A Detailed Look At Global Wealth Distribution

Tyler Durden's picture Submitted by Tyler Durden on 10/11/2010 20:12 -0500

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By now it should be common knowledge to everyone that in American society, the top wealthiest 1 percentile controls all the political power, holds half the wealth, and pays what is claimed to be the bulk of the taxes (despite mile wide tax loopholes and Swiss bank accounts). The rest of the population is merely filler, programmed to buy every latest self-cannibalizing iteration of the iPad/Pod while never again paying their mortgage and brainwashed to watch 2 hours of prime time TV commercials to keep it distracted from the fact that the last time America was a democracy was around the time the Wright brothers were arguing the pros and cons of frequent flier programs. So far so good. But what about the rest of the world? How is wealth stratified in a global perspective? Where do the “rich” live? What kind of wealth is controlled by various countries? Where are the Ultra High Net Worth people? For answers to all these questions, and much more, confirming that just like in America, the wealthiest 0.5% control over 35% of world wealth, Credit Suisse has compiled and released its latest “Global Wealth Report.” The findings are summarized here.

The first figure shows world wealth by region. The US, with its wealth of about $50 trillion, accounts for 25% of total world wealth, which at last check was about $200 trillion. And yes, Europe as a region has a slightly greater wealth portion (32%) than does America (31%).

When it comes to geographic distribution, it is to be expected that North America will have the greatest proportion of people in the ultra wealthy category. Indeed, the chart below confirms this.

Drilling down into asset composition in various countries, it becomes obvious why the Fed is so focused on keeping the stock market high. With America being the wealthiest country in the world, and the bulk of US wealth held in financial assets, offset by a material amount of debt, which confirms that a deflationary spiral would be the end for the “wealth effect” so desired by Ben Bernanke. More from CS: “Consider first the relative importance of financial versus non-financial assets, and the size of debt. Expressed as a percentage of gross household assets, the pattern clearly differs markedly between poorer and richer countries and regions. In developing countries (see Figure 1), for example India and Indonesia, it is common for 80% or more of total assets to be held in the form of non-financial assets, largely housing and farms. A high proportion of real property is also evident in transition countries in Europe, reflecting in part the wholesale privatization of housing in the 1990s. As countries develop and grow, the importance of non-financial assets tends to decline, so that the share in China, for instance, is now close to half. In the richest countries, financial assets typically account for more than half of household wealth. There are interesting exceptions to this general pattern. Recent robust house price rises have propelled the share of non-financial assets above 60% in France and some other major European countries. South Africa, on the other hand, is an outlier in the developing world, with exceptionally high holdings of financial assets: the figure of 80% exceeds the share found in both the United States and Japan.” In other words, the more “developed” the world becomes, the greater the amount of wealth tied into the perpetuation of the Ponzi lies. Small wonder why so few in charge are willing to actually do anything that changes the status quo.

Next, it is time to drill down in the specific composition of the financial assets.

Figure 2 provides more detail, showing the breakdown of financial assets into three categories: currency and deposits, equities (all shares and  other equities held directly by households), and other financial assets for selected countries. To add further detail, in most countries the  reserves of life insurance companies and pension funds form the largest component of “other financial assets.” The composition of financial assets differs considerably across countries, especially with regard to the importance of shares and other equities. One interesting trend we note is that equities are not always a large component of household financial wealth, even in countries with very active financial markets. In the United Kingdom and Japan, for example, equities account for just 13% and 9% of total financial assets respectively. In contrast, they make up 37% and 43% of financial assets in Sweden and the USA, respectively. Broadly speaking, the relative importance of currency and deposits falls as that of bonds and equities increases. On the other hand, the portfolio share of “other financial assets” does not vary a lot, staying in the range of about 40%–45%. However, when we come to the UK, Japan and Colombia, which have the lowest portfolio share of equities, the pattern breaks down. The UK has a moderate currency and deposits share, but the largest “other financial assets” share, reflecting large life insurance and pension reserves. Colombia also has more in the form of “other financial assets” than is typical. Japan, on the other hand, which has a strong tradition of saving in deposit form, has a very large currency and deposits share and only a 35% share of “other financial assets.”

An interesting detour looks at gender distribution for asset holders in the US and the UK. As the chart below shows, in the UK women appear to hold more risky assets than men.

Looking at the history of global wealth per adult, net worth peaked just before the first ponzi/credit/housing bubble popped, confirming that a major portion of the then-record $50K/adult net wealth was imaginary. Yet it may have far more to drop: as CS says, “despite the financial crisis, the past decade has in fact been a relatively benign period for household wealth accumulation. Global net worth per adult rose 43% from USD 30,700 in the year 2000 to USD 43,800 by mid-2010. Since the number of adults increased from 3.6 billion to 4.4 billion over this period, aggregate household wealth rose by 72%. One important factor here was the depreciation of the dollar against most major currencies, which accounts for part of the rise in dollar-denominated values, but average net worth still increased by 24% when exchange rates are held  constant.” The next question is how much latent dollar devaluation has been accrued to this point and how much more is due to only gradually emerge.

The next chart is rather self-explanatory. The richest nations, with wealth in 2010 above USD 100,000 per adult, are found in North America,  Western Europe, and among the rich Asian-Pacific and Middle East countries. They are topped by Switzerland, Norway, Australia, Singapore and  France, each of which records wealth per adult above USD 250,000. Average wealth in other major economies such as the USA, Japan, the  United Kingdom and Canada also exceeds USD 200,000.

And some more detail on the various wealth regions:

 

Emerging wealth: The band of wealth from USD 25,000 to USD 100,000 covers many recent EU entrants (Poland, Hungary, Czech Republic,  Slovakia, Latvia, Lithuania, Estonia, Cyprus) and important Latin American countries (Mexico, Brazil, Chile), along with a number of Middle  Eastern nations (Lebanon, Saudi Arabia, Bahrain).

Frontier wealth: The main transition nations outside the EU, including China, Russia, Belarus, Georgia, Kazakhstan and Mongolia, fall in the USD 5,000 to USD 25,000 range, together with some of their Far East neighbors (Indonesia, Thailand) and most of Latin America (Colombia,  Ecuador, Peru, El Salvador). The group also contains a number of African nations at the southernmost tip (South Africa, Botswana, Namibia) and on the Mediterranean coast (Morocco, Algeria, Tunisia, Egypt).

