You work your butt off, and a rich dude does nothing and gets rich - how?

[boraf]

The UK (physically) is largely owned by the same people today as it was in the 19th century.

  Its called being born at the right time and in the right place. Or luck  .

You're right. I call this aristocracy, not meritocracy.

Society has been operating like this since the beginning of time.

[practicaldreamer]

The UK (physically) is largely owned by the same people today as it was in the 19th century.

  Its called being born at the right time and in the right place. Or luck  .

You're right. I call this aristocracy, not meritocracy.

Society has been operating like this since the beginning of time.

Does that make it right ?

Lets at least start calling it for what it is - a rigged market.

Fighting all these wars in the name of freedom and democracy - don't insult my intelligence.

[nickenburg]

Yeh we are just born in to a world, where only the rich have real changes to get more rich.
There are old families that are trying to get there hands on all the money in the world.
They already have monopoly and we can only play there game is how it feels to me.

If you are smart, you should know that the system is rigged and exploit its flaws.

Cryptocurrency is the chance of our life.

This is how I feel to, they are already replacing people with machine's
Soon they dont need us but with bitcoin we dont need them either.

[boraf]

Yeh we are just born in to a world, where only the rich have real changes to get more rich.
There are old families that are trying to get there hands on all the money in the world.
They already have monopoly and we can only play there game is how it feels to me.

If you are smart, you should know that the system is rigged and exploit its flaws.

Cryptocurrency is the chance of our life.

This is how I feel to, they are already replacing people with machine's
Soon they dont need us but with bitcoin we dont need them either.

The market operates following certain rules. You can exploit the temporary distortion in the market.

The rigging of the system costs the ruling class a great deal money. The 2008 financial crisis is more like shark eating shark rather than shark eating small fish.

Remember, being poor implies you have nothing for them to steal.

[twiifm]

The market operates following certain rules. You can exploit the temporary distortion in the market.

The rigging of the system costs the ruling class a great deal money. The 2008 financial crisis is more like shark eating shark rather than shark eating small fish.

Remember, being poor implies you have nothing for them to steal.

Mo money. Mo problems -- Notorious B.I.G.

[practicaldreamer]

Remember, being poor implies you have nothing for them to steal.

Agreed - being poor means they've already stolen it from you.

[Satan666]

Remember, being poor implies you have nothing for them to steal.

Agreed - being poor means they've already stolen it from you.

People are poor because there's not enough spending.  No spending, no jobs.

Because of the hard 21 million bitcoin limit and no ability to redistribute bitcoin wealth, the Bitcoin economy is doomed.

[twiifm]

The irony is the OP was lucky to be born in Australia.  If you were born in a Third World Country you have no choice but to be poor.

At least in Australia you can work your way up the economic ladder.

[nickenburg]

The irony is the OP was lucky to be born in Australia.  If you were born in a Third World Country you have no choice but to be poor.

At least in Australia you can work your way up the economic ladder.

Yeh but some people are already starting higher on the ladder.
And most people cant even reach the highest point.
And the thirth world country is only there to make you believe you have it good.
So if we believe we shouldnt whine about our situation, because we live in the good part of the world.
And other country's have it so bad im so happy to live here,
We can easily fix those country's but it doesnt happen, and that's one of the reasons.

[Ozziecoin]

The irony is the OP was lucky to be born in Australia.  If you were born in a Third World Country you have no choice but to be poor.

At least in Australia you can work your way up the economic ladder.

No mate. The system here is also loaded up with debt, causing social breakdowns and wealth inequality. The system in the US, UK, Europe, China and Japan is worse because people don't understand FRB and they haven't been selling iron ore to china.

I'm doing my bit to dispel any notions that FRB is meritocracy.  No, FRB is purely aristocracy.

Those new to this thread, please read the first post.

[Ozziecoin]

This is not purely an Australian and American problem my friends.  See Europe's money supply also:



My explanation is here: My explanation

Please provide yours.

[twiifm]

The irony is the OP was lucky to be born in Australia.  If you were born in a Third World Country you have no choice but to be poor.

At least in Australia you can work your way up the economic ladder.

No mate. The system here is also loaded up with debt, causing social breakdowns and wealth inequality. The system in the US, UK, Europe, China and Japan is worse because people don't understand FRB and they haven't been selling iron ore to china.

I'm doing my bit to dispel any notions that FRB is meritocracy.  No, FRB is purely aristocracy.

