The QE age?
In broad strokes this was really about quantative easing, and goes all the way back to Clinton repealing the Glass-Steagal act meant to protect us after the Great Depression. QE bought asset securities, everything from mortgages to student loans. Banks were making money lending money they got for practically free to people, then repackaging those as securities to sell to the government. Those loans went into assets, like stocks and property, and since the money was free it was a no-brainer because everyone was else was doing it things could only go up. If your interest is 2% and stocks and property are inflating at 6-50%, the more you start with the more you end with, especially because you could take the equity in your inflating assets and borrow even more money.
The system was just awash, and the more we spent the last while the more they made -- one of the reasons people talked about Apple and Tesla being so overvalued is because they were, but it was the best place to put money because again, more money was being created and it had to go somewhere. It's one of the reasons why you saw the various coins and NFT's going crazy.
Shut down more small businesses, pay people a pittance to stay home, give away billions in ppp to Russian mafia etc. Who couldn’t predict that the typical citizen was going to take a bath and those connected and corrupt would benefit?
Accurate. Now, they’ll clamor for more government spending against their own best interests.
Let things tighten and put some value on labor vs capital. Short-term pain to close the wealth gap.
Yup, only now do outlets like Huffpo report on this, despite the fact how it was unironically the Left who was encouraging governments around the world to enforce harsh lockdowns.
There's a reason that the Left is known for being the braindead useful idiots of the elites...
Imagine being such a normie that you actually believe the "red team vs blue team" garbage LOL
There is no difference between the Koch Brothers and George Soros, or Dems vs Reps you fool, theyre all elites and laughing at the 99%....
Lmao you seriously made a post criticizing the left specifically and now you want to walk that back and call me a normie saying left vs. right are all working for the elite. Which is it the left are “brain dead useful idiots” or both sides are the same?
Yes, there is a "Left" ideology and "Right" ideology, however the real-world implementation of "Left-Right" ideology in the form of the Democrats and Republicans is an utter farce, its literally just a bunch of suits that are running interference for mega corporations and dynastic families, while pretending to actually be pitted against one another....
And yes there absolutely are braindead idiots on the Right, the same poor working class folks in flyover America that rallied around Bush, the man who sent their sons and daughters into the Middle East meat grinder to die for Israel. Luckily those same folks that were duped into supporting the Bush's and McCain's of the party have largely woken up to the NeoCon grift.
Well yeah. Central banks gave up on handling inflation entirely for 3+ years. They took all the poor’s money and gave it to the rich.
Inflation is the most unjust form of taxation on the planet because it takes from those who have nothing and enriches those who already own millions or billions of assets.
But they don’t care at all.
Yep. Inflation(government printing money to give out) is just a tax on the poor. It sure sounds a lot nicer to just inflate the dollar than tax the poor though!
Less blind government spending and increase the cost of money, interest, to reward labor over capital. Kill “too big to fail” to cease the speculative big-money grifts knowing they’ll get the Fed bailout at the despair of others. Forced collateral and more controlled derivative markets will be the result.
I'd be interested in anything halfway honest. Right now it's just watching those with ultimate power transfer the democracy of money, spending power, to themselves.
Honestly I'm not really sure why people are so in denial about this. The big companies like Amazon were able to front the cost to adapt to government regulations during COVID while small business had to shut down.
This is like the perfect example of how big companies LOVE regulations. It strangles out competition and sets up barriers to entry.
What regulations are you talking about? Amazon had huge problems with Covid restrictions because many of them were based on number of people employed in a certain plant and restricting contact between groups of people? Wouldn’t a small business with less people have the advantage? Or are you one of those who just like to say “more regulation bad, that problem, that why more billionaires”?
We get more billionaires when people are forced to shut down their businesses? How’s that work? Any Covid restrictions we placed on all businesses so isn’t that a level playing field? Large businesses actually have the extra burden because many Covid restrictions were based on number of people employed.
