Re: The New Feudalism
Basic mathematics ensures nothing.
As far as wrong statements go, this might be winner of the week.
The sort of people in the top 1% aren't generally the sort of people that will just deposit their money in bonds and live off the interest, as you claim.
I completely agree, which is why I made no such claim.
Equally, they're the sort of people that have a lot of stuff - houses that cost a lot more than most, cars that cost more than most (and more of them), and other stuff, that they could sell if they went bust, and still remain in the top 1%.
You've succomb to the numerous fallacies present in the works of Piketty and Stiglitz.
Hardly. I'm a full blooded capitalist. It's the greatest game in town. Piketty started with his conclusion and then sought only evidence which backed it. A typical fallacy of the economically socialist left.
According to the IFS, I'm in danger of being in the top 1% at the moment. I'm not sure I believe their numbers - apparently you only need 1 million USD of investable assets. Given how mobile most of my assets are, I've already taken steps to diversify away from the UK to protect against a potential far left government. As soon as McMao started talking about seizing 10% of the FTSE, I dumped it and put the money elsewhere. I'm up about 20% on that trade so far - it was more but the markets have had a wobble. Am I in danger of going bust or losing most of my wealth? Hardly.
My point was that its going to be very dificult for anyone on minimum wage to catch up to me - I make too much passive income for that to happen. You've fallen for the trap of assuming I see that as a bad thing, when I don't. I used to earn way below minimum wage too, before there ever was one, and I managed to work my way up the earnings and wealth scale. There's nothing, literally nothing, holding back anyne else from doing as I did. They just have to stop investing their time in moaning about the system, and start spending their time understanding how it actually works.
Biting the hand that feeds IT
