Financial Wealth Evaporating
Posted by seumasach on June 4, 2012
The left in US/UK think these are basically rich societies and that therefore everything can be resolved by redistribution. But our wealth is paper wealth alone and is dissolving with alarming speed. Redistribution is fine but the crux of the matter is reconstruction of the real economy.
See also: No second bailout! Stand and fight!
3rd June, 2012
Live by the sword, die by the sword. The 1% have spent the past couple of decades accumulating an ever-bigger share of the world’s fiat-currency-inflated financial assets. Now, with the air going out of the FIRE (finance, insurance, real estate) economy, the super-rich are discovering that their stocks and bonds, like the paper money on which they’re based, are to a large extent illusory: