As the economy as a whole sank into crisis and negative growth, a handful of billionaires became even richer. How did they do it?
The super-rich must be the loneliest and most unhappy people on the planet. They are in a class of their own… separated from the masses by nearly $ 32,000 billion – in the United States alone.
This is indeed the difference between what the richest 1% of Americans own and the wealth of the bottom 50% of the income scale.
That 1% know one thing the rest of humanity doesn’t: Even a billion dollars won’t make you happy.
Quickly won, quickly lost
Making a fortune quickly remains fascinating, however.
Think of all the young people who suddenly found themselves enriched after Satoshi Nakamoto invented bitcoin in 2009. Crypto dealers and speculators have seen their “wealth” drop from nothing to $ 2.5 trillion.
Obviously, things can be just as dizzying on the other side of the coin.
A few days ago, crypto investors were set to lose $ 1,000 billion.
Quickly won, quickly lost.
To the Chronic, what interests us is not so much the amount – whether huge or small – that a person has, but how it is won or lost.
Whether a man earns $ 5 or $ 5 million hardly matters. If he won it through an honest win-win deal, he should be proud of it. A mason… a car salesman… or even a lawyer, can hold his head up high. He earns his money.
But what about someone who just received a recovery aid check that he has neither won nor deserved and that he does not need?
Somewhere deep inside, he must know that this whole thing is just a scam.
This is also the problem with the majority of the rich. They have earned trillions of indecent wealth. Now they have to pretend to have earned this money!
But some know the truth: it was the money of the aid plans!
How to make a fortune in a pandemic
In the last 12 months, almost every economy on the planet has been shut down, at least in part … GDP growth has turned negative… Sales have plummeted (in the leisure and tourism industries they have all but disappeared)… profits have plummeted… and millions of people have been prevented from working.
Yet during that same Plague Year, billionaires earned some $ 8,000 billion over a 12-month period (until April of this year).
Did they add the equivalent of $ 8,000 billion in products and services? Did they invent whole sectors? Have they found a way to increase the happiness of their fellow citizens to the tune of $ 8,000 billion?
No of course not.
What really happened?
It was relaunch in the morning, relaunch at noon and relaunch in the evening …
Central banks have increased the money supply globally by $ 9,000 billion.
And that’s how the super-rich cashed in 88 cents for every dollar created …
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