For The First Time Ever, The "1%" Own More Than Half The World's Wealth

[DamianTV]

http://www.zerohedge.com/news/2017-1...-worlds-wealth

Today Credit Suisse released its latest annual global wealth report, which traditionally lays out what has become the single biggest reason for the recent "anti-establishment" revulsion: an unprecedented concentration of wealth among a handful of people, as shown in Swiss bank's infamous global wealth pyramid, an arrangement which as observed by the "shocking" political backlash of the past year, suggests that the lower 'levels' of the pyramid are increasingly unhappy about.

As Credit Suisse tantalizingly shows year after year (most recently one year ago), the number of people who control roughly half of the global net worth, or 45.9% of the roughly $280 trillion in household wealth, is declining progressively relative to the total population of the world, and in 2017 the number of people who were worth more than $1 million was just 36 million, roughly 0.7% of the world's population of adults. On the other end of the pyramid, some 3.5 billion adults had a net worth of less than $10,000, accounting for just about $7.6 trillion in household wealth. And inbetween is the so-called global middle class - those 1.4 billion people whose rising anger at the status quo made Brexit and Trump possible.



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Full article on link. Other charts not poted here.

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How did so many of the rich get even richer? Not by honest work, thats for sure. No, they benefited from the printing of money where they get to spend that "new" money at the old value before it trickles down to those at the bottom who can only spend that "new" money after the value has adjusted "itself" to inflation. They force more money out of the poor, then expect the poor to pay for any differences in costs while not fairly compensating those that work and produce. Make me a million dollars a day and I'll pay you minimum wage and wont give you insurance. No, the rich get richer by dodging paying out anything. They use Tax Havens so they dont pay any taxes on the bacon they bring home. Those at the bottom pay the difference. They dont offer meaningful jobs or employment. If they paid more, they couldnt afford to own several continent sized yachts. They charge you $88 per aspirin that you can get a bottle of $500 for at Walmart, while the people that produce the aspirin for Walmart are paid China's equivalent of minimum wage, or whatever they get paid, rest assured it is less than you get paid. They outsource tech jobs to people in India that also get paid both jack and $#@!, and jack left town. Worst of all, they buy out the politicians as a way to bolster their business, which prevents you from doing anything else but servicing them.

What could possibly go wrong?

[Zippyjuan]

Let's give the rich a tax cut- then maybe they will create more high paying jobs and share their wealth with everybody. Or maybe not.

[angelatc]

Let's give the rich a tax cut- then maybe they will create more high paying jobs and share their wealth with everybody..

Stop with the Marxist ideology please. This isn't about taxation. It's what predictably happens when people at the top get to use the money before it's devalued. Thanks, fiat!

[Zippyjuan]

Stop with the Marxist ideology please. This isn't about taxation. It's what predictably happens when people at the top get to use the money before it's devalued. Thanks, fiat!

Trump's idea- not mine.

[angelatc]

Trump's idea- not mine.

Not a single person here believes that it isn't your idea. And if these were Donald Trump forums maybe your comment would be relevant

[timosman]

Not a single person here believes that it isn't your idea. And if these were Donald Trump forums maybe your comment would be relevant

This actually isn't his idea. He's just a $#@! disturber looking for somebody to fall for his schtick.

[Zippyjuan]

Not a single person here believes that it isn't your idea. And if these were Donald Trump forums maybe your comment would be relevant

"Trickle down" doesn't work. I don't support the theory because it fails. Reagan tax cuts in the 1980's only increased the wealth gap. Trump's plan (if passed) will have the same effect.

[timosman]

"Trickle down" doesn't work. I don't support the theory because it fails. Reagan tax cuts in the 1980's only increased the wealth gap. Trump's plan will have the same effect.

Somebody with your record should not be so quickly jumping to conclusions. I would advise to be cautious about future events. I have a feeling today is the day when you became the board leader. Congrats.

[angelatc]

"Trickle down" doesn't work.

Supporting stimulus after stimulus while asserting trickle down doesn't work. You amuse me.

[Zippyjuan]

Supporting stimulus after stimulus while asserting trickle down doesn't work. You amuse me.

I only supported the initial round of QE. Stimulus has declining rates of return- you need to increase the amounts of stimulus exponentially to get the same impact over time. The additional rounds of QE were wasted efforts.

[timosman]

I only supported the initial round of QE. Stimulus has declining rates of return- you need to increase the amounts of stimulus exponentially to get the same impact over time. The additional rounds of QE were wasted efforts.

Unlike the initial rounds?

[angelatc]

I only supported the initial round of QE. Stimulus has declining rates of return- you need to increase the amounts of stimulus exponentially to get the same impact over time. The additional rounds of QE were wasted efforts.

My point remains simply that Ron Paul predicted that the rich would get richer as the dollar devalues. Your point is that he is mistaken, and that somehow making rich people poor will make poor people rich or something.

[Zippyjuan]

My point remains simply that Ron Paul predicted that the rich would get richer as the dollar devalues. Your point is that he is mistaken, and that somehow making rich people poor will make poor people rich or something.

The rich have always gotten richer.

[angelatc]

The rich have always gotten richer.

The entire world has become richer.

[Zippyjuan]

The entire world has become richer.

I thought that fiat money was making everybody poorer by stealing from them. (I agree with your statement).

http://www.ronpaulforums.com/showthr...lth-inequality

Yeah, you can't win any votes by pointing out that "the poor" in America are fed, clothed and housed, not to mention have cell phones, DISH, cars and video game systems, I suppose.