Finally, the category below USD 5,000 comprises almost all of South Asia, including India, Pakistan, Bangladesh and Nepal, and almost all of Central and West Africa.

Next is a pie chart of with a detailed break down of wealth distribution by region.

Credit Suisse provides a look at geographic wealth distribution by decile:

To be among the wealthiest half of the world, an adult needs only USD 4,000 in assets, once debts have been subtracted. However, each adult requires more than USD 72,000 to belong to the top 10% of global wealth holders and more than USD 588,000 to be a member of the top  1%. The bottom half of the global population together possess less than 2% of global wealth, although wealth is growing fast for some members of this segment. In sharp contrast, the richest 10% own 83% of the world’s wealth, with the top 1% alone accounting for 43% of global assets. Figure 4 shows how the regions of the world are represented amongst the wealth deciles. Unsurprisingly for example, North America and Europe together make up the lion’s share of the top wealth decile (10%). China has relatively few representatives at the very top and bottom of the global wealth distribution, but dominates the middle section, supplying more than a third of those in deciles 4–8. The sizeable presence of China in the middle section reflects not only its population size and moderate average wealth level, but also relatively low wealth inequality. China’s position in the global picture has shifted upwards in the past decade as a consequence of a strong record of growth, rising  asset values and the appreciation of the renminbi relative to the US dollar. China already has more people in the top 10% of global wealth  holders than any country except for the USA, Japan and Germany, and is poised to overtake both Germany and Japan in the near future.

Next is the chart that everyone has seen as it pertains to America, but few have seen in terms of the entire world. Per CS, Figure 1 shows “The global wealth pyramid” in striking detail. It is made up of a solid base of low wealth holders with upper tiers occupied by fewer and fewer people. We estimate that 3 billion individuals – more than two thirds of the global adult population – have wealth below USD 10,000. A further billion adults (24% of the world population) are placed in the USD 10,000–100,000 range, leaving 358 million adults (8% of the world population) with  assets above USD 100,000. Figures for mid-2010 indicate that 24.2 million adults are above the threshold for dollar millionaires. While they make up less than 1% of the global adult population, they own more than a third of global household wealth. More specifically, individuals with wealth above USD 50 million are estimated to number 81,000 worldwide.

Some more details on the various tiers of the pyramid:

Bottom of the pyramid

The various tiers of the wealth pyramid have distinctive characteristics. The base level is spread broadly across  countries. It has significant membership in all regions of the world, and spans a wide variety of family circumstances. The upper wealth limit of USD 10,000 is a modest sum in developed countries, excluding almost all adults who own houses, with or without a mortgage. Nevertheless, a surprisingly large number of individuals in advanced countries have limited savings or other assets.

A high proportion are young people with little opportunity or interest in accumulating wealth. In fact, limited amounts of tangible assets  combined with credit card debts and student loans lead many young people to record negative net worth. In Denmark and Sweden, for example, 30% of the population report negative wealth. This is an important and often overlooked segment, not least in the context of the credit crisis.

Low wealth is also a common feature of older age groups, particularly for those individuals suffering ill health and exposed to high medical bills. In fact, the means testing applied to many state benefits, especially contributions to the cost of residential homes, provides an incentive to shed wealth. Nevertheless, relatively few people in rich countries have net worth below USD 10,000 throughout their adult life. In essence, membership of the base section of the global wealth pyramid is a transient, lifecycle phenomenon for most citizens in the developed world.

The situation in low-income countries is different. More than 90% of the adult population in India and Africa fall in this band; in many low-income African countries, the fraction of the population is close to 100%. However, the cost of living is usually much lower. For a resident of India, for instance, assets of USD 10,000 would be equivalent to about USD 30,000 to a resident of the United States. In much of the  developing world, this is enough to own a house or land – albeit possibly with uncertain property rights – and to have a comfortable lifestyle by local standards.

Middle of the pyramid

The billion adults in the USD 10,000–100,000 range form the middle class from the perspective of global wealth. With USD 32 trillion in total wealth, it certainly carries economic weight. This tier has the most regionally balanced membership, although China now contributes almost a third of the total. The wealth range would cover the median person over most of his adult life in high income countries. In middle income countries it would apply to a middle class person in middle age. However, in low-income countries only those in the top decile qualify, restricting membership to significant landowners, successful businessmen, professionals and the like.

High segment of the pyramid

When we consider the “high” segment of the wealth pyramid – the group of adults whose net worth exceeds USD 100,000 – the regional composition  begins to change. With almost 358 million adults worldwide, this group is far from exclusive. But the typical member of the group is very different in different parts of the world. In high income countries, the threshold of USD 100,000 is well within the reach of middle-class adults once careers have been established. In contrast, residents from low-income countries would need to belong to the top percentile of wealth holders, so only the exceptionally successful, well endowed or well connected qualify.

The regional contrast shows up in the fact that North America, Europe and the Asia-Pacific regions account for 92% of the global membership of the USD 100,000+ group, with Europe alone home to 39% of the total. As far as individual countries are concerned, the membership ranking depends on three factors: the population size, the average wealth level, and wealth inequality within the country. Only 15 countries host more than 1% of the global membership. The USA comes top with 23% of the total. All three factors reinforce each other in this instance: a large population combining with high mean wealth and an unequal wealth distribution. Japan is a strong runner-up, the only country at present to seriously  challenge the hegemony of the USA in the global wealth ranking. Although its relative position has declined since the year 2000 due to lackluster stock market and housing market performance, Japan is still home to 15% of individuals with wealth above USD 100,000.

Top of the pyramid

At the top of the pyramid, we find the world’s millionaires, where we again witness a slightly different pattern of membership. The proportion of members from the United States rises sharply to 41%, and the share of members from outside of the North America, Europe and Asia-Pacific regions falls to just 6%. The relative positions of most countries move downwards, but there are exceptions. The French share is estimated to double to 9%, while Sweden and Switzerland are each now credited with more than 1% of the global membership.

And next, is a detailed look at the very top of the pyramid: those individuals which have over 1 million in net worth.

To assemble details of the pattern of wealth holdings above USD 1 million requires a high degree of ingenuity. The usual sources of data – official statistics and sample surveys – become increasingly incomplete and unreliable at high wealth levels. A growing number of publications have followed the example of Forbes magazine by constructing “rich lists,” which attempt to value the assets of particular named individuals at the apex of the wealth pyramid. But very little is known about the global pattern of asset holdings in the high net worth (HNW – greater than USD 1 million) and ultra high net worth (UHNW – from USD 50 million upwards) range.