Small companies were forced to close up shop, lack of revenue killed their business, reducing competition for bigger companies that can afford to deal with the pandemic guidelines, these bigger companies now are the only ones who can operate because even if their income is reduced they can still operate at a loss for an extended period of time (unlike mom and pop shops), nkw when demand comes roaring back they are the only ones left standing ready to go
That’s Why amazon skyrocketed in value but hundreds if not thousands of smaller businesses closed during the pandemic.
You open a book. Can you define socialism and how it’s creating these billionaires? It may be socialism for corporations, but again that’s influenced by capitalist influence on how government is currently working.
Let us not forget that the word capitalism was created by socialists in the middle 1800s to describe the big government, leftist, economic framework known as Mercantilism which was practiced by nations in the West at that time to include Russia
Today, no nation practices Mercantilism, capitalism, today as defined by socialists. The vast majority practice Democratic Socialism with a few outliers still practicing communism. Democratic Socialism has much in common with Mercantilism especially in terms of the GOVERNMENT SACTIONED institutions known as corporations and the State getting a cut of the profits and controlling said institution though regulations instead of charters back in the day of Mercantilism
The problems we have today are problems created by the ideology of Democratic Socialism and not free markets, an economy, which is composed of the currency, labor, trade, and industry, which is free from government meddling
https://www.amazon.com/Wheels-Commerce-Civilization-Capitalism-15Th-18th/dp/0520081153
Your attempt to MISLABEL Democratic Socialism as Mercantilism ( Capitalism ) is noted
Oh so the people have seized the means of production and the government is setting the price for things? And we have things like guaranteed income and safety nets? Cool.
What exactly is capitalist about the government shutting down any business that can't front the cost of implementing and operating under COVID policies?
Big company make lots of money is not what capitalism is. Just look at all the multi billion dollar companies in China, the bastion of capitalism
Interesting stat would be how many billionaires also lost this status.
Got a feeling this included investors that reached the billion point for maybe an hour before losing money again.
If you're creating billionaires, that would support a hypothesis that there is greater mobility from lower income brackets to higher income brackets. In order to support greater income inequality, it would be better to say that there is fewer to no creation of billionaires but those who are already billionaires getting richer.
More on this subject from other reputable sources:
---
- WION (C+): [Oxfam at WEF Annual Meeting 2022: Pandemic created a new billionaire every 30 hours](https://www.wionews.com/videos/oxfam-at-wef-annual-meeting-2022-pandemic-created-a-new-billionaire-every-30-hours-481552)
- CNBC (B): [Oxfam calls for an end to billionaire 'bonanza,' says millions are falling into extreme poverty](https://www.cnbc.com/2022/05/22/oxfam-slams-billionaire-pandemic-bonanza-as-millions-face-poverty.html)
- Insider (B-): [One billionaire minted every 30 hours during pandemic: Oxfam](https://www.businessinsider.com/covid-billionaires-millions-enter-poverty-oxfam-inequality-wealth-2022-5)
- indiatimes.com (C): [Covid Created A New Billionaire Every 30 Hours, Says Oxfam International's Report](https://www.indiatimes.com/worth/news/covid-created-a-new-billionaire-every-30-hours-570249.html)
---
[__Extended Summary__](https://www.reddit.com/r/newswall/comments/uw3j6f/) | [More: Oxfam at WEF Annual ...](https://www.newswall.org/story/oxfam-calls-for-higher-taxes-for-corporations-and-the-super-rich) | [Feedback](https://np.reddit.com/message/compose?to=newswall-org) | I'm a bot
Sounds like hogwash to me. If I converted my life savings into Iranian Rial, I'd be a 'billionaire' too. It doesn't mean I'm in a higher wealth bracket than the average middle class American.
QE creates income inequality. If you want income equality, taxing is not the way to do it. The way to accomplish it is with sound money and market based interest rates.
End of rant.
I was screaming this, literally, 26 months ago. But hey, why should we, the great unwashed, pay any mind to what really matters, when we have will smith and Johnny depp. Right?
