Zero Hedge: Today Credit Suisse released its latest annual global wealth report, which traditionally lays out what has become the single biggest reason for the recent “anti-establishment” revulsion: an unprecedented concentration of wealth among a handful of people, as shown in Swiss bank’s infamous global wealth pyramid, an arrangement which as observed by the “shocking” political backlash of the past year, suggests that the lower ‘levels’ of the pyramid are increasingly unhappy about.
As Credit Suisse tantalizingly shows year after year (most recently one year ago), the number of people who control roughly half of the global net worth, or 45.9% of the roughly $280 trillion in household wealth, is declining progressively relative to the total population of the world, and in 2017 the number of people who were worth more than $1 million was just 36 million, roughly 0.7% of the world’s population of adults.
On the other end of the pyramid, some 3.5 billion adults had a net worth of less than $10,000, accounting for just about $7.6 trillion in household wealth. And inbetween is the so-called global middle class – those 1.4 billion people whose rising anger at the status quo made Brexit and Trump possible. more …
Opinion: “Do not hurt the oil and wine” Rev 6:6.
When the big crash comes, the 1% that have grown wealth at an astounding rate since the 2008-9 financial crisis will not feel a thing, at first.
Sounds a bit counter-intuitive. How does one grow great wealth in a crisis? By having central bankers create new money and use it to bail out banks. Between 2008 and 2014, the Federal Reserve, European Central Bank and the Bank of Japan created over $10 trillion in counterfeit currency that found its way into the financial markets.
No one really knows what is going on inside China, but western governments and bankers have learned that they can print their way out of trouble.
The very wealthy have benefited because they have the most “stuff”. And their stuff: stocks, bonds, real estate, and now add Bitcoin, has risen exponentially on a sea of fake dollars made legitimate by depositing them in banks. The banks have bought lots of stuff with $10 trillion.
The problem is that the new money creates a mountain of debt, and someday, when the currencies of western nations begin to crumble, the party will be over. Revelation 6:5 records that when that happens it will take a day’s wages to feed oneself for a day.
Interesting how John knew that would happen 2000 years ago.