Never Before Have So Many Americans Been So Wealthy

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Riddick
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Never Before Have So Many Americans Been So Wealthy

Post by Riddick » 09-21-2016 12:49 AM

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When John D. Rockefeller took the title as America's first ever billionaire, in 1916, it was as rare an event as sighting a white whale. Seven decades later, the number of billionaires had still only reached 44; since then, however, the ranks of the megarich have surged ahead with a caffeinated velocity. FULL STORY
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Re: Never Before Have So Many Americans Been So Wealthy

Post by kbot » 09-21-2016 08:03 AM

But is it really "wealth", or just an accumulation of a set of numbers with a lot of zeros? If we look at how much things used to cost before our currency was removed from the gold standard, prices were fairly consistent over time. So, it's kinda funny on the one hand to look at old movies from the 30s and 40s and see storefront scenes with ads in the windows for commodities and product priced in cents, whereas now it takes multiple whole dollars to buy the same item.

With what we have now, there is absolutely no connection between products and services and a tangible asset that is stable in cost - it's all perception called "consumer confidence" - which, ironically, you NEVER hear mentioned anymore. When the US Dollar was removed from the gold standard, it was a common refrain to hear reference to consumer confidence as this affected the value of the US Dollar. Now, it's a joke and everyone is coming to realize it
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Re: Never Before Have So Many Americans Been So Wealthy

Post by Riddick » 09-21-2016 04:59 PM

kbot wrote:But is it really "wealth", or just an accumulation of a set of numbers with a lot of zeros?
...
When the US Dollar was removed from the gold standard, it was a common refrain to hear reference to consumer confidence as this affected the value of the US Dollar. Now, it's a joke and everyone is coming to realize it
More zeroes means more wealth? Oh, the irony!

Still it's not much ado over nothing. Not when by any objective measure there's more mega-rich folks, wealthier than ever, and that mere fraction of all folks hold assets that exceed the value of those held by the rest of us.

That's another joke. But hey, you and I don't have to get it. The Big Club, they're laughing all the way to the bank...
A mind should not be so open that the brains fall out; however, it should not be so closed that whatever gray matter which does reside may not be reached. ART BELL

Everything Woke turns to Image
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