BS: Life never so good (for super rich)

Subject: BS: Life never so good (for super rich)
From: Lox
Date: 25 Apr 10 - 09:49 AM

The Sunday Times Rich list shows that the super rich were never this well off before the credit crunch.

Great news ... for them

Wealth appears to be like energy. If someone has a lot, it means someone else has lost something.

Likewise, in a crash, the lost wealth has to go somewhere ...

As a friend of mine eloquently said ...

"I'm bored shitless of the opinion we need to provide an environment where the super-rich aren't taxed in a punitive way. There are going to be massive cuts in public services, education etc after this election no matter who gets in power, and these fucks pay millions to accountants so they can get advice on how to avoid paying tax? ... sometimes ignorance really is bliss. This annual list pisses me off so much. the average personal debt in this country is £10000, surely that's worth a headline, Murdoch?"

We're being bled dry by vampires.

Subject: RE: BS: Life never so good (for super rich)
From: VirginiaTam
Date: 25 Apr 10 - 12:58 PM

If would make any difference to the top dogs that people cannot afford to buy their products and services, I would say time to boycott everything they make.

But it don't make a difference.

They'd just fire the lowest level of workers and beg for bailouts from the government on the backs of tax payers.

Subject: RE: BS: Life never so good (for super rich)
From: Richard Bridge
Date: 25 Apr 10 - 04:57 PM

Hear bloody hear.

Anybody got a tumbril?

Subject: RE: BS: Life never so good (for super rich)
From: McGrath of Harlow
Date: 25 Apr 10 - 06:19 PM

The thing is, turkeys do vote for Christmas...

Subject: RE: BS: Life never so good (for super rich)
From: Richard Bridge
Date: 25 Apr 10 - 06:26 PM

Yes, Kevin, there is one regularly doing it on this very board.

Subject: RE: BS: Life never so good (for super rich)
From: The Fooles Troupe
Date: 26 Apr 10 - 01:44 AM

"the lost wealth has to go somewhere"

A common delusion, but sadly, not true. The 'wealth that is allegedly "lost"' never really existed anyway - it only ever existed in the minds of those 'losers' who bought at the top of the market (when the clever rich ones got out of the market!).

Hindsight shows that what they bought was not worth what they paid for it at the time.

Subject: RE: BS: Life never so good (for super rich)
From: Backwoodsman
Date: 26 Apr 10 - 02:02 AM

LOL Richard!

Subject: RE: BS: Life never so good (for super rich)
From: Little Hawk
Date: 26 Apr 10 - 02:09 AM

It's true that it never really existed, yes. But as long as people thought it existed, it had great effect. That's the way it is with things of that sort. More of it is being created out of thin air at this very moment, and you can buy stuff with it if it's put in your name.

For instance: Do you need $30 million? Do you move in the kind of circles where that sort of sum changes hands regularly? Can you provide some sort of collateral?

If so, then a major bank will lend you the $30 million and charge you interest for it. They don't go to a vault and pick up a REAL $30 million in government-issued paper money, coins, bullion, or anything else like that. They just write up a loan agreement which you and they sign....and a computer keystroke magically creates a new $30 million which gets deposited into your account. It came from nowhere...but now it's considered REAL! You owe it to the bank which just created it out of nothing. ;-) And it earns interest, which means that even more money must come from somewhere to pay the bank.

That's a pyramid scheme. It's fraud, in fact. Banks can do it legally. Therein lies the essential problem, and that's why bankers are so rich.

Subject: RE: BS: Life never so good (for super rich)
From: Dave Hanson
Date: 26 Apr 10 - 09:25 AM

Why is it that the banking profession always attracts the worlds greediest people ?

That twat Fred Goodwin got enough money out of RBS to last any normal person 5 lifetimes, why do they need far more than they could ever spend ?

Dave H

Subject: RE: BS: Life never so good (for super rich)
From: Stu
Date: 26 Apr 10 - 09:32 AM

Welcome to capitalism!

I mean, surely it's got to sink in at some point it works no better that communism?

Subject: RE: BS: Life never so good (for super rich)
From: Richard Bridge
Date: 26 Apr 10 - 09:43 AM

Quite so Jack.

And indeed teh Russian mega-rich who we see here did create nothing rather swindled the state out of state assetts - a zero-sum game with no economic merit.