- cross-posted to:
- aboringdystopia@lemmy.world
- cross-posted to:
- aboringdystopia@lemmy.world
Key Points
- The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter.
- All of the gains came from stock holdings thanks to an end-of-year rally.
- Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”
The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.
The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.
While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.
tHe EcOnOmY iS dOiNg GrEaT
No, the stock market is doing great at making the rich richer. The economy is fucking broken. On purpose. The crushing of the working class to enrich the 1% is capitalism working exactly as intended.
I’m sure the wealth will trickle down any moment now. Been waiting about 40 years now. Must be happening soon.
It only trickles down in blood, dear. And only that you shed. Kill your masters, kill for your masters, or die for them. Those are your options.
Some much computational energy and human talent is wasted on finance coming up with imaginary and derivative products that do nothing but make rich people richer.
It’s nothing but speculative wealth that doesn’t actually exist, but the federal government prints bonds to underwrite this garbage. Then morons talk about how the feds print money that cause inflation, but are too stupid to realize why.
The banks print the money. The fed just checks off on it.
And by print I mean they update their excel.
Interest is the culprit. Usury. You loan out $100 for $120 in return, at the end of the day you got $20 extra that you did no work for. There’s nothing to back that up, it’s fiat by nature. For over a millennia it was outlawed in all of Christendom but people still wanted the ability to borrow money…so Jews got slotted into that role because Judaism has no problem with it.
But what do you know…, people who make money from money and not their hands aren’t trusted and anti-semiticism was born.
Whether warranted or not, today we call that distrust income inequality and there’s a reason every government tracks the metric, because at a certain point - which we almost assuredly are fast approaching - society will become untenable and people will have to choose, do they let themselves be pressed to death or do they rise up and relieve the boots from the bodies? What are you gonna choose?
Fascists, once they gain power, go one by one thru the various social groups. Eliminating, “cleansing”, or “reeducating” thru forced labor camps until no one is left but the other fascists, and as nationalism is just lipstick on a pig of a power grab; with its own fashions, fables and false prophets poisoning our well, spreading falsehoods, selling fear to distract the exploitation and corruption of societies institutions. Once theyve arrived, they inevitably turn their hatred inward and cannibalize themselves. As evil always does.
Capitalism is just the economic expression of fascism. A marionette show to distract from the power grab, the looting, the cannabalizing of society.
Socialism was supposed to be the compromise and theyve taken that now as well. For millenia humanity survived under anarchy. If anything, Anarchy is our natural state of being, so calm any fears you might have, if society falls back to our state of nature, well, the majority of people who have ever lived lived just like that, so you’ll be in good company.
And no one will listen to you because America has a stake in the stupidity of its people.
Thank you! Economy is just who does what work and how we hand out the fruits. Money is just a bullshit abstraction they introduced.
We need to reset ownership. If it doesn’t work for you, burn it down. Its what they do.