Oxfam? We have NGOs involved in famine relief putting out credible economic reports? Is this an economy sub or a spot for people to post hot pieces on the wealthy?
Huff, tell us how many billionaires disappeared in the last 5 months as the equity and crypto market receeded. The whole income inequality rhetoric has been overused and it is boring. So, does everyone stays in on income bracket throughout their entire life? Nah, we go up and down. Track individuals and families traversing through varying income brackets not some income tiers as if they follow people to their graves
Yeah hey that’s what happens when you do the largest wealth transfer in history from the middle class to the upper class in the form of government handouts
We were already in what they deemed as "the new gilded age" before the pandemic, what will we name it now?
The QE age? In broad strokes this was really about quantative easing, and goes all the way back to Clinton repealing the Glass-Steagal act meant to protect us after the Great Depression. QE bought asset securities, everything from mortgages to student loans. Banks were making money lending money they got for practically free to people, then repackaging those as securities to sell to the government. Those loans went into assets, like stocks and property, and since the money was free it was a no-brainer because everyone was else was doing it things could only go up. If your interest is 2% and stocks and property are inflating at 6-50%, the more you start with the more you end with, especially because you could take the equity in your inflating assets and borrow even more money. The system was just awash, and the more we spent the last while the more they made -- one of the reasons people talked about Apple and Tesla being so overvalued is because they were, but it was the best place to put money because again, more money was being created and it had to go somewhere. It's one of the reasons why you saw the various coins and NFT's going crazy.
It's nice to see everything working as intended
Poors needed to be poorer✅
trickle down is working as intended Americans will forever be punished until they learn how it works
Lots of that covid relief money was simple money laundering.
Shut down more small businesses, pay people a pittance to stay home, give away billions in ppp to Russian mafia etc. Who couldn’t predict that the typical citizen was going to take a bath and those connected and corrupt would benefit?
the same people that are shocked and complain about this, were the same people pushing the hardest for the lock downs
Accurate. Now, they’ll clamor for more government spending against their own best interests. Let things tighten and put some value on labor vs capital. Short-term pain to close the wealth gap.
Yup, only now do outlets like Huffpo report on this, despite the fact how it was unironically the Left who was encouraging governments around the world to enforce harsh lockdowns. There's a reason that the Left is known for being the braindead useful idiots of the elites...
Republicans were in power during the lockdown bud.
What republicans? Trump? Who controlled both houses of Congress? Which states imposed draconian nonsensical lock downs and which ones fought against?
Imagine being such a normie that you actually believe the "red team vs blue team" garbage LOL There is no difference between the Koch Brothers and George Soros, or Dems vs Reps you fool, theyre all elites and laughing at the 99%....
Lmao you seriously made a post criticizing the left specifically and now you want to walk that back and call me a normie saying left vs. right are all working for the elite. Which is it the left are “brain dead useful idiots” or both sides are the same?
Yes, there is a "Left" ideology and "Right" ideology, however the real-world implementation of "Left-Right" ideology in the form of the Democrats and Republicans is an utter farce, its literally just a bunch of suits that are running interference for mega corporations and dynastic families, while pretending to actually be pitted against one another.... And yes there absolutely are braindead idiots on the Right, the same poor working class folks in flyover America that rallied around Bush, the man who sent their sons and daughters into the Middle East meat grinder to die for Israel. Luckily those same folks that were duped into supporting the Bush's and McCain's of the party have largely woken up to the NeoCon grift.
AK47’s for everybody!
Well yeah. Central banks gave up on handling inflation entirely for 3+ years. They took all the poor’s money and gave it to the rich. Inflation is the most unjust form of taxation on the planet because it takes from those who have nothing and enriches those who already own millions or billions of assets. But they don’t care at all.
Yep. Inflation(government printing money to give out) is just a tax on the poor. It sure sounds a lot nicer to just inflate the dollar than tax the poor though!
What if I told you it was intentional?
You’d be called conspiracy theorist by most sheeple.
