Wealth Inequality in the U.S.

[ponda]

Full article from Waking Times (http://www.wakingtimes.com/2016/10/11/global-wealth-transfer-schemes-intentionally-widening-income-gap/?utm_source=Waking+Times+Newsletter&utm_medium=email&utm_campaign=288eca51c1-RSS_EMAIL_CAMPAIGN&utm_term=0_25f1e048c1-288eca51c1-54356065)



Shocking Statistics of Wealth Inequality and Gap Between Rich and Poor

This video is based on a Harvard study which reported that in 2012 for the US that:

The top 1% of people own 40% of the wealth

The bottom 80% of people own 7% of the wealth

The top 1% take home 24% of the national annual income (up from 9% in 1976)

The top 1% own 50% of stocks, bonds and mutual funds, while the bottom 50% own 0.5%



http://www.youtube.com/watch?v=QPKKQnijnsM

[ozmirage]

http://www.federalreserve.gov/faqs/currency_12773.htm

Q: How much U.S. currency is in circulation?
A: There was approximately $1.45 trillion in circulation as of April 6, 2016, of which $1.4 trillion was in Federal Reserve notes.

https://en.wikipedia.org/wiki/Financial_position_of_the_United_States

". . . The financial position of the United States includes assets of at least $269.6 trillion and debts of $145.8 trillion to produce a net worth of at least $123.8 trillion."

With only 1.4 trillion dollar bills in circulation, one must wonder how any eCONomist can claim 'net worth' of 123.8 trillion dollar bills, let alone explain how 145.8 trillion dollar bills were BORROWED (debt).

No 'wealthy' entity can ever really 'cash out' at parity with a mere $4,375 per capita in circulation.

Remember, pursuant to law, 12 USC Sec. 411, the only way to authorize NEW dollar bills is for CONgress to go deeper into debt. Ergo, to have 123.8 trillion dollar bills available for "cashing out," the CONgress would need to raise the public debt to over 123.8 trillion dollars.

Write a polite questionnaire to your public servant and ask for an explanation.

[take]

Thats a good video, but it's four years old. The gap has gotten waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy bigger since then. Maybe it's time to do something?

[Wind]

USA isn't a democracy and hasn't been in a long time, it's a plutocracy.

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[ponda]

Thats a good video, but it's four years old. The gap has gotten waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaayyyyyyyyyyyyyy yyyyyyyyyyyyyyyyyyyyyyyyyy bigger since then. Maybe it's time to do something?


Yeah it's even worse globally.

This video below is three years old and says that at that time 'officially' the top 1% owned about 43% of the worlds wealth. That figure has supposed to have risen to over 50% now and is probably a lot worse in actual fact. The richest 300 people have more wealth than the bottom 3 billion.

Maybe it's time to " change the rules"


http://www.youtube.com/watch?v=uWSxzjyMNpU

[enigma3]

Money in circulation includes MUCH more than currency and coin. There is one measure for bills (notes) and coinage, another for stocks and bonds and their groupings. And yet another for derivatives and credit default swaps. Derivatives dwarf all other forms of money in circulation. Derivatives are bets made in fantasy land by the wealthy only. They have NO relation to the actual economy. The 2008 financial meltdown was caused by "banks" over extending themselves in derivative bets and not having the money to pay off bad derivative debts. Sub prime mortgages became more derivative bets that crashed and burned. The middle class bailed the banks out at first and quantatative easing (printing funny money) has kept the banks solvent since. With so much printing of funny money, our cash has lost value. It is estimated that the 2008 meltdown and aftermath shifted 1.5 trillion of the middle class money to the wealthy elites. Financial policy by the Fed and Congress has sucked another 2 trillion from us since 2008. Sure looks like a deliberate overall policy to gut the middle class in the US. And it looks like it is working pretty good.

It is interesting to talk to people who lost 40% of their wealth during the meltdown. And interesting to realize how little most people understand contemporary finances. Even Warren Buffet lost 40% of his holdings. And where did that money go? It did not disappear, as any casual scan of a graph of money in circulation would show. It went into the pockets of the 1% and major banks. But mostly to the 1%.