The Great US 2020 Wealth Transfer Heist. Deep Inequalities in US Society – Global Research


29-05-20 09:26:00,

In less than three-and-a-half years in office, Trump oversaw the Great GOP 2017 tax cut heist.

It handed corporate America and high-net-worth individuals a multi-billion dollar bonanza of enhanced wealth — followed this year by what I call 9/11 2.0, economic collapse triggered by COVID-19 lockdowns.

Along with letting dominant US corporate giants consolidate to greater size and market power, it includes an escalated great wealth transfer from ordinary Americans to privileged ones.

The scheme has been ongoing in the US (and West) for decades, notably since the neoliberal 90s — war on social justice, a plot to eliminate it altogether over time.

It aims to free up US wealth for escalated militarism, endless wars, corporate handouts, and greater enrichment of America’s super-rich.

The grand scheme is transforming the US (and other Western states) into ruler-serf societies — thirdworldized and controlled by police state power, unsafe and unfit to live in, privileged interests served exclusively at the expense of ordinary people.

Since US economic collapse began in February, millions of Americans applied for unemployment benefits — ongoing for 12 consecutive weeks in unprecedented numbers, greater than during the Great Depression, US unemployment today much higher than then.

Overall conditions today for ordinary Americans are far worse than in the 1930s.

Following Franklin Roosevelt’s 1932 election, New Deal programs put millions of people back to work.

Virtually nothing is being done to create jobs today, Dems as culpable as Republicans.

Both right wings of the one-party state are indifferent toward public health and welfare, and it shows by their policies.

Official unemployment numbers way understate reality, the true number around 40% of working-age Americans.

Most US workers with jobs have part-time or temp employment for poverty-level wages with few or no benefits.

Countless numbers of US workers had their hours and pay cut. Growing millions have no health insurance.

Americans can have anything they want — depending on their ability to pay.

They’re increasingly on their own otherwise, notably at a time of unprecedented economic collapse that’s far more serious than COVID-19 outbreaks.

They’ll pass in time,

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US billionaire wealth skyrockets to over $3 TRILLION during pandemic


22-05-20 04:50:00,

Over the last two months unemployment in the United States has risen to levels not seen since the Great Depression. However, US billionaires got even richer during the same period of coronavirus pandemic.

A new report by Americans for Tax Fairness (ATF) and the Institute for Policy Studies showed their fortunes soared by $434 billion or 15 percent during the nation’s lockdown between mid-March and mid-May. The billionaires’ combined net worth rose from $2.948 trillion to $3.382 trillion.

The top five US billionaires—Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett and Larry Ellison—saw their wealth grow by a total of $75.5 billion, or 19 percent. Together they captured 21 percent of the total wealth growth of all 600-plus billionaires in the last two months. 

Bezos and Zuckerburg -wealth up $60 billion since March 18th. Who’s profiting from pandemic?See weekly updates of IPS Billionaire Bonanza 2020

— (@inequalityorg) May 22, 2020

The fortunes of Amazon’s Bezos and Facebook’s Zuckerberg together grew by nearly $60 billion, or 14 percent of the $434 billion total. In March there were 614 billionaires on the Forbes list, and 630 two months later, including newcomer Kanye West at $1.3 billion. 

Tesla’s Elon Musk had among the largest percentage gain of billionaires during the two months, seeing his net worth jump by 48 percent in the period to $36 billion.

The report noted that during that same approximate period, more than 38 million working Americans lost their jobs, nearly 1.5 million Americans got infected with the virus and more than 90,000 died. 

“The pandemic has revealed the deadly consequences of America’s yawning wealth gap, and billionaires are the glaring symbol of that economic inequality,” said ATF’s executive director Frank Clemente. 

Also on
Worst month since Great Depression: US unemployment rate soars to 14.7%, with 20.5 million jobs lost in April

According to him, Jeff Bezos’ wealth growth by $35 billion was almost the same sum that the CARES Act is spending on education programs. Mark Zuckerberg’s $25 billion growth – the same amount the CARES Act is spending on improved SNAP (Supplemental Nutrition Assistance Program or ‘food stamps’) food benefits. 

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If Promoting Wealth Inequality & Social Breakdown Is Bad, The Fed Is Evil


18-01-20 07:50:00,

Authored by Charles Hugh Smith via OfTwoMinds blog,

The Fed will destroy the nation by widening the wealth/income inequality that is breaking down the nation’s social order.

President Reagan was widely mocked in America when he declared the Soviet Union an evil empire, but this calling things by their real name had a profound impact in the Eastern Bloc. The mockery stemmed from the secularized American view that there was precious little moral difference between the USSR and the US, that the USSR was a legitimate “alternative system,” and that ramping up Cold war tensions was not just dangerous but useless, as the USSR was as permanent (or more so) than the US.