Those new to this thread, please read the first post.

No the irony is in Cambodia theres a guy saying the same thing about Aussie tourists.  Your idea of "poor" is a gross distortion of reality from the point of view of someone who is actually poor.

What you don't get is that FRB is doesn't cause poverty.  Its not having access to money that keeps people from getting out of poverty.  While you run around ranting about limiting money.  Some poor schmuck in a Third World Country wishes money would flow more freely.

What you really want is to monopolize money because you think rich people don't deserve to be rich.  You're no Robin Hood, you just want to steal from the rich and give it to yourself.

Don't pretend you care about inequality one bit

[Ozziecoin]

I wish twwifm would provide an EXPLANATION to the QUESTION.  But he/she/it can't. All this person ever says is that FRB is not the problem.  We have EVIDENCE!  You have accusations and you sound like a lunatic. I want people to reclaim their money, in an economic system that does not benefit the 1%.

My Chinese friends, I want to share something about what your money supply looks like.  This is not a Western problem but you already knew that.



This is how the the illusion of wealth was created. And if you haven't read it, this is my explanation why: My explanation

All that money has to go somewhere.

[Ron~Popeil]

The irony is the OP was lucky to be born in Australia.  If you were born in a Third World Country you have no choice but to be poor.

At least in Australia you can work your way up the economic ladder.

No mate. The system here is also loaded up with debt, causing social breakdowns and wealth inequality. The system in the US, UK, Europe, China and Japan is worse because people don't understand FRB and they haven't been selling iron ore to china.

I'm doing my bit to dispel any notions that FRB is meritocracy.  No, FRB is purely aristocracy.

Those new to this thread, please read the first post.

No the irony is in Cambodia theres a guy saying the same thing about Aussie tourists.  Your idea of "poor" is a gross distortion of reality from the point of view of someone who is actually poor.

What you don't get is that FRB is doesn't cause poverty.  Its not having access to money that keeps people from getting out of poverty.  While you run around ranting about limiting money.  Some poor schmuck in a Third World Country wishes money would flow more freely.

What you really want is to monopolize money because you think rich people don't deserve to be rich.  You're no Robin Hood, you just want to steal from the rich and give it to yourself.

Don't pretend you care about inequality one bit

It is a world wide problem when your currency is worth less each day. Some people are lucky enough that even at reduced value they still have it pretty good compared to poorer countries. That doesn't make any less of a crime. I will not happily take a punch in the face simply because other people have to take a kick to the groin. It is theft and the more vulnerable you all ready are the more it hurts. 

[twiifm]

I wish twwifm would provide an EXPLANATION to the QUESTION.  But he/she/it can't. All this person ever says is that FRB is not the problem.  We have EVIDENCE!  You have accusations and you sound like a lunatic. I want people to reclaim their money, in an economic system that does not benefit the 1%.

My Chinese friends, I want to share something about what your money supply looks like.  This is not a Western problem but you already knew that.



This is how the the illusion of wealth was created. And if you haven't read it, this is my explanation why: My explanation

All that money has to go somewhere.

You don't have evidence that FRB causes inequality you just have charts that show expansion in money supply.  I'm not going to argue that FRB expands money supply because that's what it does.

You want people to reclaim their money?  What does that even mean?  So you think you are entitled somehow?

OK, heres a different thesis for you since you seem to be interested in econ but you don't really understand the economists you keep name dropping.  Fist, you must forget about your fixation on FRB.

Thomas Piketty just released a book about wealth inequality.  His thesis is that when (R) return on capital exceeds (G) growth, the wealth consolidates because the wealthy make earnings on their capital.  He came  to this conclusion by collecting data over a span of about 200 years and graphed it.  In 19th Cent, (G) was minimal (almost zero) and (R) was about 5%.  Then inequality grew until WW1 & WW2.  These events destroyed capital.  In the period post WW2, we had low (R) and high (G).  The effect of these forces compressed inequality and created  more even distribution of wealth ushering in a larger middle class base.  Then after 1970s to current again we have experience a greater divergence and record high levels of wealth inequality.

Here are the some charts of his research:

[twiifm]

The irony is the OP was lucky to be born in Australia.  If you were born in a Third World Country you have no choice but to be poor.

At least in Australia you can work your way up the economic ladder.

No mate. The system here is also loaded up with debt, causing social breakdowns and wealth inequality. The system in the US, UK, Europe, China and Japan is worse because people don't understand FRB and they haven't been selling iron ore to china.

