Monday, September 27, 2021

Rex Nutting - The super rich elite have more money than they know what to do with

The top 1% has run out of investing ideas, so they’ve parked $4.7 trillion in the bank

More and more stuff is behind paywalls nowadays, well, they need to earn a living, but fortunately, you can still find alternatives if you hunt around. And the Financial Times let's be read a few articles for free occasionally. The Guardian has a massive readership and can cover its costs through adverts, for now, anyway. 

Forget all those phony fairy tales about whether a couple who makes $350,000 is rich or poor (they are neither), and focus on the big picture: Half of Americans have almost nothing while a small fraction have almost all the capital. And the gap between the many and the few is growing every year.

A society that allows a few to capture most of the wealth is neither fair nor efficient. No one can claim that the U.S. economy is performing better now than it did when the wealthy 1% only had half as much.

It might be different if the rich really were letting their wealth trickle down by investing in the future economy. But they aren’t; at least, not enough. Not in this new Gilded Age, and this gulf between a tiny pampered elite and the grumbling masses is driving populist protests all over the globe.

Market Watch 


Peter Pan said...

Do the super rich have all the power they want?

Ahmed Fares said...

More and more stuff is behind paywalls nowadays...

Some paywalls are made leaky because they want people to break through them as it drives traffic to their sites when people quote their articles, like The New York Times for example.

New York Times: Winning with Leaky Paywall

The New York Times was able to do this partially because it has a widely recognized brand name and global scale, but also because of the way it gradually and transparently introduced a paywall for digital users, and stayed relevant to readers by encouraging sharing articles across sites (i.e. a leaky paywall).

Having said that, here's an add-on for Firefox:

Bypass Paywalls Clean