None of which turned out to be true. While all nation-states harbor multitudes of sins, the Soviet Empire was unique in its mass suppression of basic human rights, its economic failure to better the lives of its imprisoned populations while its military might soared, and the perverse union of a Kafkaesque bureaucracy and an Orwellian propaganda machine epitomized by the old Soviet-era joke that “we pretend to work and they pretend to pay us.”

Fast-forward to today’s USA where soaring wealth and income inequality is making a social breakdown all but inevitable. Wages for the majority of households have gone nowhere for the past two decades, while the incomes of the top 5% have skyrocketed, with the majority of the gains flowing to the top 0.1%. (See charts below.)

History shows that fast-widening gaps between the super-wealthy / top 5% and the rest of the citizenry inevitably generate social disorder and breakdown. This dynamic is already painfully visible in rising homelessness, suicide rates, opioid addictions, burnout, intolerance, etc.

While there are many dynamics in play that exacerbate wealth / income inequality, the primary driver is the Federal Reserve’s near-infinite giveaways to the financial and corporate elites. If we examine why our economy has become a winner take most casino, we find the gaming tables are rigged to favor the few closest to the Fed’s money spigots: when JP Morgan gets in trouble by leveraging socially parasitic bets, the Fed steps in and saves their gambles by printing hundreds of billions of dollars in repos.

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The Wealth Redistribution Scam that Is “Inflation”


25-12-19 06:49:00,

Authored by Thortsen Polleit via The Mises Institute,

The world over people are told that central banks pursue “price stability” by making sure that consumer goods prices do not rise by more than 2 percent per annum. This is, of course, a big sham. If the prices of goods rise over time, it does not take that much to understand that prices do not remain stable. And if the prices of goods increase over time, it necessarily means that the purchasing power of the money unit declines.

As money loses its purchasing power, income and wealth are stealthily redistributed. Some individuals and groups of people are enriched at the expense of others. Savers and workers are swindled out of their deserved income and retirement benefits, while those who own goods that rise in value or who borrow money typically reap a windfall profit. Clearly, the banking industry is a major beneficiary of monetary debasement.

“Inflation” Is a Rise in the Quantity of Money

Central banks are the very source of the phenomenon that all prices of goods tend to rise over time. They hold the money production monopoly and increase — in close cooperation with commercial banks — the outstanding quantity of money through credit expansion, an increase in the supply of credit that is not backed by real savings. It goes without saying that it is rather profitable to be active in the money-production business.

The increase in the quantity of money results, and necessarily so, in higher prices compared to a situation in which the quantity of money has not been increased. This is no arbitrary assertion but stems from logical reasoning: a rise in people’s money holding lowers the marginal utility of the additional money unit, meaning that the marginal utility of other goods that can be exchanged against money rises.

Consider the case in which the quantity of money in the hands of market agents rises. People will then exchange money balances (which have, from the viewpoint of the money holder, lost in marginal utility) against other vendible items (which have gone up in marginal utility). As people exchange money units against other goods, money prices go up (compared to a situation in which the quantity of money has not been increased).

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Wealth Redistribution Through Climate Activism | Piers Corbyn Interview


07-11-19 07:04:00,

I interviewed Piers Corbyn, scientist, activist and brother of Jeremy Corbyn, about the current political quagmire.

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The Fed’s “Wealth Effect” Has Enriched The Haves At The Expense Of The Young


05-03-19 02:03:00,

Authored by Charles Hugh Smith via OfTwoMinds blog,

The Fed is the mortal enemy of the young generations, and thus of the nation itself.

“The wealth effect” generated by rising stock and housing prices has long been a core goal of the Federal Reserve and other central banks. As Lance Roberts noted in his recent commentary So, The Fed Doesn’t Target The Market, Eh?(Zero Hedge), Ben Bernanke added a “third mandate” to the Fed – the creation of the “wealth effect”–in 2010, the reasoning being that higher asset prices “will boost consumer wealth and help increase confidence” which will then lead to higher spending and all the wonderfulness of endless economic expansion.

But as Chris Hamilton explains in his recent essay Economic Doom Loop Well Underway, “the wealth effect” has enriched the already rich at the expense of the young who didn’t get the opportunity to buy the assets the Fed has pushed to the moon at pre-bubble prices. That privilege was largely reserved for those who bought a decade or two ago, before the Fed made boosting asset prices the implicit goal of all its policies.

Take a look at the chart of household net worth below. Household worth has soared from around $40 trillion in 2000 to $100 trillion in 2018–a gain of $60 trillion while the economy grew at a much more modest pace. Household net worth has leaped from $55 trillion in 2010 to $100 trillion in 2018–$45 trillion in gains for those who already owned stocks and houses.

