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And over 500 people joined the ranks of the elites over the past 2 years.
Over 500 new billionaires due to the pandemic.
This is global, not limited to the US.
The world’s billionaires have increased their wealth by trillions of dollars since the beginning of the coronavirus pandemic, while the world’s poorest people are struggling with soaring prices and rising debt, according to an analysis by charitable organization, Oxfam.
..
The report’s authors calculate that 573 people became new billionaires during the pandemic, at the rate of one every 30 hours. Conversely, Oxfam says 263 million more people will crash into extreme poverty in 2022, at a rate of a million people every 33 hours.
Every day there is a story about how the economy is going to tank and another one about how it's going to take off. I posted on the economics forum back in early April that the DOW was about to drop like a rock, and it did. Personally, I don't think we hit the bottom yet. As long as fuel remains at $5 per gallon and the government keeps "printing" money, inflation and COL will soar, and people will stop buying things. That's not to mention all of the war-related food and fuel issues. Then throw in QT. I don't see this getting better any time soon.
I don't either. The ship has no one at the helm. Unguided we are at the mercy of worldwide economic noise and loss of signal. The only things that might pull us out of the dive and into a softer landing would be some strong policy decisions on the part of the administration. Coordination of oil and gas re-start, resolution of the Ukrainian conflict, Fed policy and how about some really strong leadership to restore people's confidence? The withering old feeb bobbing in his nutrient vat 18 hrs a day runs America at a 33% approval rating. How does that make consumers feel about buying anything significant to help keep the economy running? There's a self-fulfilling aspect to failure and we are led by utter and total failures who exude a future of doom.
These financial types desperately want the government and central banks to keep pumping. This is how the casino keeps operating and makes them lots of money and they have a lot of fun with it. That heroin stimulus high was a rush for them.
In any case, these analysts are always predicting all sorts of stuff. They don't get paid to be right. If they did, 90% of them would have to quit and get real jobs instead of peddling clickbait articles for us to consume.
Top and bottom suck from the middle. Outside the US the bottom are virtual slaves. It's no surprise everyone wants to come here for their free stuff.
Diamond is just setting up to ask for bailouts the moment the stock market drops off and all that QE money disappears. Look what he listed as the Number 1 reason:
Quote:
The big picture: Dimon cited two main factors while speaking at the Strategic Decisions Conference in New York:
The Fed's decision to shrink its holdings of securities acquired under its quantitative easing program by up to $95 billion a month.
Russia's invasion of Ukraine and its impact on the global economy. Dimon said in his annual letter to JPMorgan's shareholders that the "war in Ukraine and the sanctions on Russia, at a minimum, will slow the global economy — and it could easily get worse."
The free money train has ended and they will be asking for another soon. They will get Billions and you might get $600 bucks. Remember last year when people received $1200 dollars, these so-called business leaders acted like that money was enough to float middle America for 12 months. But the Billions in QE over 10 years was nothing.
I agree. The Biden administration blames all this on Putin's war. Yellen just admitted this morning that maybe she made a mistake. Powell still thinks this is temporary and stated he was a little off in his projection of inflation (he projected 2% max).
So with no one actually doing anything (Powell's rate increase is a joke) inflation will soar.
We need to resurrect Volcker and put him in charge.
Better yet, get rid of the Federal Reserve and put we the people in charge.
What change ? I'm sorry but life is not fair. We all can't be billionaire's, and its asinine to expect them to lift those in poverty out of it.
There are too many ways to change to count, but none of these will happen if the "ruling class" (I put this in quotes because this ruling class is both willfully organized but also manifests via emergence) faces 0 consequences for subtle-to-egregious exploitative, corruptive, manipulative, anti-social etc actions. Morals and ethics aside, wealth inequality definitely cannot continue to grow without some form of redistributive revolution or brutal authoritarianism (ie dumping undesirables into a landfill). Life isn't fair, you got that right.
There are too many ways to change to count, but none of these will happen if the "ruling class" (I put this in quotes because this ruling class is both willfully organized but also manifests via emergence) faces 0 consequences for subtle-to-egregious exploitative, corruptive, manipulative, anti-social etc actions. Morals and ethics aside, wealth inequality definitely cannot continue to grow without some form of redistributive revolution or brutal authoritarianism (ie dumping undesirables into a landfill). Life isn't fair, you got that right.
Well, be prepared to live a miserable and angry life because there will always be income inequality.
Well, be prepared to live a miserable and angry life because there will always be income inequality.
You're being dense, there are levels to this. I'm ok with stubbing my toe occasionally, but I'm not ok with a pitbull ripping my foot off. You say: "There will always be pain in life, get used to it".
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