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

[twiifm]

You are full of shit.  What's the difference of some buying BTC because of 'foresight' and someone's great grandfather buying a plot of land in lower Manhattan when it was a dump?

If you are born w no assets and you have a great business idea.  You know what you do to finance your business?  You borrow money from the bank or find investors.  Without FRB it would make it way harder for banks to loan money.  The interest would be sky high because of liquidity constraints

I already explained Piketty's theory of wealth inequality resulting from Return of Capital exceeding Growth. 

The fix is not to eliminate FRB or fix money supply.  All that will do is create give the current holders of capital assets MORE advantage than the people who haven't even been born yet.  More rent seeking behavior than our current situation

[1714806947]

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[1714806947]

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[Ozziecoin]

You are full of shit.  What's the difference of some buying BTC because of 'foresight' and someone's great grandfather buying a plot of land in lower Manhattan when it was a dump?

If you are born w no assets and you have a great business idea.  You know what you do to finance your business?  You borrow money from the bank or find investors.  Without FRB it would make it way harder for banks to loan money.  The interest would be sky high because of liquidity constraints

I already explained Piketty's theory of wealth inequality resulting from Return of Capital exceeding Growth.  

The fix is not to eliminate FRB or fix money supply.  All that will do is create give the current holders of capital assets MORE advantage than the people who haven't even been born yet.  More rent seeking behavior than our current situation

Wow! You're just one angry fella aren't you?  Please provide evidence not assertions.

I have explained why I believe FRB leads to wealth inequality.  Here is My explanation .

I have provided evidence of widening wealth inequality. I have shown that debt levels are rising due to FRB.  I have shown that poor people are being disadvantaged.

AFAICT, you got nothing.  Current holders of capital assets are being unfairly advantaged.  You're either dense or working for the rich.  I think Ockam's razor is eliminating the latter.  In which case, you're now on my ignore list.

[Ozziecoin]

And suddenly there is peace and quiet. 

[glub0x]

Banking is advantaging asset holders unfairly.

this. plain truth.

[NotLambchop]

...  This should not be accepted in America which is supposed to represent the land of opportunity where dreams can be realised.

Oh Jesus, don't tell me it ain't true!  They've been lying to me all along?  MY America?!!
Now I'm almost afraid to ask, but are the streets paved with gold like they say, or is that just a bunch of phooey too?!

Is there anything left to live for, Ozziecoin?!

Answer the question notlambchop.

You, after reaching adulthood in Australia, would like to know if an American kid from a brokeass family has the same odds of becoming rich as a kid who inherits his wealth?
The answer is no.  No he does not.

Should he?
That depends on who you ask.  People who bitch against inheritance tax, for instance, think the notion reeks of Socialism.  

And now you know about the magical land of opportunities called Equestria America, where everyone is equal, and nothing ever hurts.

[xavier]

Poor people work for their money, rich people have their money work for them.


And that is the way of the world. ¯\_(ツ)_/¯

If only things were as simple as that ...

[Kprawn]

Wow this thread clearly crush "dreamers" 

There are enough evidence, everywhere in the world, where people with "Poor" backgrounds, excelled in life, and made it big.

Bill Gates started in his garage {Today he is the richest man alive}

My neighbor came to our "3rd world" country with only a bag of clothes. 45 years later he pensioned a millionaire, and I am the poor bastard next door, spoiling his view. Ha ha ha.

And there are thousands of these examples of poor people making it big. {Those are the good stories, that catch the news, not the wealthy rich boy, who inherit millions}

Will the rich get richer, yes they will.. Do poor people, have no change, of making it big? No way.   

[21pilot]

45 years later he pensioned a millionaire, and I am the poor bastard next door, spoiling his view. Ha ha ha.

but you got the Bitcoins 
Maybe the "pecking order" in your street will change once BTC price hits a new all-time-high 

[BombaUcigasa]

Bill Gates started in his LOADED FAMILY {Today he is the richest man alive}

Some people like to dream... got any other examples?

[Kprawn]

Well .... Financial world.. people like "Robert Kiyosaki" etc... / Science world - Mark Shuttleworth

Entertainment world... "Justin Bieber" / "Carlise Theron"

Read some biographies of these people and see where they came from.

Need more?

[glub0x]

And there are thousands of these examples of poor people making it big. {Those are the good stories, that catch the news, not the wealthy rich boy, who inherit millions}

Will the rich get richer, yes they will.. Do poor people, have no change, of making it big? No way.    

those /I or I know someone who / made it always make me laugh.

I actually know a man who survived a plane crash. He did it, why all those idiots of Malaysia airlines didn't manage to save at least one guy to tell us where is the plane?

you really belive it's a fair world where labour is rewarded at it's fair price so the small can be big if they just move their ass?

[nickenburg]

Wow this thread clearly crush "dreamers" 

There are enough evidence, everywhere in the world, where people with "Poor" backgrounds, excelled in life, and made it big.

Bill Gates started in his garage {Today he is the richest man alive}

My neighbor came to our "3rd world" country with only a bag of clothes. 45 years later he pensioned a millionaire, and I am the poor bastard next door, spoiling his view. Ha ha ha.

And there are thousands of these examples of poor people making it big. {Those are the good stories, that catch the news, not the wealthy rich boy, who inherit millions}

Will the rich get richer, yes they will.. Do poor people, have no change, of making it big? No way.   