As Chris observed,“non-discretionary items like homes, rent, education, healthcare, insurance, childcare, etc. are skyrocketing versus wages.” This is visible in the second chart of wage growth, which has hobbled along at 2% or 3% while stocks and housing have doubled or tripled.

The wealth effect has benefited the haves at the expense of the have-nots, the young who can no longer afford to buy homes or start families unless Mom and Dad provide the capital.

The nation is losing an entire generation as a result of the Fed’s cargo-cult like obsession with boosting the wealth of the haves. The wealth effect is the most generationally lopsided policy possible,

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Inequality of Wealth | Armstrong Economics


22-01-19 11:06:00,

QUESTION: Mr. Armstrong; So if I am correct, you have no problem with the inequality of wealth because you have it. Correct?


ANSWER: Let us look seriously at this issue. All of these people who talk about the disparity or inequality of wealth, claiming it is evil, completely fail to even understand the subject. The wealth of someone like Bill Gates and others who created companies like Henry Ford have been looked at or regarded as the super rich and thus evil. The problem boils down to assets v income. Pretend you bought a house in a modest area, say Atlantic City, and then the state passed a law that allowed casinos. Suddenly, your house goes from $100,000 to millions. So you are now “rich.” Since the land value rose, does that mean you should now pay more income taxes every year that may exceed your salary since you own a house that is worth more than average?

Those who talk about the “rich” look at their total asset values and not actual income. The value of someone is based upon their stock holding in a company they created. That is NOT cash. So should they be compelled to surrender that holding? If so, to whom? The government? So now Microsoft is seized by the government. If they sell it in small packages to the average person, the company will not be worth what it once was when the creator is driven out. Apple had to bring back Steve Jobs.

The “super rich” will pay taxes on their income every year but not on their assets, which fluctuate up and down. You may be surprised that most billionaires do not even have $1 million in a checking account. If we tax assets, then you will wipe out all small business that creates 70% of employment. How many farmers died and their heir had to sell off chunks of land to pay death taxes instead of continuing the family business?

You will hear about some billionaire who paid little taxes. That is simply the difference between asset values they did not sell and income. If you bought IBM in 2009, should you be taxed every year on its value that you held but did not sell?

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Generation Wealth: rijkdomheid – De Lange Mars Plus

Generation Wealth: rijkdomheid – De Lange Mars Plus

18-10-18 09:49:00,

In het Fotomuseum in Den Haag draait nog tot 3 februari volgend jaar de film Generation Wealth van Lauren Greenfield. Ogenschijnlijk gaat deze 1,5 uur durende docu over rijkdom van de aanstormende generaties. Pas aan het einde van de film ontvouwt zich de clou. Tegelijkertijd draait in het museum de gelijknamige tentoonstelling.

Greenfield (1966) verzamelde in een periode van 25 jaar een half miljoen foto’s over haar obsessie voor rijkdom en de mensen die zich hiermee bezig houden.

Zij onderzoekt het materialisme, de cultuur van beroemdheden, sociale status staat stil bij het verlangen om rijk te worden tot iedere prijs. In de film interviews in Los Angeles, Moskou, Dubai, China die de consequenties van de (zucht naar) rijkdom laten zien.

Voor sommige mensen zijn gouden handtassen, glanzende sportauto’s, juwelen, luxe villa’s en ‘killer bodies’ zo belangrijk voor hun identiteit en uitstraling dat ze het huren of een imitatie kopen om het maar te kunnen laten zien op Instagram.

De Amerikaanse fotograaf en filmmaker toont de rijke en beroemde 1% en diegenen die hetzelfde imago willen hebben.

Voor Green geven bekende personen een gezicht aan de ‘heilige graal van onze tijd’: een leven met onbeperkte materiële mogelijkheden en maximale bekendheid.

In de film worden mensen geïnterviewd tijdens hun periodes van exorbitante rijkdom en jaren later wanneer het vaak financieel minder met hen gaat.

De teneur is dat hoeveel je ook hebt, je desondanks altijd maar meer wilt.

Rijkdom blijkt een verslaving zoals elke andere. Hebzucht blijkt geprezen te worden, onder het motto:

“Greed is good. Greed works.”(Hebzucht is goed, hebzucht werkt)

Voor de in rijkdom opgegroeide kinderen geldt dat ze nog meer rijkdom verwachten als ze ouder zijn.

Bij het zien van zoveel oppervlakkigheid bekruipt me een algeheel gevoel van ontzetting en ongeloof over zoveel stompzinnigheid om met dit eindeloze gejakker naar meer bezit of een beter imago door te gaan. Vooral het imago is heel belangrijk voor de rijkaards. Hoe zie ik eruit, wat heb ik .

“Als ik aankom rijden in een super limo dan ben ik iemand.”

Pas aan het einde van de film blijkt dat deze niet gaat over rijkdom,

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