The gap means nothing, but that's probably not the salient way to approach the question.

[angelatc]

I thought that fiat money was making everybody poorer by stealing from them. (I agree with your statement).

Fiat is responsible for the unequal distribution of wealth. The two statements are not incompatible.

[Zippyjuan]

Fiat is responsible for the unequal distribution of wealth. The two statements are not incompatible.

Without fiat would wealth then be distributed equally among everybody? Would everybody have the same amounts? Or would things still be unequal?

Ron Paul's net worth puts him in the global top one percent. (I have seen figures ranging from $3.5 million to $5 million). https://www.davemanuel.com/pols/ron-paul/ He is in that tiny yellow triangle at the top of the pyramid in the OP. (that is top 1% in the world- Ron Paul would be in the Top Ten Percent in the US but not the top One Percent which starts around $10 million). https://dqydj.com/who-are-the-one-pe...united-states/

[DamianTV]

"Trickle down" doesn't work. I don't support the theory because it fails. Reagan tax cuts in the 1980's only increased the wealth gap. Trump's plan (if passed) will have the same effect.

... and how about after Inflation? Unless, you believe that inflation is at 2%...

[timosman]

Without fiat would wealth then be distributed equally among everybody? Would everybody have the same amounts? Or would things still be unequal?

Ron Paul's net worth puts him in the global top one half of one percent. (I have seen figures ranging from $3.5 million to $5 million). https://www.davemanuel.com/pols/ron-paul/ He is in that tiny yellow triangle at the top of the pyramid in the OP.

The truth is it doesn't take that much to be there.

[AZJoe]

Let's give the rich a tax cut- then maybe they will create more high paying jobs and share their wealth with everybody. Or maybe not.

You can thank Zippy's Federal Reserve and central banking for the growing wealth disparity.
You can also thank Zippy's big government, regulations and licensing for keeping all the little folks from entering the market place, protecting the 1% from competition.
And yes, you can also thank Zippy's love of taxes for making the poor poorer, destroying opportunity, eliminating jobs, squeezing the small businesses and entrepreneurs and driving up prices.

[AZJoe]

I thought that fiat money was making everybody poorer by stealing from them. (I agree with your statement).

http://www.ronpaulforums.com/showthr...lth-inequality

The monetary inflation makes the working class, the retirees, the savers poorer. It makes those with first access to the newly created money richer - the bankers, the MIC, the 1%. It is a transfer of wealth from the working class to the 1%.

[Zippyjuan]

You can thank Zippy's Federal Reserve and central banking for the growing wealth disparity.
You can also thank Zippy's big government, regulations and licensing for keeping all the little folks from entering the market place, protecting the 1% from competition.
And yes, you can also thank Zippy's love of taxes for making the poor poorer, destroying opportunity, eliminating jobs, squeezing the small businesses and entrepreneurs and driving up prices.

What sort of societies/ government/ financial systems result in no wealth disparity? Or just the least disparity?

[AZJoe]

Without fiat would wealth then be distributed equally among everybody? Would everybody have the same amounts? Or would things still be unequal?

Without the artificial fiat inflation, you would not have the artificial redistribution of wealth, through inflation theft, from the working class to the 1% with first access to newly created fiat.

[AZJoe]

What sort of societies/ government/ financial systems result in no wealth disparity? Or just the least disparity?

An interesting question but not the best best question. The question presumes that zero disparity in itself is the greatest goal regardless of all individual merit, skill, effort, savings, investment, ingenuity, creativity, production, work, effort, thrift, demand, supply, etc. Of course a totalitarian communist society that forcibly redistributes wealth by stealing from some to to distribute to others will have the least disparity in theory. (In practice you still have an elite political class with living standards high above everyone else).
But such a society is built upon aggression, violence, initiation of force, and theft.

The better framed question is which government society, monetary and financial systems , implement the least theft and redistribution through force and fraud, whether taxation, confiscation, monetary inflation.

[oyarde]

Let's give the rich a tax cut- then maybe they will create more high paying jobs and share their wealth with everybody. Or maybe not.

I agree to continue to leave a twenty percent cash tip even for not so stellar service in exchange for zero taxation .

[NorthCarolinaLiberty]

Let's give the rich a tax cut- then maybe they will create more high paying jobs and share their wealth with everybody. Or maybe not.

Soros is paying you through one of his Open Society Foundation Grants. Soros has to be one of the 50 richest men in the world. So how do you reconcile this? I figure you get paid fairly well since you've been doing this awhile? This is a serious question.

[jllundqu]

Let's give the rich a tax cut- then maybe they will create more high paying jobs and share their wealth with everybody. Or maybe not.

Who pays the vast majority of taxes in this country, individuals or businesses? (HINT: It's Businesses by a WIDE margin)

Who should get the lion's share of tax cuts, then?

I anxiously await your democratic talking points and more chart porn on taxes, etc.

[PierzStyx]

Money is not the only form of wealth.

Also, no one here is promoting "trickle down" economics. Supply side economics is just another form of Keynesianism. A free market would eliminate taxes and other barriers of entry on rich, poor, everyone.

[Voluntarist]

xxxxx

[angelatc]

Without fiat would wealth then be distributed equally among everybody?

I am not promoting wealth be distributed equally. It's a measure of value and some of us are worth more than others.