Bill gates is not the richest man, thats what the media wants you to believe, but there are family's with alot more.
And that's only a few examples of people who started poor but came out rich, the rest of the world still has to slave away for a little money

[Ozziecoin]

I've got nothing against hardworking poor people who made it.  I'm just pointing out that rich people shouldn't get a helping hand.  Or do we still want to help rich people over poor people?  Seems kinda sad right?  FRB is the root of all evil.  (Says me).

[sameev29]

From my experience its the nationalism system of the world.For example in the world of Bitcoins,a multipool developer from Asia will charge much less than a developer from US.Although the work is same.He can charge more being in the US and buyers will prefer him more but the one in Asia is preferred less for these newly sophisticated technical works.Many common IT related works are outsourced from Asia on the other hand too but not for all sectors.

For your topic,actually no can can get rich doing nothing.He has to do some sort of work at least physically or mentally.It could be that he is fueling the project with his idea and letting the technicians handle the work and so on.

[Ozziecoin]

From my experience its the nationalism system of the world.For example in the world of Bitcoins,a multipool developer from Asia will charge much less than a developer from US.Although the work is same.He can charge more being in the US and buyers will prefer him more but the one in Asia is preferred less for these newly sophisticated technical works.Many common IT related works are outsourced from Asia on the other hand too but not for all sectors.

For your topic,actually no can can get rich doing nothing.He has to do some sort of work at least physically or mentally.It could be that he is fueling the project with his idea and letting the technicians handle the work and so on.

Please read the first page. 

[Kprawn]

Well ....Ok I am not mentioning the Mafia and Cocain Kings 

Bill Gates is listed as the richest man alive. For the sake of that example, it still count.

There are enough hard working people, Who do make it in life.

And we need "Rich" people in the world. It's surely not the poor people, who fund and invest in up and coming businesses.

Bill Gates and many other people like him, are giving, what they do not need away.

If we did not believe these things, we would all live in some communist country, slaving away to be poor anyways.

[Ozziecoin]

Well ....Ok I am not mentioning the Mafia and Cocain Kings 

Bill Gates is listed as the richest man alive. For the sake of that example, it still count.

There are enough hard working people, Who do make it in life.

And we need "Rich" people in the world. It's surely not the poor people, who fund and invest in up and coming businesses.

Bill Gates and many other people like him, are giving, what they do not need away.

If we did not believe these things, we would all live in some communist country, slaving away to be poor anyways.

Please read the first page. Also, don't believe everything in media. When they hunted Gaddhafi, somehow he had between $67 and $200 Billion, making him wealthier than Gates. This is from one small despot. Imagine all the other bigger rulers.

I have nothing against rich people. I believe they shouldn't be advantaged via FRB, that's all.  Please read the first page.   

This is not about communism.  This is about building better capitalism.  One WITHOUT FRB.

[scryptasicminer]

Bill Gates and many other people like him, are giving, what they do not need away.

The wealthy family form charity organization to evade tax. Not freely giving what they don't need away.

[tabnloz]

Maybe the OP's issue is with money printing ie QE and not FRB?

I understand FRB allows massive credit creation without any backing (eg Gold Standard & deposits to match lending). On the whole though, I always thought lending is an important growth engine.

What isn't healthy is the inequality that comes with money printing / QE.

QE and other related programs essentially gives free money to the top of the food chain. Banks can and have lent $ from the Fed at 0% interest and then lent the same $ back to the govt at 2-3%, making risk free profit. The $ given to the banks at 0% isn't being lent to the middle class or lower classes at the moment, for now there is no trickle down effect. And because there is a system awash with cheap credit coupled with ZIRP, people and corporations are forced to speculate to find returns. This is why there is such a run up in the stock market and RE. The Feds policies are basically pushing you to speculate because keeping in cash means slowly losing your value. If you can't get into stocks or RE, then what?

The inequality of this can also be combined with the fact that it is basically legal for financial institutions to commit fraud and receive no penalty. No major banker has gone to jail for the deeds committed in the lead up to the financial crisis. Trillions of $ were lost from the pension funds and investment vehicles from working and middle classes worldwide, yet no one pays for it. The best that has happened is some large fines,taken without admittance of guilt, that still do not make fraud unprofitable. As has been said a thousand times, the big banks are not there to look after customers, they are there to make a profit. Fraud and fines are part of the cost of doing business. The justfication here is that it is a) hard to prosecute because evidence is hard to gather b) hard to beat an army of high priced lawyers that can argue for years on end and c) possibly detrimental to the health of the system.

All of this is of course patently absurd. Guy like Dimon, Blankfein, Diamond, Cohen etc should all be in jail. The money they made from the markets they have rigged (basically everything) comes from yours, mine and everybody's pockets in some way.

But the real kicker here is that if Average Joe down the street robs a shop or lies to the govt about tax or something, he's going to the big house.

[NotLambchop]

...The Feds policies are basically pushing you to speculate because keeping in cash means slowly losing your value. If you can't get into stocks or RE, then what?

Well sure, low interest rates push people to spend and invest.  That's the intent of lowering interest rates.  You seem to be upset because it works as intended.

The inequality of this can also be combined with the fact that it is basically legal for financial institutions to commit fraud and receive no penalty. No major banker has gone to jail for the deeds committed in the lead up to the financial crisis. ...

The rich get preferential treatment from the courts?  In MY America?!
Sure.  Multimillion dollar legal teams find employment, while there are perfectly good court-appointed attorneys for the poor.  If both net the same results, why spend the extra money?