[FoRK] 2009 Distribution of Wealth in the US

Ken Ganshirt @ Yahoo ken_ganshirt at yahoo.ca
Sat Nov 6 16:08:33 PDT 2010

--- On Sat, 11/6/10, Adam L Beberg <beberg at mithral.com> wrote:

> That will go up soon soon, because the lower 20% are about
> to die of starvation in the cold thanks to the money
> printing, so there will be a higher percentage of rich
> people, hurray!
> From BLS via JPMorgan:
> http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gono/After%20Tax%20Income%20On%20Food.jpg
> Only about 50% inflation to go and it's not a problem
> anymore, not that we haven't already had lots of inflation:
> http://money.cnn.com/data/commodities/
> It's great that throughout history the poor have been so
> happy to accept inflation and starve quietly and calmly.

The index we use to measure inflation is kind of like economic models, isn't it? E.g. it intentionally doesn't include a lot of the things that matter. ??

Regarding resources, there's a pundit up here in Canada, Jeff Rubin, who steadfastly maintains that the trigger for the global financial crisis was the price of oil when it hit 140 bucks a barrel. 

He has maintained since then, even through the period that it dropped back to nearly 40 bucks a barrel, that it will go back to triple digits relatively soon and will trigger another similar crisis when it does. He has explained that the severe price pullback was simply a question of low demand due to the economic conditions resulting from the calamity and was exactly what you would expect.

Looks like he could be right, at least about oil going back to triple digits as global demand recovers. It remains to be seen what happens when it does. At the very least it ought to put quite a drag on any "recovery".


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