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Pandemic Wiped Out Entire Savings Of 20% Of US Households

 
Don Draper from Nantucket
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10/14/2021 04:51 PM

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Pandemic Wiped Out Entire Savings Of 20% Of US Households
[link to www.zerohedge.com (secure)]


Over the weekend, we showed a staggering wealth distribution statistic cementing the US status as a banana republic: according to Fed data which breaks down the distribution of wealth according to income quintile (or 20% bucket) the middle 60% of US households by income 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%


While especially true for the top 1%, it is all the rich that have benefited from the Fed's generous liquidity pump at the expense of the extinction of the US middle class - as the next chart shows, over the past 30 years, 10 percentage points of American wealth has shifted to the top 20% of earners, who now hold 70% of the total. The bottom 80% are left with less than 30%.

But while we have extensively discussed the destructive impact of the Fed on the middle class - while enriching the top 1% - a view espoused recently by Stan Druckenmiller who in May called the Fed the single "greatest engine of wealth inequality" in history (to which we would also add the end of the gold standard under Nixon), some have asked what about the sub-middle class? After all one can argue (correctly) that the swing voter in the US is not in the top 1%, but rather in the bottom 50%.

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion.





This wont end well
PLATA BITCHEZZZZZZ

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The Rolling Stones said it best...

"What's confusing you is the nature of my game"
habshire

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Italy
10/14/2021 04:52 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
80% savings will go due to inflation and loss of power of the Dollar

2022 will be a reckoning year

Last Edited by habshire on 10/14/2021 04:52 PM
Anonymous Coward
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10/14/2021 04:55 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
80% savings will go due to inflation and loss of power of the Dollar

2022 will be a reckoning year
 Quoting: habshire


Crypto investors think that's a good thing. They will be kings.
Anonymous Coward
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Bahamas
10/14/2021 05:01 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
bsflag
Anonymous Coward
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10/14/2021 05:05 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Yep, it's much, much worse than anyone will admit. Nobody ever admits they're having money problems in America... everyone is a fucking trillionaire!

I can see how hard they all work. The stores and roads a packed 24/7... nobody fucking works anymore.

Question is, when is the reckoning coming?
Don Draper from Nantucket  (OP)

User ID: 80692948
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10/14/2021 05:06 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
80% savings will go due to inflation and loss of power of the Dollar

2022 will be a reckoning year
 Quoting: habshire


You're right I think in many different ways.
PLATA BITCHEZZZZZZ

UPGRADE UNAVAILABLE

The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Don Draper from Nantucket  (OP)

User ID: 80692948
United States
10/14/2021 05:09 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Yep, it's much, much worse than anyone will admit. Nobody ever admits they're having money problems in America... everyone is a fucking trillionaire!

I can see how hard they all work. The stores and roads a packed 24/7... nobody fucking works anymore.

Question is, when is the reckoning coming?
 Quoting: Anonymous Coward 32577701


When the food shortages and electricity and internet brownouts begin would be my guess, but in reality there are so many fuses sitting around right now ready to be lit, it really is anyone's guess!

Last Edited by Don Of N*******t on 10/14/2021 05:09 PM
PLATA BITCHEZZZZZZ

UPGRADE UNAVAILABLE

The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Anonymous Coward
User ID: 81001571
Canada
10/14/2021 05:09 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
How are you guys enjoying our transfer of wealth?

We forgot to mention that it's YOUR wealth we're transferring to the 1% of the 1%
Anonymous Coward
User ID: 78131087
Denmark
10/14/2021 05:13 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Red states should do fine, though tourist industry and larger democrat cities within is still a flesh wound.
Blue states. GTFO NOW!
Anonymous Coward
User ID: 79207137
United States
10/14/2021 05:14 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
[link to www.zerohedge.com (secure)]


Over the weekend, we showed a staggering wealth distribution statistic cementing the US status as a banana republic: according to Fed data which breaks down the distribution of wealth according to income quintile (or 20% bucket) the middle 60% of US households by income 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%


While especially true for the top 1%, it is all the rich that have benefited from the Fed's generous liquidity pump at the expense of the extinction of the US middle class - as the next chart shows, over the past 30 years, 10 percentage points of American wealth has shifted to the top 20% of earners, who now hold 70% of the total. The bottom 80% are left with less than 30%.

But while we have extensively discussed the destructive impact of the Fed on the middle class - while enriching the top 1% - a view espoused recently by Stan Druckenmiller who in May called the Fed the single "greatest engine of wealth inequality" in history (to which we would also add the end of the gold standard under Nixon), some have asked what about the sub-middle class? After all one can argue (correctly) that the swing voter in the US is not in the top 1%, but rather in the bottom 50%.

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion.