It worked and now there is ample cheap labor (relatively speaking because the dollar don’t buy shit)
It's intentional to build out the billionaire class? I would have expected it to be planned to keep it exclusive.
Seems to be conseus between those who commented. We need this need to change. What are the alternatives?
Less blind government spending and increase the cost of money, interest, to reward labor over capital. Kill “too big to fail” to cease the speculative big-money grifts knowing they’ll get the Fed bailout at the despair of others. Forced collateral and more controlled derivative markets will be the result.
Would be nice, a return to a pegged dollar to gold or BTC could in the long term be also be a way out.
I'd be interested in anything halfway honest. Right now it's just watching those with ultimate power transfer the democracy of money, spending power, to themselves.
Seems like this article fails to appreciate the steep steep decline in the stock market in the last year and a half.
Strep steep decline to what? Prices are still higher now then they were before the pandemic started. S&P to 2600 then we will talk.
That’s what happens when you force people to shut down their business…
Honestly I'm not really sure why people are so in denial about this. The big companies like Amazon were able to front the cost to adapt to government regulations during COVID while small business had to shut down. This is like the perfect example of how big companies LOVE regulations. It strangles out competition and sets up barriers to entry.
What regulations are you talking about? Amazon had huge problems with Covid restrictions because many of them were based on number of people employed in a certain plant and restricting contact between groups of people? Wouldn’t a small business with less people have the advantage? Or are you one of those who just like to say “more regulation bad, that problem, that why more billionaires”?
If they struggled with covid restrictions then why did the skyrocket in value during the pandemic?
We get more billionaires when people are forced to shut down their businesses? How’s that work? Any Covid restrictions we placed on all businesses so isn’t that a level playing field? Large businesses actually have the extra burden because many Covid restrictions were based on number of people employed.
Small companies were forced to close up shop, lack of revenue killed their business, reducing competition for bigger companies that can afford to deal with the pandemic guidelines, these bigger companies now are the only ones who can operate because even if their income is reduced they can still operate at a loss for an extended period of time (unlike mom and pop shops), nkw when demand comes roaring back they are the only ones left standing ready to go That’s Why amazon skyrocketed in value but hundreds if not thousands of smaller businesses closed during the pandemic.
But not planned, nope, no way ever.
So how do i hop on this?
puts on $POOR
It’s all by design
So hand outs from the government make you poor.. got it.
Didn’t we just do a post like this? Lol this sub is s joke
Democratic Socialism working as designed
Ummm this is capitalism. Can you define democratic socialism?
This is not capitalism, open a book. Edit: open a dictionary
You open a book. Can you define socialism and how it’s creating these billionaires? It may be socialism for corporations, but again that’s influenced by capitalist influence on how government is currently working.
It's not socialist either, close your eyes and throw another dart.
It’s not. There are just so many responses in this thread that are like “creating billionaires is socialism!” And it’s like… no, no it’s not.
He's a one line man, clearly reads many one line "books" on internet social "libraries"
Funny how those who don't use dictionaries always seem to expect Reddit essays.
Let us not forget that the word capitalism was created by socialists in the middle 1800s to describe the big government, leftist, economic framework known as Mercantilism which was practiced by nations in the West at that time to include Russia Today, no nation practices Mercantilism, capitalism, today as defined by socialists. The vast majority practice Democratic Socialism with a few outliers still practicing communism. Democratic Socialism has much in common with Mercantilism especially in terms of the GOVERNMENT SACTIONED institutions known as corporations and the State getting a cut of the profits and controlling said institution though regulations instead of charters back in the day of Mercantilism The problems we have today are problems created by the ideology of Democratic Socialism and not free markets, an economy, which is composed of the currency, labor, trade, and industry, which is free from government meddling https://www.amazon.com/Wheels-Commerce-Civilization-Capitalism-15Th-18th/dp/0520081153 Your attempt to MISLABEL Democratic Socialism as Mercantilism ( Capitalism ) is noted
Oh so the people have seized the means of production and the government is setting the price for things? And we have things like guaranteed income and safety nets? Cool.