We bridge this gap by exploiting well-known statistical regularities in the top wealth tail. Using only data from traditional sources in the public  domain yields a pattern of global wealth holdings in the USD 250,000 to USD 5 million range, which, when projected onward, predicts about  1000 dollar billionaires for mid-2010. Although not exactly comparable, this number is very close to the figure of 1,011 billionaire holdings reported by Forbes magazine for February 2010. Making use of the regional affiliation recorded in rich lists allows us to merge the top tail  details with data on the level and distribution of wealth derived from traditional sources in order to generate a regional breakdown of HNW and UHNW individuals. At this time, we do not attempt to estimate the pattern of holdings across particular countries, except China and India which are treated as separate regions. However, as a rule of thumb, residents of the USA account for about 90% of the figure for North America.

The base of the wealth pyramid is occupied by people from all countries of the world at various stages of their lifecycle. In contrast, HNW and UHNW individuals are heavily concentrated in particular regions and countries, but the members tend to share a much more similar lifestyle,  often participating in the same global markets for high coupon consumption items. The wealth portfolios of individuals are also likely to be  similar, dominated by financial assets and, in particular, equity holdings in public companies traded in international markets. For these reasons, using official exchange rates to value assets is more appropriate, rather than using local price levels to compare wealth holdings.

Our figures for mid-2010 indicate that there were 24.5 million HNW individuals with wealth from USD 1 million to USD 50 million, of whom the vast majority (22 million) fall in the USD 1–5 million range. North America dominates the residence ranking, accounting for 11.1 million HNW individuals (45% of the total). Europe accounts for 7.8 million (31.7%) and 4.1 million reside in Asia-Pacific countries other than China and India. We estimate that there are now more than 800,000 HNW individuals in China, each worth between USD 1 million and USD 50 million (3.3% of the global total). India, Africa and Latin America together host the remaining 740,000 HNW individuals (3.0% of the total).

The take home message is that the wealthiest people in the world have the bulk of their wealth entrenched in the current system and any dramatic overhaul or reset of the status quo will be met by the stiff resistance of those who can summon fleet of jets, private armies, and even Fed chairmen on a whim. Whether anyone will have the wherewithal to confront the broken system under such conditions remains to be seen.

And for those seeing more granular detail by country, below are the profiles of the 15 or so wealhtiest countries.

 

h/t London Dude Trader

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by honestann
on Mon, 10/11/2010 – 20:24
#642216

.

Login or register to post comments by morph
on Tue, 10/12/2010 – 04:06
#642627

No surprises on the UK. A lot in housing and not much in equities.

Equities are not big here, mainly I guess due to not having the 401k culture that the USA has. Stuffing your money into a pension fund is though. Of course that just ends up in equities, or equities with a huge fee attached

Login or register to post comments by honestann
on Mon, 10/11/2010 – 20:24
#642217

.

Login or register to post comments by honestann
on Mon, 10/11/2010 – 20:23
#642218

If the richest were richest because they were the most productive (after substracting whatever destruction they perform), then the richest would deserve admiration.

Today, however, the richest are almost all rich without being productive.  In fact, most are rich because they are master predators.

Let everyone enjoy/bare/suffer ALL the consequences of his own actions, and enjoy/bare/suffer ZERO consequences of the actions of others.

Login or register to post comments by eatthebanksters
on Mon, 10/11/2010 – 22:05
#642388

That’s not fair.  I’m not rich but I know a fair amount of rich people and most of them are very good, decent people who work hard, are smart and maybe had a little bit of luck.  I think if you did a population sampling of rich people you would find the same percentage of criminals as in the group of poor people.  The rich ones just seem to get away with it and give the rest of their crowd a bad rep.  Let’s burn some of those bad boy fat cats and lock em up.

Login or register to post comments by honestann
on Tue, 10/12/2010 – 00:08
#642548

That depends on who you consider “rich”.  In the context being discussed, “rich” means super rich.  Sure, the further down the “rich” scale, the more “earned” [a fair portion of] their wealth.

But you are very wrong about percentages of criminals being independent of wealth.  The super-rich are ALL massive criminals.  That doesn’t mean they never did anything productive, that simply means they get rich through unethical, non-productive acts.

This extends down to professions like doctors and plumbers.  A huge portion of doctor revenue exists due to unethical laws and regulations that force people to visit doctors to get permission slips to buy and consume medicines they need.  That is extremely unethical and predatory practice, and most doctors willingly paid their union (the AMA) to lobby congress to impose those laws.  If you forget the endless atrocities of this kind, you arrive at delusional conclusions about who is ethical and productive, and who gets rich by unethical, predatory behaviors.

Login or register to post comments by StarvingLion
on Tue, 10/12/2010 – 01:05
#642581

that force people to visit doctors to get permission slips to buy and consume medicines they need

But can’t ya see, those doctors (and the even more pathetic pharmacists) ensure the quality of the supply chain!!!  Har Har Har

And we can’t have “The People” taking antibiotics like candy, no that would be bad.  The docs took an oath, they are very honest.  Just go inside a nursing home to see all the seniors in slumberland 24 hours a day.

Login or register to post comments by snowball777
on Tue, 10/12/2010 – 06:52
#642699

Not all criminals are equally-abled…the white-collar jagovs make bigger messes than your average street punk with a chrome-handled ‘gat’.

Login or register to post comments by 99er
on Mon, 10/11/2010 – 20:25
#642223

Tonight, we’re getting poorer.

ES:  http://99ercharts.blogspot.com/2010/10/es-zb_1036.html

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 20:52
#642263

always great chartwork.  thanks. 

Login or register to post comments by doolittlegeorge
on Mon, 10/11/2010 – 20:31
#642228

His name is “General Petraeus” and “he’s not interested in running for office.”  And in New York State “they deny active duty soldiers the right to vote” and in Upstate New York “they have 15,000 combat hardened heavy infantry” coming from the most deployed unit every year FOR THE PAST 15 YEARS.  If you want me get into specifics about “New Yorkers’ outlook toward returning combat soldiers and their relationship and associations with handicapped people while working for the Federal Government” i’d be more than happy to.  Needless to say “it involved a Federal Judge” and he could have cared less about those handicapped people.