I'm doing my bit to dispel any notions that FRB is meritocracy.  No, FRB is purely aristocracy.

Those new to this thread, please read the first post.

No the irony is in Cambodia theres a guy saying the same thing about Aussie tourists.  Your idea of "poor" is a gross distortion of reality from the point of view of someone who is actually poor.

What you don't get is that FRB is doesn't cause poverty.  Its not having access to money that keeps people from getting out of poverty.  While you run around ranting about limiting money.  Some poor schmuck in a Third World Country wishes money would flow more freely.

What you really want is to monopolize money because you think rich people don't deserve to be rich.  You're no Robin Hood, you just want to steal from the rich and give it to yourself.

Don't pretend you care about inequality one bit

It is a world wide problem when your currency is worth less each day. Some people are lucky enough that even at reduced value they still have it pretty good compared to poorer countries. That doesn't make any less of a crime. I will not happily take a punch in the face simply because other people have to take a kick to the groin. It is theft and the more vulnerable you all ready are the more it hurts. 

Its only a problem if money inflates when nothing else in the economy does.  It is true that current wage inflation aren't in line w currency inflation.  And thats why people feel pinched.  However, the forces that contribute to this are not solely FRB.  But other macro factors

I have contention w the OPs thesis.  He is basically saying financial capital earns more than labor capital.  I don't disagree w this at all.  What I disagree his he uses this fact to frame an erroneous political agenda.  And then he portrays his crypto "ozziecoin" crypto as solution addressing the problem.  What looks altruistic seems like a off handed way to promote and pump his own ozziecoin

[Ozziecoin]

Where is your explanation Twiifm?  I still don't see one.

Your own charts show that the rich have stayed rich.  

This is what you say yourself:

I'm not going to argue that FRB expands money supply because that's what it does.

It is true that current wage inflation aren't in line w currency inflation.  And thats why people feel pinched.

That's because the money supply is being inflated to high heaven.  And it is showing up in inflation AND rising asset prices.  See London, New York and Beijing!  Are you blind? or just working for the 1%?  This is NOT rocket science.

So, where is all that money going?  Asset prices, that's where!  What about the people who have no assets?  And the middle income earners with debts?  Why should rich people benefit at the expense of the rest of us?!?

This is truly shocking!  Your position is untenable!

[twiifm]

Where is your explanation Twiifm?  I still don't see one.

Your own charts show that the rich have stayed rich.  

This is what you say yourself:

I'm not going to argue that FRB expands money supply because that's what it does.

It is true that current wage inflation aren't in line w currency inflation.  And thats why people feel pinched.

That's because the money supply is being inflated to high heaven.  And it is showing up in inflation AND rising asset prices.  See London, New York and Beijing!  Are you blind? or just working for the 1%?  This is NOT rocket science.

So, where is all that money going?  Asset prices, that's where!  What about the people who have no assets?  And the middle income earners with debts?  Why should rich people benefit at the expense of the rest of us?!?

I explained wealth inequality as a relation between (R) return on capital and (G) economic growth.  I'm a little drunk to explain.  But you are too obsess w FRB when you should compared historical data of wealth inequality and historical data of FRB.  See if you can spot any trends or correlations

[Ozziecoin]

I explained wealth inequality as a relation between return on capital and economic growth.

No one cares about that.  We all know, the money supply is being tampered with.  FRB is creating copious amounts of M3, advantaging the wealthy to the disadvantage of the poor who have no assets.

Are you representing the interests of those that have assets and are wealthy?  How can you justify this?!?  Are you saying screw the poor?

THESE ARE GENUINE QUESTIONS!  

[twiifm]

I explained wealth inequality as a relation between return on capital and economic growth.

No one cares about that.  We all know, the money supply is being tampered with.  The FRB is creating copious amounts of M3, advantaging the wealthy to the disadvantage of the poor who have no assets.

Are you representing the interests of those that have assets and are wealthy?  How can you justify this?!?  Are you saying screw the poor?

THESE ARE GENUINE QUESTIONS!  

I'm not representing anybody.  I just think your thesis is barking up the wrong tree.  To give rise to middle class you need to destroy capital and at the same time have growth.  Growth could be birth growth.  

I never say screw the poor.  But your idea of poor and mine are totally different.  I don't want to limit money supply.  I want the poor to have access to money supply.  In order for someone w no assets to have assets they need access to loans & credit.  That requires FRB.