Ходжа Н. (hojja_nusreddin) wrote,
Ходжа Н.
hojja_nusreddin

Bill Bonner: "Rigged System"


The new money substitute, which we’ve lived with for 45 years, is a fraud

- A dollar in 1971 is worth about 17 cents today
- In other words, it has lost roughly 80% of its buying power
- Had you been counting on it to preserve the value of your work from the previous decade,
- it robbed you of everything from 1960 to 1968.

The phony dollar has misled an entire generation into spending money it didn’t really have...

- doubling or tripling its debt-to-earnings ratio... and
- shifting more and more of its real wealth to the least productive people — the Parasitocracy

The Parasitocracy is the financial services industry

- In 1971 it was just 1.25% of GDP
- Today, it’s more than 3 times that much
- In terms of real output, finance is still tiny
- But that’s now where the money is!
- Here’s an item from Monday’s paper:
- The biggest 6 banks in America raised their CEO pay by 7.6% last year
- about 3 times faster than GDP growth.
- The “Big 6” executives now earn an average of $13.1 million a year.
- JPMorgan Chase boss Jamie Dimon is in the lead with a $27.6 million pay package.

Social injustice

- The richest 1% of the population, meanwhile, has increased its share of national wealth from 25% to 40%
- And the richest 1/10 of the 1% has done even better
- going from 10% of national income in 1971 to 20% today.
- Lucky? Not really
- The system was rigged with the "new money"

__________________________________________
https://bonnerandpartners.com/heres-the-real-reason-the-rich-get-richer/
Tags: американа, банкстеры, деньги, доллар, инфляция, коррупция, социолухия
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