Login or register to post comments by buchesky
on Mon, 10/11/2010 – 20:37
#642236

10th Mountain is light infantry, not heavy.

Login or register to post comments by tired1
on Mon, 10/11/2010 – 20:58
#642273

Please, I’d like to know more.

Login or register to post comments by toros
on Mon, 10/11/2010 – 20:32
#642231

Isn’t it a bitch that you can’t take it with you when you die.  I’ve got to get a better accountant.

Login or register to post comments by Cognitive Dissonance
on Tue, 10/12/2010 – 04:23
#642632

Or a better God.

Login or register to post comments by Xibalba
on Mon, 10/11/2010 – 20:40
#642244

If Zerohedge was a hooker, I’d pay. 

Login or register to post comments by nmewn
on Mon, 10/11/2010 – 20:46
#642251

Same here…but it might put them over 250k and then they would be qualified as “rich” 😉

Login or register to post comments by frankTHE COIN
on Mon, 10/11/2010 – 21:16
#642304

I would loan you the money.

Login or register to post comments by williambanzai7
on Mon, 10/11/2010 – 20:43
#642248

That asset composition chart is interesting. I assume South Africa leads in financial assets because they convert diamonds and other percious minerals into paper assets.

We on the other hand take paper and create even more paper.

PONZI

Login or register to post comments by Village Idiot
on Mon, 10/11/2010 – 21:31
#642333

I saw a guy handing out T-shirts with the same likeness of obama this weekend, but the word at the bottom was “PLEASE”.  I laughed my ass off.

Login or register to post comments by williambanzai7
on Mon, 10/11/2010 – 21:41
#642351

Was he handing them out or selling them?

Default

Login or register to post comments by Kreditanstalt
on Mon, 10/11/2010 – 20:49
#642253

All this makes me wonder just exactly what a “financial asset” is really worth.  Seems to me that any actual value these have is determined solely by what others will trade for them.  In ponzi currencies.

I’d much rather be in the situation of, say, Indonesia.  Having the mass of my wealth in land, property or farmland, or perhaps in gold.

After all, such concrete assets will likely prove far more widely saleable in future than some overvalued spuriously-purported “asset” consisting largely of someone else’s promise to pay a stream of fiat paper currency…

You and me, the landless neo-peasantry, stuck in suburb-land in North America or some other “developed” economy…better buy gold, because at least you can hold it in your hand, trade it anywhere and it won’t blow away… 

Login or register to post comments by Crab Cake
on Mon, 10/11/2010 – 20:50
#642256

I’m not sure if I agree with this articles idea of wealth, but then again most of the people and cultures that use a definition similar to mine have been genocided or indoctrinated.

That said, I have a one word solution and rebuttal… Jubilee.

Login or register to post comments by DoChenRollingBearing
on Tue, 10/12/2010 – 01:44
#642595

Those of us who have no debts and have money in the bank (or stocks & bonds, etc.) better be thinking of what Jubilee means…

Buy physical gold!

Login or register to post comments by Lower Class Elite
on Mon, 10/11/2010 – 20:50
#642257

$4,000?  Woohoo!  I made it!  Upper half, bitches!

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 20:56
#642270

wondering what the poor people are doing tonight?

Login or register to post comments by WaterWings
on Mon, 10/11/2010 – 21:58
#642368

Watching teevee programming that demonstrates what happens when you fuck wit da police. Or, if their shift isn’t over yet, thinking about what effort is required this evening to get wasted.

Login or register to post comments by Confused
on Mon, 10/11/2010 – 22:46
#642442

I’m reading zerohedge.

Login or register to post comments by wisefool
on Tue, 10/12/2010 – 00:08
#642557

wasted before I started reading zerohedge. But I intend to wake up tomorrow and apply for unemployment benefits after 15years of paying into the system. Retirement age is going to be a flexible thing in the near term!

Login or register to post comments by b_thunder
on Mon, 10/11/2010 – 20:55
#642268

What the report is missing is that in the USA most of the wealth is concentrated in relatively few hands, but the (now) public debt is “owned” by everyone. And since the taxes used to pay for the debt are collected from income (and disproportionally higher from earned vs unerned income) and not from consumption or wealth, the gaps between the middle class and the wealthy, and especially between the wealthy and ultra high net worth individuals will  growi ndefinitely.

Login or register to post comments by tired1
on Mon, 10/11/2010 – 21:00
#642276

That was the entire point of the income tax.

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 21:07
#642284

this is why high income taxes slam the door on upward mobility for those who begin at the bottom.  upper class elites (such as Soros) love the idea of high income taxes because they’ve already acquired the base assets for effortless earnings.  meanwhile, the rest of us livestock can duke it out between “rich” ($250k ?) and “poor” earners. 

might we end income tax and introduce consumption tax, if we must, and thus reward productivity and job creation, and punish waste?  

 

…not that i’m into manipulative tax codes as such.  even when Soros buys a yacht he is creating jobs.  that is good enough for me!!!! 

Login or register to post comments by snowball777
on Tue, 10/12/2010 – 07:08
#642715

This graph of effective rate vs income is not that steep, it is the middle class taking it in the hash pipe so quit yer snivelin.

http://upload.wikimedia.org/wikipedia/en/0/0e/US_income_tax_2008.svg

If that’s the case, and it’s more like 10% or 5% effective on the way up, exactly how discouraged are people to have the extra $100k to $1M per year by working a little harder, even if they only get to keep $90k or $800k of that dough?

If they employ logic like that, they deserve to stay ‘poor’.

When I say ‘rich’, I don’t mean people pulling a salary. I mean people who can live quite comfortably off the interest on their wealth alone. The ones that don’t pay income tax, if they ever did after their accountants and lawyers got done man-handling the state.

So jack up Soros’ top-end rates and make the graph between 0 and $1M less steep for everyone else (you know, the people who actually participate in the economy because we don’t have everything we need already).

Login or register to post comments by cxl9
on Mon, 10/11/2010 – 21:03
#642281

*yawn*

Even the so-called poor in America eat better, live easier, have access to better medical care, have more choices in their work and recreation, and enjoy more political and economic freedom than the majority of people – rich and poor – that have ever lived throughout the history of human existence.

So people at the top have a whole bunch of wealth. Big deal. It doesn’t mean you can’t achieve financial success or live well. And even if you seized all that wealth and redistributed it evenly, your life would be no better. Not sustainably, anyway. Class envy is nothing but blaming the rules of the game because of your failure to win at it.

 

Login or register to post comments by Crab Cake
on Mon, 10/11/2010 – 21:10
#642290

How does one win a game in which everyone loses?

…and no you cannot choose not to play. Your parents already bought you in.

What a foolish ignorant species we are.

Go ahead my man, go ‘win’ the game.

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 21:13
#642300

“our” parents were not as clever as “their” parents.  sorry, its true!!

so lets slam the door on upward mobility for ourselves by progressively taxing income to marginal rates that exceed 90%.  …that will show the global elite!!!! 

Login or register to post comments by snowball777
on Tue, 10/12/2010 – 07:14
#642727

Effective rates vs income…lowest in generations…and still you whine.

http://upload.wikimedia.org/wikipedia/en/0/0e/US_income_tax_2008.svg

You seriously believe these money junkies will be ‘discouraged’ about making that last ten million?

What’s your alternative scheme that somehow guarantees upward mobility while increasing taxes on the bottom of the ladder?

Your folks did you a disservice somewhere along the line.

Login or register to post comments by frankTHE COIN
on Mon, 10/11/2010 – 21:28
#642324

Be The House.

Login or register to post comments by cxl9
on Mon, 10/11/2010 – 22:21
#642411

I don’t endorse the present state of affairs; I merely accept things as they are. Yes, yes, we’re a foolish, ignorant species and all that. Good luck hanging around waiting for that to change. That reminds me of some of the parents in my neighborhood who are dissatisfied with the public schools. They get involved and volunteer and go to PTA meetings and try to convince me to vote for more funding (taxes) for the schools and so on and so forth. I simply put my child in private school and am done with it. They aren’t going to change anything, and meanwhile their children suffer. It’s just a big waste of time.

There is a multiplicity of choices available to modern Americans that would have been unthinkable for the majority of humans who have lived on this planet. These choices exist whether or not the top x percent have y percent of the wealth. The reality is that there will always be unequal distribution of wealth, for the simple reason that in humans there is an unequal distribution of ability and opportunity. You’re not going to change it, so learn to thrive within it.

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 22:53
#642454

yeah, clever folks always figure out the new set of rules.  its easy!!

Login or register to post comments by oddjob
on Mon, 10/11/2010 – 22:43
#642439

Losing first wins.

Login or register to post comments by Bringin It
on Tue, 10/12/2010 – 02:05
#642603

OddJob!  You were great in that movie.  Hey, you were there.  What’s really in Ft. Knox?

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 21:10
#642292

“player haters” of the world unite.  

Login or register to post comments by Bob
on Mon, 10/11/2010 – 21:49
#642352

The take home message is that the wealthiest people in the world have the bulk of their wealth entrenched in the current system . . .

which this data shows is heavily concentrated in “financial assets, particularly equities.” 

This was not an exercise in either stoking class envy or disgust with same, but in connecting the financial interests of those who undeniably wield the levers of power to  the recent inflation of equities at all costs, e.g.,  the public debt and/or currency devaluation that their efforts require.

The message had nothing to do with comparisons of historical versus current standards of living, as far as I could see. 

 

Login or register to post comments by cxl9
on Mon, 10/11/2010 – 22:24
#642416

The unstated message of all of these sorts of articles is that concentration of wealth is a problem that needs to be fixed.

Login or register to post comments by snowball777
on Mon, 10/11/2010 – 23:00
#642464

The drastically uneven and rapidly accelerating state of same? Most definitely. Only the most fervently retarded among us, dear Antoinette, cannot see how continuing down this path will end for you and yours. Don’t worry though; you won’t feel a thing.

Login or register to post comments by cxl9
on Mon, 10/11/2010 – 23:06
#642475

I’m sure. Keep fighting the revolution from mommy’s basement, comrade.

 

Login or register to post comments by Star Hawk
on Tue, 10/12/2010 – 00:46
#642573

*yawn*,*stretch arms*,*long exhale*

Ok, i’m gonna go ahead and put you on a: pasty, middling IT manager with an above-average waistline and retirement account who manages to fuck his fugly suburban wife once or twice a month through the miracle of micro-brew and viagra.  If you’re another example of “winner”, then I’m once again thankful for never playing along.  Oh, and thanks for reproducing!

Login or register to post comments by snowball777
on Tue, 10/12/2010 – 07:20
#642735

I didn’t say I was going to put you under the blade; I’ve got kids and can’t afford to spend time in jail over the likes of your dumb ass. If you have no need for enlightened self-preservation, so be it. I seriously doubt anyone on the planet could miss such a gaping a-hole anyway.

 

Login or register to post comments by Sean7k
on Tue, 10/12/2010 – 06:48
#642695

The purpose of the trilateral commission is to structure the world into three regions: each with a exploitable region of cheap labor. US=Latin America, Europe=Africa and China/Japan= southeast asia. 

Now, go back to the pie chart with the regional distribution of wealth. Mission accomplished.

Login or register to post comments by Coldfire
on Mon, 10/11/2010 – 21:06
#642287

How about the global distribution of productivity?

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 21:11
#642294

“How about the global distribution of productivity?”

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 22:55
#642457

“How about the global distribution of productivity?”

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 22:55
#642458

“How about the global distribution of productivity?”

Login or register to post comments by snowball777
on Mon, 10/11/2010 – 23:01
#642467

Very productive, Chops.

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 23:04
#642472

i’m just fucking around, snowball.  mocking in type. nevermind.  you’re right. 

Login or register to post comments by snowball777
on Tue, 10/12/2010 – 07:22
#642737

Bien sur…I was amused by the meta-post meme; subtle and clever.

Login or register to post comments by Atomizer
on Mon, 10/11/2010 – 21:14
#642295

Typically Governments issue a budget and the IRS publishes new tax structures for upcoming year.

The Obama administration doesn’t comply with the rules of law. We have to wait until after the November elections to find out.

Pelosi: we have to pass the health care bill so that you can find out what is in it

 

Login or register to post comments by Mercury
on Mon, 10/11/2010 – 21:14
#642296

The take home message is that the wealthiest people in the world have the bulk of their wealth entrenched in the current system and any dramatic overhaul or reset of the status quo will be met by the stiff resistance of those who can summon fleet of jets, private armies, and even Fed chairmen on a whim.

