Modern wealth is a parlour game played by the well fed
1–10 of 23 posts
Re: Modern wealth is a parlour game played by the well fed
#2Well said. To be able to bet all the money I've ever made on something stupid and it then when it fails nothing actually happens. Wealth needs to be attached to responsibility and scale as such. It should be a huge liability to even have 1 billion dollars.
Re: Modern wealth is a parlour game played by the well fed
#3So let me get this straight:
Market goes down: "grr... this is just a dastardly ploy to further wealth inequality because the rich can buy stuff on the cheap!"
Market goes up: "grr... this is just a dastardly ploy to further wealth inequality because stocks are overwhelmingly held by the rich!"
Re: Modern wealth is a parlour game played by the well fed
#4So let me get this straight: Market goes down: "grr... this is just a dastardly ploy to further wealth inequality because the rich can buy stuff on the cheap!" Market goes up: "grr... this is just a dastardly ploy to further wealth inequality because stocks are overwhelmingly held by the rich!"
You joke buts not like those are exclusive at all.
For example, pump and dump schemes have both an up part and a down part. Not hard to understand things can be manipulated in either direction to benefit a specific group.
Re: Modern wealth is a parlour game played by the well fed
#5So let me get this straight: Market goes down: "grr... this is just a dastardly ploy to further wealth inequality because the rich can buy stuff on the cheap!" Market goes up: "grr... this is just a dastardly ploy to further wealth inequality because stocks are overwhelmingly held by the rich!"
Well both can be true, money is only made (or lost) on market swings. It is precisely the rich who can capitalize on such swings
Whereas for regular people, an upswing means nothing, whereas a downswing means job loss, mortgage rate hikes, etc.
Re: Modern wealth is a parlour game played by the well fed
#6I think the current administration has laid bare the truth behind how wealth and power work in our society. The rug pulls have become extremely obvious, but no consequences arrive for those making billions off of intentional sabotage of the economy.
Re: Modern wealth is a parlour game played by the well fed
#7So let me get this straight: Market goes down: "grr... this is just a dastardly ploy to further wealth inequality because the rich can buy stuff on the cheap!" Market goes up: "grr... this is just a dastardly ploy to further wealth inequality because stocks are overwhelmingly held by the rich!"
You'll find anti-capitalists are anti-capitalists whether the number is red or green.
Re: Modern wealth is a parlour game played by the well fed
#8So let me get this straight: Market goes down: "grr... this is just a dastardly ploy to further wealth inequality because the rich can buy stuff on the cheap!" Market goes up: "grr... this is just a dastardly ploy to further wealth inequality because stocks are overwhelmingly held by the rich!"
The whole point of the article is that yes, both of those are true, and that they are self reinforcing. The crashes consolidate the wealth, the booms increase its power and grow a new crop to harvest. Repeat.
Re: Modern wealth is a parlour game played by the well fed
#9So let me get this straight: Market goes down: "grr... this is just a dastardly ploy to further wealth inequality because the rich can buy stuff on the cheap!" Market goes up: "grr... this is just a dastardly ploy to further wealth inequality because stocks are overwhelmingly held by the rich!"
You joke buts not like those are exclusive at all. For example, pump and dump schemes have both an up part and a down part. Not hard to understand things can be manipulated in either direction to benefit a specific group.
>For example, pump and dump schemes have both an up part and a down part. Not hard to understand things can be manipulated in either direction to benefit a specific group.
The pump and dump analogy doesn't really work because the crash associated with the "dump" isn't something that the organizer wants, nor do they benefit from the crash. It's just an unfortunate side effect from them cashing out and the truth catching up to them. Meanwhile the OP argues the opposite, claiming that companies knowingly made bad loans to create a crash, which implies more nefarious behavior than the standard explanation of bubbles caused by irrational exuberance. The latter is a conjecture that's not supported by any empirical evidence or even anecdotes.
Re: Modern wealth is a parlour game played by the well fed
#10For a similar thesis, that the austerity policies are manufactured by the well-off, I recommend Clara Mattei's Capital Order (as well as her YT channel).