Catherine Austin Fitts: It’s Almost as if the World’s Riches Asset Owners Requested the Pandemic

This reminds us of something we said last year: “it’s almost as if the world’s richest asset owners requested the covid pandemic.” A year later, we got confirmation for this rhetorical statement, when we calculated that in the 18 months since the covid pandemic, the richest 1% of US society have seen their net worth increase by over $30 trillion. As a result, the US is now officially a banana republic where the middle 60% of US households by income – a measure economists use as a definition of the middle class – saw their combined assets drop from 26.7% to 26.6% of national wealth as of June, the lowest in Federal Reserve data, while for the first time the super rich had a bigger share, at 27%. Yes, the 1% now own more wealth than the entire US middle class, a definition traditionally reserve for kleptocracies and despotic African banana republics.

https://www.zerohedge.com/markets/2021-greatest-hits-most-popular-articles-past-year-and-look-ahead

And the saddest chart of all: the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.8 trillion to $43.3 trillion.

https://www.zerohedge.com/economics/household-net-worth-hits-record-145-trillion-34-trillion-covid-there-catch

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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