One would hope that extreme currency debasement, hyper-inflation or government confiscation of property will be met with stiff resistance by this crowd too.

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 21:15
#642302

you can protest the entire system by buying gold.  its true!!!

Login or register to post comments by snowball777
on Mon, 10/11/2010 – 23:03
#642469

the truly daring will attempt to use simple barter and wumpum.

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 23:09
#642479

gold is just something shiny and portable to barter.  wumpum?  …as long as i can smoke it then i’m game!

Login or register to post comments by Atomizer
on Mon, 10/11/2010 – 21:18
#642310

Smart money will pull out of the system prior to any chance of government intervention. It will happen that quickly. Mark my words.

Login or register to post comments by Mercury
on Mon, 10/11/2010 – 22:17
#642378

And that may well be the tipping point.  There’s not much discretionary retail money in the market to make much of an impact these days and all those Magellan-type mutual fund and ETF managers don’t have the mandate to suddenly bail out of securities into cash.

 I think it’s ridiculous if this last paragraph is trying to imply that the American financial elite (who knows about the international elite) are, to a man, permanently in bed with the current political elite and will go down with the ship if Obama/Gore/Bernanke style central planning and new world order doesn’t actually work out.

Even somone like Soros, who obviously wants, pushes and wishes for a Lefty uber-government of staggering power, would probably short the float in Obama Co. the second he thought the game was up.

Login or register to post comments by chopper read
on Mon, 10/11/2010 – 23:02
#642461

Soros DID short Obama (via equities) on the original stimulus and made a fortune.  

Login or register to post comments by frankTHE COIN
on Mon, 10/11/2010 – 21:17
#642309

The Wright brothers were Wrong !

Login or register to post comments by Argos
on Mon, 10/11/2010 – 21:27
#642322

I really want to get to that $5 MILLION level.  That sounds really warm and fuzzy.

Login or register to post comments by snowball777
on Mon, 10/11/2010 – 23:10
#642482

By the time you do, will you still be able to enjoy it?

money, yeah all the money there is

but who wants to be the richest guy in some cemetary?

not much to spend it on, eh gramps?

gettin too old to cut the mustard

how does a young body grab ya?

like three card monty, like pea under the shell

now you see it, now you don’t

forgetting something, gramps?

in order to feel something,

you got to be there

you’ve got to be eighteen

but you are not eighteen

you are seventy-eight

old fool sold his soul for a strap-on

– burroughs

Login or register to post comments by cossack55
on Tue, 10/12/2010 – 04:14
#642629

We will all be there in about 5 months.

Login or register to post comments by DollarMenu
on Mon, 10/11/2010 – 21:28
#642323

It is interesting to me to find here, in this day of multi-billion dollar bail-outs, and multi-trillion dollar debts, in a population of 4.1 billion adults on the planet,

only 81,000 have amassed piles in excess of $50 million.

That is not a lot of people, and I wonder just how much in excess of $50 million they have.

 

Login or register to post comments by Bear
on Mon, 10/11/2010 – 21:33
#642340

and just how much of the “multi-billion dollar bail-outs” they got.

Login or register to post comments by Kobe Beef
on Mon, 10/11/2010 – 22:49
#642448

I didnt get any, so they definitely have my share.

Login or register to post comments by Bear
on Mon, 10/11/2010 – 23:06
#642476

Sorry Dude, I got my share, so now I’m on my way to Kuala Lumpur

Login or register to post comments by Kobe Beef
on Tue, 10/12/2010 – 05:10
#642647

hahaha! make sure you spend it on something fun!

Login or register to post comments by Bob
on Mon, 10/11/2010 – 21:30
#642327

Major work there, Tyler!  Interesting where it lead us–right to our proxy master, Mr. Market. 

Sure puts alot of things in perspective. 

Login or register to post comments by Sqworl
on Mon, 10/11/2010 – 21:31
#642332

Tyler: The perfect video for this Thread…wee

Login or register to post comments by OldTrooper
on Tue, 10/12/2010 – 00:07
#642556

Since we are talking about money, this one seems to fit too:

Login or register to post comments by Bear
on Mon, 10/11/2010 – 21:32
#642334

I saw Columbia had a pretty good balance of financial assets (i.e. < 5% equities). But my question is do 'other financial assets' include cocaine futures of their resultant derivative?

Login or register to post comments by Sqworl
on Mon, 10/11/2010 – 21:49
#642361

STFU Nico

Login or register to post comments by snowball777
on Mon, 10/11/2010 – 23:11
#642483

deviated septum?

Login or register to post comments by Atomizer
on Mon, 10/11/2010 – 21:34
#642336

Obama said that the US will “insist on more responsibility” and “mutual accountability” and promised top “work with congress to better match our investments with the priorities of our partner countries”.

line, hook and sinker

Login or register to post comments by Bear
on Mon, 10/11/2010 – 21:48
#642359

Obama … “We must do better” … Boy that is sure an understatement. I am just waiting for him to “insist on more responsibility” and have more “mutual accountability” himself.

I am so tired of him ranting on about how the United States should do more for the world … as if we haven’t been at the forefront of every rescue since 1941 … and the primary support for every world currency, the IMF and the United Nations. He says that this is the first Administration in history that “blah, blah, blah”   

Login or register to post comments by Endstrategy
on Mon, 10/11/2010 – 21:33
#642339

How do I request a story?

I’d like to see another “Open Thread: State of the Economy” like you had in March.

I’d also like to read what zerohedge readers think about safest places on Earth to live in a beach cabana/escape/hide money/survive if the SHTF.

Login or register to post comments by Bear
on Mon, 10/11/2010 – 21:36
#642345

I vote for Singapore … as long as you have a couple of million and don’t have a proclivity for spitting.

Login or register to post comments by Oracle of Kypseli
on Mon, 10/11/2010 – 22:10
#642392

Very expensive, clean, but lot’s of traffic and permit required to drive in the downtown zones were all the action is.

KL much better.

Login or register to post comments by Kobe Beef
on Mon, 10/11/2010 – 22:56
#642459

Hello Oracle,

Do you know any good places to store gold in KL?

