Topic: The Super-Wealthy Have A Problem (Read 93 times)

Here is the REAL problem that the Super-Wealthy have... Quoted from a post of mine in "Politics & Society."


The point is that the Super-Wealthy won't be super-wealthy any longer. They might have funds or property far greater than the average American, but they won't be super-wealthy.

This isn't really a problem for them. It simply means that they will have to stop ripping other people off, and causing wars around the world that kill millions.

This is misleading.

Of course, wealth is, as almost any other measurable trait, is distributed normally, with a few people being very rich, a few being very poor, and the absolute most being somewhere in between. And, of course, over the course of generations, wealth tends to regress to the population's average. It means that the rich families tend to become less rich as time goes on, and also that the poor families tend to become less poor - since it is less probable that their kids are going to be as rich or poor as they were, the wealth of both rich and poor families regresses to the mean.

But... you should also be aware of the fact that each family has own mean, above or below the population average, sometimes at a significant distance from the mean - just like different populations of people have different mean wealth. And, historically, to preserve the wealth and guarantee that it would pass over to their kids, the kids of their kids and so on, people have been marrying the people from the families with the mean wealth no lower than the mean wealth of their own families. This is how some of the wealthiest families in the world keep their wealth, but also how poor families keep staying poor.

For details, see The Son Also Rises (2014) by Gregory Clark.

Get your money in $1's. More insulation that way. Or have you figured out a way to eat it, too?




No stopping of CO2. This means more greenery. This means more plants and animals for food. It means more fun having and raising children.

Nothing will come back, everything will be as it was or even worse. The world is deteriorating, not only the government, but also the people themselves. Everyone used to be kinder somehow...

They have money, so it will be easy to decide

Ultimately, everything will snap back to average wealth for everybody. The snapping-back might be uncomfortable for some of us, but it will be especially uncomfortable for the elite who are out of practice living without slaves.


The Super-Wealthy Have A Problem

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https://www.zerohedge.com/personal-finance/super-wealthy-have-problem
he cultural consensus holds that the super-wealthy always manage to come out ahead in any spot of bother. Due to their grip on the levers of financial and political power, whatever lays waste to the bottom 90% of the populace is either 1) an opportunity to increase their wealth or 2) a minor bump in the road to ever-expanding wealth.

History offers an abundance of examples. A favorite of mine is the guest books of the French chateaus owned by the super-wealthy, which logged visits from the Usual Suspects (political and financial bigshots) until 1940, when the names of Nazi bigshots began filling the ledgers, and then in 1945, the visitor list reverted to the Usual Suspects: a seamless transition from one set of political overlords to the next that the chateau owners rode without difficulty.

But there are counter-examples as well. Consider the family estate of famed architect I.M. Pei in Suzhou, China. I visited the impressive Pei residence, which is now a government-owned property open to the public. The Pei family was wealthy enough to be comfortably in the top tier of Chinese society. Life was good for China's elite, right up to 1949. These elites did not glide though the revolution intact; their wealth was confiscated.

They were replaced with a new elite, who now holds vast troves of wealth secreted away in the West, and just as I.M. Pei attended prestigious American Ivy League universities, so too do the sons and daughters of China's party elites, under assumed names, of course, to allow them a private experience outside the limelight.

So the super-wealthy don't always skate through tumultuous times, emerging richer than ever. We all understand how vast wealth inequality influences the political and social responses to crises. What is less well understood is the role of fairness in the social and political realms: if the inequality is understood to be the result of extremes of unfairness, the public mood darkens considerably, as humans are innately sensitive to unfairness.
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