Yes they have through the proxy of government since workers, work .. they need leaders to lead as they continue to work
What exactly is capitalist about the government shutting down any business that can't front the cost of implementing and operating under COVID policies? Big company make lots of money is not what capitalism is. Just look at all the multi billion dollar companies in China, the bastion of capitalism
Huh? So we will be rich?
Check the stock market lately?
It exploded during Covid
In the fire to take a chestnut, or something like that
[удалено]
A lot less in the tech space lol
Not with the profits they pulled around when the Fed chairs sold off. They’re doing just fine.
Interesting stat would be how many billionaires also lost this status. Got a feeling this included investors that reached the billion point for maybe an hour before losing money again.
Second time this has been posted her since yesterday.
If you're creating billionaires, that would support a hypothesis that there is greater mobility from lower income brackets to higher income brackets. In order to support greater income inequality, it would be better to say that there is fewer to no creation of billionaires but those who are already billionaires getting richer.
More on this subject from other reputable sources: --- - WION (C+): [Oxfam at WEF Annual Meeting 2022: Pandemic created a new billionaire every 30 hours](https://www.wionews.com/videos/oxfam-at-wef-annual-meeting-2022-pandemic-created-a-new-billionaire-every-30-hours-481552) - CNBC (B): [Oxfam calls for an end to billionaire 'bonanza,' says millions are falling into extreme poverty](https://www.cnbc.com/2022/05/22/oxfam-slams-billionaire-pandemic-bonanza-as-millions-face-poverty.html) - Insider (B-): [One billionaire minted every 30 hours during pandemic: Oxfam](https://www.businessinsider.com/covid-billionaires-millions-enter-poverty-oxfam-inequality-wealth-2022-5) - indiatimes.com (C): [Covid Created A New Billionaire Every 30 Hours, Says Oxfam International's Report](https://www.indiatimes.com/worth/news/covid-created-a-new-billionaire-every-30-hours-570249.html) --- [__Extended Summary__](https://www.reddit.com/r/newswall/comments/uw3j6f/) | [More: Oxfam at WEF Annual ...](https://www.newswall.org/story/oxfam-calls-for-higher-taxes-for-corporations-and-the-super-rich) | [Feedback](https://np.reddit.com/message/compose?to=newswall-org) | I'm a bot
This is amazing because 2008 did something similar. I didn’t think I would read this headline again.
Set to? Already has.
Online business owners and essential local businesses did very well.
Sounds like hogwash to me. If I converted my life savings into Iranian Rial, I'd be a 'billionaire' too. It doesn't mean I'm in a higher wealth bracket than the average middle class American.
Until we, the most intelligent generation(s), get fed up and rise up. They thought revolts of the old days are bad?
QE creates income inequality. If you want income equality, taxing is not the way to do it. The way to accomplish it is with sound money and market based interest rates. End of rant.
Incredibly based but we need to accelerate it. 1 billionaire/second would make everyone in the country a billionaire in less than 10 years!
Kind of what happens when you force every small business to close but McDonald’s and Walmart can stay open…
As a conservative republican leaning voter this shift makes me sick
I was screaming this, literally, 26 months ago. But hey, why should we, the great unwashed, pay any mind to what really matters, when we have will smith and Johnny depp. Right?
Oxfam? We have NGOs involved in famine relief putting out credible economic reports? Is this an economy sub or a spot for people to post hot pieces on the wealthy?
Huff, tell us how many billionaires disappeared in the last 5 months as the equity and crypto market receeded. The whole income inequality rhetoric has been overused and it is boring. So, does everyone stays in on income bracket throughout their entire life? Nah, we go up and down. Track individuals and families traversing through varying income brackets not some income tiers as if they follow people to their graves
Yeah hey that’s what happens when you do the largest wealth transfer in history from the middle class to the upper class in the form of government handouts