Thanks,

Beef

Login or register to post comments by Bear
on Mon, 10/11/2010 – 23:01
#642466

Probably so but he said ‘safest’ … KL may soon be too dangerous for Gringo Christian

Login or register to post comments by chindit13
on Tue, 10/12/2010 – 04:25
#642633

Too damn sterile for me.  Convenient, efficient, clean, access to a wide range of tasty cuisines, but in the end, sterile.  And I don’t like monarchies.  Oops, I think they call it a One Family Democracy.

Login or register to post comments by macholatte
on Mon, 10/11/2010 – 21:52
#642362

 

Zihuatanejo

 

 

Login or register to post comments by Oracle of Kypseli
on Mon, 10/11/2010 – 22:07
#642390

Great beaches, nice houses, too many banditos.

Login or register to post comments by Atomizer
on Mon, 10/11/2010 – 22:05
#642376

You can always hitch a chopper ride with a CONgress critter to Mt. Weather, VA. For safety that is.

http://www.fas.org/nuke/guide/usa/c3i/mt_weather.htm

 

Login or register to post comments by TGR
on Tue, 10/12/2010 – 00:52
#642576

I would go for an outlying Indonesian island myself (there are between 17k-18k islands in Indonesia). Make sure it’s on the southern side of the chain, exposed to the Indian ocean, and far enough away from the main islands in that any locals more or less survive in their own micro-economy.

 

Login or register to post comments by onlooker
on Mon, 10/11/2010 – 21:35
#642344

“”The Wright brothers were Wrong”” Yeah, they used warped wing engineering. ring any bells?

Login or register to post comments by Occams Parsimony
on Mon, 10/11/2010 – 21:44
#642353

Don’t count on it most of their assets are overseas, they were moved there in 2007 when the banks gave them the heads up.

 

Login or register to post comments by buzzsaw99
on Mon, 10/11/2010 – 21:52
#642364

Averages are misleading. 40% of americans have close to zero or negative net worth.

Login or register to post comments by snowball777
on Mon, 10/11/2010 – 22:53
#642452

Precisely. When the histo plot looks more like y=1/x reflected about the Y-axis and shifted right, you’re well on your way to pseudo-aristocracy (ask Lindsay).

Login or register to post comments by Kreditanstalt
on Mon, 10/11/2010 – 22:00
#642379

“Financial assets” seem to become of less real value during times when confidence in the governments and currencies weakens…

Login or register to post comments by buzzsaw99
on Mon, 10/11/2010 – 22:16
#642404

cnbc gives zh their props:

 

http://www.cnbc.com/id/39619909

Login or register to post comments by Spirit Of Truth
on Mon, 10/11/2010 – 22:22
#642415

Mammon worship is what’s in at the end of this age.

Login or register to post comments by Roomi
on Mon, 10/11/2010 – 22:54
#642456

Great post, thanks Tyler! It would also be interesting to see dynamics of Gini coefficient to present day to see by what margin the rich get richer and poor get poorer.

Login or register to post comments by Endstrategy
on Mon, 10/11/2010 – 23:05
#642474

Has Zerohedge ever done a story about this topic, great escapes? Singapore is great, KL is cool. Any South American suggestions. Most of the internet searches I find are travel marketed crap. Do any of y’all have any escape plans in 3rd world countries? I think Zerohedge should have a whole story about this.

Login or register to post comments by Bear
on Mon, 10/11/2010 – 23:11
#642484

You have a great handle for this topic … I live on No Shore Oahu, plenty of military for marshal law and sea urchins to eat, I’m fat 

Login or register to post comments by snowball777
on Mon, 10/11/2010 – 23:14
#642486

If I told you, it wouldn’t be much of an escape plan, que no?

Login or register to post comments by gwar5
on Tue, 10/12/2010 – 00:57
#642579

Escape plans? Escape from what? Gee, nobody around here did anything to need escaping….  Seriously, really you better fast it up. The doomsday clock is ticking down. It takes some time to make a transition like that and be organized enough to be happy and successful at it.

Singapore is not really third world, it’s nice, but boring and expensive. Brazil is great and whatever you want it to be, most beautiful women, but getting more expensive — Cabo Frio is along the coast from Rio and very nice coastal town to live. Thailand, Cambodia, nice; Vietnam never been, but all of them are getting the Chinese economic bounce for long term if you feel entrepeneurial. A friend of mine just packed it up and went to St Croix, VI last month after he and his wife visited there two months before for the first time, so there’s another place, Caribbean, and it’s great if you like boats and water and possible live aboards too. 

I have a buddy in Cost Rica 6 years, and up the coast from him I have a Pacific oceanfront in Nicaragua I bought 5 years ago. (Panama is great too). I also have a place in the North Carolina Mountains. I go back and forth winters/summers. Been doing that for the last several years. When I go South or North I already know people and have a support system which is essential. Nica and Tica girlfriends can’t wait ’til you get back, right out of “The Bounty” with Mel Gibson.

Here’s one: Rent or buy a foreclosure in USA, and let rooms out. Add reliable roomates that can pay (cash) rent a year in advance and add skills to the collective mix. It will then cost you nothing to always have a shack and not worry about utilites etc. It also then leaves you free to go international to exlore like Thailand/ Vietnam /Central America. Look for a places to hang with expatriates aleady established so you don’t screw up.

Then here’s another: Look for a happy overseas expatriate couple running a Bed and Breakfast. They’re all over. They have the same spirit as you already. Pick a place you like and communicate afar with them via website email or Skype. They’re usually friendly and helpful, they know the local people and happenings. Then go spend a month with one of them giving them good business while making freinds and exploring and networking through them to find paradise. They are usually proud of their choice for paradise and want you to be too.

Repeat until you find the place that’s right for you. You’ll know it when you see it. Do both of the above, you will always have to come back for something.

 

Login or register to post comments by Bear
on Tue, 10/12/2010 – 01:10
#642583

This is some of the best advice I’ve seen on the topic, I’m going to package it and send to my friends, keep it up … thanks gw

Login or register to post comments by Endstrategy
on Tue, 10/12/2010 – 01:58
#642600

gwar, that was a really great answer.

I’ve been to all the SE Asian countries you mentioned. I need to make my way south and see how I like CR and Nicaragua.

