Furthermore, less than 10% of new lending goes towards productive purposes which support the real economy. The vast majority is lent to property and financial markets, resulting in an economy skewed towards housing bubbles, finance, and asset price inflation, whilst people have to rely on taking on more and more debt to top up falling incomes."
Newfie wrote:Then this is where I don’t get excited about the 1%. A lot of that value they are claiming is simply not real to begin with. It’s all this BS and baloney money. Stuff that exists on paper only.
So who dies if 16T in derivatives are wiped out? If it’s no one or even if it’s a few my point is made. There may be SOME small initial value in this ballon but most is vapor ware. Same with stocks. Gates is worth X billions, supposedly. But he can’t sell the stock, it must remain in the vapor. If MS stock drools 90%, who dies? Probably a few folks who are living on those dividends or who had hoped to sell to fund retirement will be hurt. But that was never real money, it is and remains Maddoff money until it is sold and transfered into something more tangible.
Newfie wrote:Extracting wealth from poor folks has been going on as long as civilization. It predates this high faulting economy we have, hell it predates money. So it that exploitation existed before this economy then something else is going on.Furthermore, less than 10% of new lending goes towards productive purposes which support the real economy. The vast majority is lent to property and financial markets, resulting in an economy skewed towards housing bubbles, finance, and asset price inflation, whilst people have to rely on taking on more and more debt to top up falling incomes."
There is much truth to this. At its core money represents a mans value to society. Someone mines ore and converts it to steel, there is much added value there. He has MADE something. All the rest, 90% you say, OK then 90% is BS manipulation. If you haven’t made something, done something of added value, then it’s, by definition, not creating wealth. It’s smoke and mirrors BS. MADDOFF MONEY. it does not truly exist. You may think it exists, you may be convienced it exists, but it doesn’t. Here is a simple test. What happens if it disappears? If nothing happens then it didn’t exist in the first place. Whining and being distraught don’t count.
EXAMPLE: In 2008 no houses disappeared. Their INFLATED value was adjusted downward to their REAL value. But the house still provided its basic function of shelter. It’s true value did not change. The adjusted differential was MADEOFF MONEY.
I find myself a very wealthy person, I would not for one second trade places with Gates, and for damn sure not with Steve Jobs.
Saw his boat the other day in Grenada. He never got to sail on it, not that he could “sail” it anyway, he would have to be chauffeured around.
https://en.m.wikipedia.org/wiki/Venus_(yacht)
Piece of shit, useless toy, vanity on display. Tulips. But it did spread a bunch of money around to folks who need it. And created a bunch of entropy, and hastened the end of civilization by a wee bit.
Follow the link below, there is a 15 min video about Nick Skeats. This fellow is, in my mind, a true 1%er, a very wealthy man. Sorry, I don’t know how to paste the video link directly.
http://www.wavetrain.net/boats-a-gear/8 ... imple-boat
Meanwhile, they use that wealth to buy what they believe are secure areas where they hope to ride out the effects of financial fallout, diminishing returns, and environmental collapse when all money (not just "Madoff money") vaporizes."
Newfie wrote:Meanwhile, they use that wealth to buy what they believe are secure areas where they hope to ride out the effects of financial fallout, diminishing returns, and environmental collapse when all money (not just "Madoff money") vaporizes."
I didn’t miss it, I’ve DONE IT.
That doesn’t make the MADEOFF Money more real, it just point to the fact that the experts in it understand it is ephemeral. It makes my point.
They are all just riding the wave hoping to cash out before the wipe out. But putting a bit aside for when.
The bigger question is why haven’t all of us done it?
Newfie wrote:The bigger question is why haven’t all of us done it?
Ibon wrote:Why can't we just all stop fighting the inevitable and die with honor and humility and stop trying to outsmart that which cannot be conquered. For what? To live a few more days..........
I much prefer the here and now.
onlooker wrote:Ibon wrote:Why can't we just all stop fighting the inevitable and die with honor and humility and stop trying to outsmart that which cannot be conquered. For what? To live a few more days..........
I much prefer the here and now.
I dare say because we are competitive creatures Ibon. And paradoxically death to some is seen as the ultimate defeat.
Newfie wrote:Why must they be mutually exclusive?
Newfie wrote:
I didn’t miss it, I’ve DONE IT.
That doesn’t make the MADEOFF Money more real, it just point to the fact that the experts in it understand it is ephemeral. It makes my point.
They are all just riding the wave hoping to cash out before the wipe out. But putting a bit aside for when.
The bigger question is why haven’t all of us done it?
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