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Sunday, 14 October 2018

Wealth of The 1%


 The 1% Will Own Two-Thirds of World Wealth Within the Next Decade
By Isaac Davis

The media is telling us that the economy is stronger than ever. That GDP is outstanding, that middle class income is higher than ever, and that the stock market is smashing all records. Hooray! With all this so-called good news, it’s easier than ever to forget that we are witnessing the greatest transfer of wealth scheme in the history of the world.
No, not the transfer of wealth from baby boomers to their heirs, as the media likes to tout, but an actual gutting of the middle class and ordinary people by a criminal plutocracy which has created the necessary regulatory, market, and technical conditions to steal the wealth of whole civilizations.
You may recall that in the financial crisis of 2008, the federal government proceeded to solve a problem created by bankers and fraudulent lending schemes, by giving said bankers tons of taxpayer money. Most of the media maintains that the government doled out $7-800 billion dollars, but an audit of the Federal Reserve’s emergency lending programs tells a different story. Forbes reported on this great lie back in 2001:
    “The audit of the Fed’s emergency lending programs was scarcely reported by mainstream media – albeit the results are undoubtedly newsworthy.  It is the first audit of the Fed in United Stateshistory since its beginnings in 1913.  The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis.”
To be clear, the money in question is money that will be charged to the American people, with interest. It represents our labor. Our time and energy. Our lives. Stolen and given away to those who need it the least.
    “”[The] billions … they allegedly earn for their shareholders [are] almost entirely a gift from US taxpayers.”
Now, a recent projection from the UK House of Commons Library predicts that the wealth of the 1% will rise to two-thirds of total world wealth by 2030.
    “An alarming projection produced by the House of Commons library suggests that if trends seen since the 2008 financial crash were to continue, then the top 1% will hold 64% of the world’s wealth by 2030. Even taking the financial crash into account, and measuring their assets over a longer period, they would still hold more than half of all wealth.
    Since 2008, the wealth of the richest 1% has been growing at an average of 6% a year – much faster than the 3% growth in wealth of the remaining 99% of the world’s population. Should that continue, the top 1% would hold wealth equating to $305tn (£216.5tn) – up from $140tn today.
    Analysts suggest wealth has become concentrated at the top because of recent income inequality, higher rates of saving among the wealthy, and the accumulation of assets. The wealthy also invested a large amount of equity in businesses, stocks and other financial assets, which have handed them disproportionate benefits.”
This follows a widely reported on Oxfam International study from 2017 which highlights the dramatic rise in income equality by noting that the combined wealth of the world’s top 8 individual billionaires is more than the lower half of the world’s population, some 3.6 billion people.
    “Post-recession data shows that about $33 trillion went to the richest 10%, who are overwhelmingly millionaires (13 million millionaires, 12.6 million U.S. households!) That nearly doubled the wealth of each member of the richest 10%. Average net worth is now $14 million for each 1% household, and the greater part of a million for even the ‘poorest’ household in the top 10%.
    In comparison, average net worth for the poorest half of America decreased from $11,000 to $8,000 since the recession.”
Wealth inequality is a rising tide that will consume us all within a generation or two. A new, high-tech feudal system is being organized and constructed right in front of our very eyes. The wealthiest are buying up assets, productive farmland, remote properties, doomsday bunkers, and a ridiculous amount of insanely lavish toys like the modern super yacht.
In the stock market crash of 1929, ordinary investors were wiped out, companies went under, people starved. But those who knew how to play the game made out like bandits, and in the years during the Great Depression were able to buy companies for pennies on the dollar, thereby making the Depression and incredibly lucrative time for them.
Now we see the same widespread speculation and pumping of the stock market again, and we are poised for another dramatic crash anytime now, in which the wealthiest will again make out like bandits, while most of the rest of us lose everything.
It’s important to remember that this would not be possible without the banking and financial system we have, which uses fractional reserve money creation, and inflation to give new money to those at the top, who are then able to use that money first, buying up assets before the inflationary effects of reserve banking kick in.
    “…the U.S. stock market is currently trading at extremely precarious levels and it won’t take much to topple the whole house of cards. Once again, the Federal Reserve, which was responsible for creating the disastrous Dot-com bubble and housing bubble, has inflated yet another extremely dangerous bubble in its attempt to force the economy to grow after the Great Recession. History has proven time and time again that market meddling by central banks leads to massive market distortions and eventual crises.” ~Jesse Colombo, Forbes
Final Thoughts
If you’re part of the 99% and you believe in hard work and honest money, then pay attention, because a very small percentage of us have rigged the game and are feverishly working to steal everything from you.
    “We are now two years into the peak of the second Gilded Age… We’re at an inflection point… Wealth concentration is as high as in 1905, this is something billionaires are concerned about. The problem is the power of interest on interest – that makes big money bigger and, the question is to what extent is that sustainable and at what point will society intervene and strike back? Will there be similarities in the way society reacts to this gilded age?
    “Will the second age end or will it proceed?” ~Josef Stadler