I don’t know if I need to escape, but I think there’s going to be some civil unrest in the US. Shadowstats is showing around 20% under and unemployed, 6 million Americans get there last unemployment checks in a few weeks, people getting tossed out of homes left and right. I imagine there will be some pissed off people. Then when you factor in that we are probably in the early stages of a total economic disaster, it kind of makes sense to me to have some plan. Somewhere that I can stash some cash or gold, not have to worry about government interference, not have to worry about getting shot, beautiful women, peaceful place. Basically that sounds like somewhere not too connected to the broader global economy. CR is probably a pretty good spot, as is Thailand…

On another note, why are these CAPTCHA equations so complicated? WTF mate?

Login or register to post comments by Mentaliusanything
on Tue, 10/12/2010 – 02:47
#642613

Vanuatu my boy, Vanuatu. Paradise found.The only place in the world you can leave a wallet at a table to take a piss, come back and met the lovely people who watched over it for you.  

Login or register to post comments by Grand Supercycle
on Mon, 10/11/2010 – 23:28
#642507

S&P500 Financials index has not been bullish for some time. This is a warning.

http://stockmarket618.wordpress.com/2010/09/27/mon-sept-27

Login or register to post comments by Bear
on Mon, 10/11/2010 – 23:39
#642525

Then why have I lost so much being short?

Login or register to post comments by Stuck on Zero
on Mon, 10/11/2010 – 23:50
#642537

Ever notice that tax rates max out at an income of about $100K?  From then on up to billions a year its all flat.  What a scam.  How come the tax rates don’t continue on up the scale?  I guess it doesn’t matter anyway.  A friend of mine runs tax avoidance schemes for the very, very rich.  They pay as little as 2-7% by offshoring and following the latest loopholes built in by the Congress they own.  Forget throwing tea in the harbor.  Throw Congress.

Login or register to post comments by the rookie cynic
on Tue, 10/12/2010 – 00:35
#642570

The concentration of wealth has a lot to do with the debt-based fiat money system and taxes. Taxes and interest payments cycle upward and are concentrated at the top of the pyramid. 

If wealth concentrated in the hands of the productive, talented, or even the lucky, wouldn’t you have a bell curve distribution and not a pyramid? Of course it depends on how you represent the data, but it seems to me that if there was a level playing field (of course there’s not, I’m just hypothesizing), most of the wealth would be centered in middle quartiles. Right?

In the U.S. (depending on where you get the data) somewhere between 35-40% of the nation’s wealth is held by the richest 1% of the population. Now I’m sure some of those rich people were really smart and worked their asses off to get where they are, but I venture to guess that uber-rich got there setting there snouts at the top of the tax and interest-payment supply chains and sucking.

It’s an empire, not a republic.

 

Login or register to post comments by Bear
on Tue, 10/12/2010 – 00:53
#642577

Real wealth IS created by the middle class that produce stuff, but as you say interest and taxes float to the top and either stay there to attract more taxes and wealth or are skimmed off just like some Vegas casino of old.

Login or register to post comments by Incubus
on Tue, 10/12/2010 – 03:35
#642623

Yes, wealth is created by the middle class, but that wealth was never meant to remain in their hands.  I guess it’s sort of like sheep-shearing: “wealth” is designed to be taken from the middle class when enough of it has been aggregated.  It’s just another function of the middle class to complement the working-slaves of the lower income brackets. 

 

History has never been about the common man; rich men have always run the show and will continue to do so.  Whatever you’ve been told about freedoms and rights were only there to entice you to invest your effort into the pursuit of wealth aggregation for the elite.

 

Login or register to post comments by cdskiller
on Tue, 10/12/2010 – 00:38
#642571

Again, may I just say, what would we do without you, Tyler? This is the only site that matters. Thanks to everyone, in fact. Truth will out, and we will all be better for it.

Login or register to post comments by Bear
on Tue, 10/12/2010 – 00:46
#642574

Clever, witty, kowledgeable, insigtful, foward thinking, leading edge, and truth … is that all we can get here?

Login or register to post comments by Ivar Kreuger
on Tue, 10/12/2010 – 01:12
#642585

I just finished Mike Davis’ Planet of Slums, then I come here and see this. Thanks for always being fucking reverent Zero Hedge. Always engaged and leading the stories. Read Mike Davis for a look at the future, at the very least you will appreciate his prose.

Login or register to post comments by BeeTee
on Tue, 10/12/2010 – 02:09
#642604

The buying power of $1 million is relative.  It buys less in the west than in China and thus, a chinese dollar millionaire wil be wealthier than a US dollar millionaire.

Consider this.  If I buy a pair of shoes, lunch and a bottle of milk, in the US I can expect to pay $100 (depending on the quality of the shoes!)  In China the same would cost only $10. 

The Chinese have a significant wealth multiplier affect.

 

Login or register to post comments by snowball777
on Tue, 10/12/2010 – 07:39
#642768

a) Can’t you buy the Chinese shoes too? (globalization, baby)

b) Are the shoes really of similar quality?

Login or register to post comments by Mentaliusanything
on Tue, 10/12/2010 – 02:36
#642611

Interesting to note that the ‘red zone’ Countries are where the housing / share bubble was juiced the most. This may self correct. But it is nice to know I have a good view from high up in the pyramid ponzi.

Login or register to post comments by chindit13
on Tue, 10/12/2010 – 04:58
#642639

I’m all for setting a cap on the maximum allowable wealth, just so long as it’s twice my current net worth.

Seriously, how does a nation, or the planet, stop the drift of wealth toward the elite?  What constitutes fair?  Who determines fair?  With a total supposed wealth of $50 trillion, the average (not median or mode) American is worth a bit over $160K.  In the world, however, the average inhabitant has only a net worth of about $28K.  Anyone reading this who favors some sort of cap or redistribution to something constituting somebody’s definition of fairness is going to take quite a lifestyle and standard of living hit if their druthers are implemented.

On a relative basis in this world, even an American whose net worth is below the planet’s average probably lives far better than that $28,500 figure would indicate, so if sacrifice is called for, almost everybody in the US is going to pay.  Or do people prefer limiting caps and standards to within national borders?

Perhaps someone can comment on how things can be made more equitable, other than the obvious of not allowing ever again anything resembling TARP in all its forms.

Login or register to post comments by snowball777
on Tue, 10/12/2010 – 07:33
#642757

I don’t think you could realistically enforce the limits across national borders or that capping wealth is necessary (it’s the frighteningly steep ratio between top and bottom that is at issue).

There’s plenty of room between the status quo and ‘fair’ to be played with…e.g. getting our Gini coefficient from ~50 back to mid-30s (ala the mid 60s).

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