Debt Rattle December 27 2017

 

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  • #37932

    Vincent van Gogh Landscape with snow 1888   • World’s Wealthiest Became $1 Trillion Richer in 2017 (BBG) • The Rich Are Getting So Much Richer So
    [See the full post at: Debt Rattle December 27 2017]

    #37933
    V. Arnold
    Participant

    The Vincent van Gogh Landscape is gorgeous; the rest?
    Not so much…

    #37934

    It’s that time of year, V. Arnold. ‘T is the season.

    #37935
    SteveB
    Participant

    There is and never has been balance in the economy. As for balance being needed, that’s a fantasy as well. You speak of greed as if it hasn’t always been present, causing a persistent list in a particular direction. What is it that so many people are truly blind to? Might it be that inherent nature of “economies”?

    #37936

    What I said is not ‘balance’ but a ‘minimum level of balance’. I have no doubt many people are blind to many things, including me and you.

    #37937
    Dr. D
    Participant

    “Nobody knows the ultimate value of this underlying asset…We cannot predict whether it’s going to be zero or one million dollars or anything in between.”

    Yup. Same with gold, which is an almost completely useless rock, or US$, when TheBernank decides to add $4 Trillion some Thursday afternoon. This is what happens if you have a game with no rules. That’s fine, but everyone still acts like there are any rules. At all.

    Calvinball

    #37938
    zerosum
    Participant

    Lying!!!
    How is the truth hidden.
    You cannot see the fulcrum.
    It will not take you long to figure out how its done.

    https://www.torontohomes-for-sale.com/4a_custpage_2578.html

    Using average house prices on record since 1953, corrected for inflation (for comparison purposes we brought the historical data up to today’s equivalent values), I produced the following graph. The average prices are courtesy of TREB.

    https://www.thepeoplehistory.com/1953.html

    Cost of Living 1953
    How Much things cost in 1953 –
    Yearly Inflation Rate USA 0.82%
    Yearly Inflation Rate UK 2.2%
    Average Cost of new house $9.550.00
    Average wages per year $4,000.00
    – Cost of a gallon of Gas 20 cents –
    Average Cost of a new car $1,650.00 –
    Kodak Brownie Flash Six-20 Camera History $13.00 –
    Chain Saw $225.00 –
    Below are some Prices for UK guides in Pounds Sterling –
    Average House Price 2,006 –

    #37939
    zerosum
    Participant

    https://i.huffpost.com/gen/5026956/original.jpg1953 house price

    Is the Average Cost of new house $9.550.00 ?

    #37940
    Doc Robinson
    Participant

    Re: “The rich could have gone on enjoying their privileges for a long time…”

    The gross inequalities may continue past the expected breaking point. The US, Canada, W. Europe, et al. are still playing catch-up with Latin America and other regions, when it comes to inequality. Somehow it hasn’t been overturned there, yet.

    #37941
    Nassim
    Participant

    “The Rich Are Getting So Much Richer So Fast Their Spending Can’t Keep Up (CNN) ”

    No one gets “richer” when sticker-prices increase on the same things. It is delusional. What has happened in China over the past 40 years is definitely an improvement to the standard of living of a vast number of people however. OTOH, building empty apartment buildings far from the coast of China makes no one “richer” – except for the developers.

    As regards “How A Universal Basic Income Would Transform Society” – that would result in a few hundred million Africans moving to Europe. Enjoy!

    #37942
    V. Arnold
    Participant

    Raúl Ilargi Meijer
    Yes, ’tis indeed. Best to you and the commentariate on the coming new year.

    #37963
    olo530
    Participant

    Dr. D, I wouldn’t call gold “an almost completely useless rock”. In 2016 more than 320 metric tons of gold were used industrially. Maybe not that much out of 3,100 metric tons mined that year, but far from useless. Here is the percentage of mine production of gold used in technology :
    2016 – 10%
    2015 – 10%
    2014 – 11%
    2013 – 12%
    2012 – 13%
    2011 – 15%
    2010 – 17%
    That provides a solid floor for gold prices. Bitcoin, on the other hand – pure speculation.

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