worldwide.  

Pretty select company either way. 

Tue, 10/13/2015 - 13:49 | 6663429 Dr. Bonzo
Dr. Bonzo's picture

You know you're fucked when being in the top 7% feels like being in the bottom 70%.......

 

 

Tue, 10/13/2015 - 15:12 | 6663791 square wave
square wave's picture

I know what you mean. I make nearly $80k/year and our family is barely scraping by. But that's also California for you.

Tue, 10/13/2015 - 18:36 | 6664523 Faeriedust
Faeriedust's picture

So move.  Too many people in California anyway; you're overburdening the ecosystem.  And most of you REALLY need to get out more; Californian culture creates shallow intellect without a true appreciation of misfortune.  It's the lack of Winter.  Without Winter, locusts live and breed without limit.

 

Tue, 10/13/2015 - 13:58 | 6663461 flysofree
flysofree's picture

The chart does not tell the whole story.  Most of the wealth in the bottom group consist of housing which also happens to be a very heavily taxed asset in North America.

What this means: the poor pay for all the upkeep such as schools, roads, police, municipal services etc. And then there are VAT taxes, sales taxes etc.

The rich truly pay no tax and are subsidized by the poor they just loot and hoover all the income form the 90%.

 

Yes we have inverted Socialism.

Tue, 10/13/2015 - 14:22 | 6663542 Not if_ But When
Not if_ But When's picture

Love it when they say " Since 2008........ "   Why does that year ring a bell?

Tue, 10/13/2015 - 14:34 | 6663595 Yes_Questions
Yes_Questions's picture

 

 

THIEF!  

 

Its whats for dinner

Tue, 10/13/2015 - 15:10 | 6663787 square wave
square wave's picture

Yes, they do...by design.

Tue, 10/13/2015 - 15:30 | 6663870 MoHillbilly
MoHillbilly's picture

As long as you let yourself be defined by their terms, you are playing their game by their rules and you can not win

Tue, 10/13/2015 - 15:43 | 6663933 MEFOBILLS
MEFOBILLS's picture

Tylers,

 

Please stop saying things like this:

If it wasn't for Ben "the Hero" Bernanke's courage to print like a drunken Keynesian madman,

 

Keyne's never would have been for QE.  He was for counter-spending Treasury money into modes of production.  

If you read any of my posts, I'm as against debt based systems as probably anybody alive.  But, let's at least be honest about Keyne's real intents.  QE is not exogenous TREASURY money spent by government, to thus counterspend into modes of production. OK.

QE is FED making new keyboard money to buy bonds or other debt instruments.  It is entirely an endogenous banking operation.  QE is bank money buying of debt assetts.  Treasury money is nowwhere in this picture.

QE is an action similar to the bank taking money from your savings account and putting it into checking. You really didn't gain anything, only the compostion ratio of money supply changes.  The composition of the money supply goes from less debts to more money, and the money is concentrated into the hands of those who formerly held debts (meaning finance and bond holders - including banks).

Endogenous debt creating banks then hope that more people show up to then take out more loans to then start a new debt cycle i.e. because of low interest rates. (QE buying of bonds drives their price up and interest rates down.)  Yes, some people, the wrong people, then show up to take out more debts for speculation activity, hence stock market boosting and carry trades.

Conflating Keynes with QE "printing" is not accurate on many levels.  There is enough misinformation out there already - so instead of being helpful (which you guys normally are) you are wrong to slander Keynes in this case.

By the way, Keynes counterspending of Treasury money would have paid off private debts and hence finance would NOT be holding as many debt instruments against society.  This is the opposite action of QE.  Treasury money spent into modes of production or improving the commons would have been beneficial to society,  in addition to allowing labor to have wallet money, to then pay off endogenously created debts. 

At the end of the day, bankers are pleased that Keynes name is being dragged through the mud, because reducing private debts would be the real outcome of Keynes counter spending.  

Banker's business model is to make DEBTS to then earn money on money.  Banks are corporations in the business of making new money and debts simultaneously.

Keynes counterspend of Treasury money would reduce the debt picture for banks, and hence reduce their profit position.

Tue, 10/13/2015 - 18:32 | 6664496 Old Codger
Old Codger's picture

I am confused,  and certainly open to correction.

I have head many variations of these "1% own 50%" claims and I find it hard to believe.

Certainly there are some super rich PEOPLE about, and GOVERNMENTS, and CHURCHES. But the REAL wealth is on display on Wall Street, Main Street,  and Home Street.

 

Looking at Wall Street, virtually ALL of the US and Internationl companes are listed,  and owned by many holders INCLUDING the PENSION, INVESTMENT and RETIREMENT funds plus INDIVIDUALS.  Any Annual Report will tell who they are. .  Those Companies and Funds are all owned by the shar4eholders and the contributors.

Same with private houses, owned outright, or being paid off by the occupiers. Same with farm-land, owned by public companies,  or familes,  or even individuals.

Same also with farm-land, owned by public companies and their shareholders,  families,  and individuals.

The fancy office  buildings in the cities are usually owned by public companies and those 'Funds'.

Public land is owned by "the people".

Tell me where I am wrong?


 

Tue, 10/13/2015 - 18:29 | 6664497 Old Codger
Old Codger's picture

I am confused,  and certainly open to correction.

I have head many variations of these "1% own 50%" claims and I find it hard to believe.

Certainly there are some super rich PEOPLE about, and GOVERNMENTS, and CHURCHES. But the REAL wealth is on display on Wall Street, Main Street,  and Home Street.

Looking at Wall Street, virtually ALL of the US and Internationl companes are listed on the stock exchanges, ,  and owned by many holders INCLUDING the PENSION, INVESTMENT and RETIREMENT funds plus INDIVIDUALS.  Any Annual Report will tell who they are. .  Those Companies and Funds are all owned by the shareholders and the contributors.

Same with private houses, owned outright, or being paid off by the occupiers.same woith farm-land, owned by public companies or familes or even individuals.

Same with farm-land, owned by public companies and their shareholders,  families,  and individuals.

The fancy office  buildings in the cities are usually owned by public companoies and those 'Funds'.

Public land is owned by "the people".

Tell me where I am wrong?


 

Wed, 10/14/2015 - 00:46 | 6665869 hedgiex
hedgiex's picture

Todate in 2015, at least $3T wiped out of the global bond/equity market, excluding commodities, real estate, etc. The proportionate share of this paper loss is not borned by the 1%. Neither is the 1% invested in warehouses of derivatives marked on myths (eg Deutsche Bank, etc). The financial economy that drives the real economy is firmly in place. It shall be sustained with more debts to be owned by the Common through QEs, etc to hold up the financial assets as well as ensuring that the conduits of the 1% be the Agents of disbursements. 

At the macro level, unsustainable debt blowouts will be doused in order of their contagion effects on melting paper assets. Beneficiaries of any debt write-downs among the 99% are just incidental. At best, you have a Japan with lost decades ahead with no end at sight. Those who are born in the wrong places and at the wrong time (now) and are still standing are standing on the luck of the draw with a very insignificant minority that have chosen to ACT by running away from fantasies. 

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