This wont end well
 Quoting: Don Draper from Nantucket


not for the 1% it won't, ut's not going to end well for them.
Agent 99

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United States
10/14/2021 05:16 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
It cost me $25k. And that was my "coins in the couch cushions" money, not my actual savings.
Don Draper from Nantucket  (OP)

User ID: 80692948
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10/14/2021 05:17 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
How are you guys enjoying our transfer of wealth?

We forgot to mention that it's YOUR wealth we're transferring to the 1% of the 1%
 Quoting: Anonymous Coward 81001571


Yep wealth doesn't disappear it simply changes hands!
PLATA BITCHEZZZZZZ

UPGRADE UNAVAILABLE

The Rolling Stones said it best...

"What's confusing you is the nature of my game"
KuvaszLove

User ID: 80979763
United States
10/14/2021 05:18 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Wasn't that the goal? (DEMS)
Don Draper from Nantucket  (OP)

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10/14/2021 05:18 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
It cost me $25k. And that was my "coins in the couch cushions" money, not my actual savings.
 Quoting: Agent 99


Considering most people live check to check with no savings at all I would consider you one of the fortunate ones!
PLATA BITCHEZZZZZZ

UPGRADE UNAVAILABLE

The Rolling Stones said it best...

"What's confusing you is the nature of my game"
American Poet

User ID: 78830133
United States
10/14/2021 05:19 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Wasn't that the goal? (DEMS)
 Quoting: KuvaszLove


hesright
The wheels of justice turn slowly, but grind exceedingly fine.
Anonymous Coward
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United States
10/14/2021 05:22 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Half of all Americans had less than $5,300 in the bank.

[link to advisorsmith.com (secure)]

So if 20% of Americans lost their life savings, how much is that" Like $500?

lmao

Boo fucking hoo.
Anonymous Coward
User ID: 81004690
Mexico
10/14/2021 05:22 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
WOW, then I must have a pandemic every month!
Anonymous Coward
User ID: 80667803
United States
10/14/2021 05:25 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Now that they own nothing, they have never been happier!

All hail the great reset!

sheepbillgatessheeplebah
Coy

User ID: 79095884
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10/14/2021 05:26 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
6uild 6ack 6etter
Anonymous Coward
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10/14/2021 05:27 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
True, but people rely more on their investments.
Agent 99

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10/14/2021 05:27 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
It cost me $25k. And that was my "coins in the couch cushions" money, not my actual savings.
 Quoting: Agent 99


Considering most people live check to check with no savings at all I would consider you one of the fortunate ones!
 Quoting: Don Draper from Nantucket


Yes, I am grateful for my good fortune. My stepmom was in East Germany in 1940's so she taught me about what's about to unfold and how to prepare. History repeats. Our ancestors gave us the information. Many people dismissed that important communication!

Lots of people are unplanned for poverty.
There will be lots of orphans.

Last Edited by Agent 99 on 10/14/2021 05:29 PM
Agent 99

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10/14/2021 05:29 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
True, but people rely more on their investments.
 Quoting: Anonymous Coward 80713689


Those are sinking and being skimmed by brokers and by the time people get their hands on their 401k accounts they will be greatly diminished. Very sad.
Anonymous Coward
User ID: 79751930
France
10/14/2021 05:31 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
80% savings will go due to inflation and loss of power of the Dollar

2022 will be a reckoning year
 Quoting: habshire


Crypto investors think that's a good thing. They will be kings.
 Quoting: Anonymous Coward 80713689


Kang$
Anonymous Coward
User ID: 76349271
United States
10/14/2021 05:32 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
How are you guys enjoying our transfer of wealth?

We forgot to mention that it's YOUR wealth we're transferring to the 1% of the 1%
 Quoting: Anonymous Coward 81001571


[imgur] [link to imgur.com (secure)]
Anonymous Coward
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United States
10/14/2021 05:37 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
am one of the 1% and i got more money now haaha cash chucker
Anonymous Coward
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France
10/14/2021 05:39 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
It cost me $25k. And that was my "coins in the couch cushions" money, not my actual savings.
 Quoting: Agent 99


Considering most people live check to check with no savings at all I would consider you one of the fortunate ones!
 Quoting: Don Draper from Nantucket


Yes, I am grateful for my good fortune. My stepmom was in East Germany in 1940's so she taught me about what's about to unfold and how to prepare. History repeats. Our ancestors gave us the information. Many people dismissed that important communication!

Lots of people are unplanned for poverty.
There will be lots of orphans.
 Quoting: Agent 99


:hillary2:
Anonymous Coward
User ID: 80713689
United States
10/14/2021 05:45 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
True, but people rely more on their investments.
 Quoting: Anonymous Coward 80713689


Those are sinking and being skimmed by brokers and by the time people get their hands on their 401k accounts they will be greatly diminished. Very sad.
 Quoting: Agent 99


Also true. If they can't hold it in their hand or live in it then they don't own it.
Anonymous Coward
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Canada
10/14/2021 05:46 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
It cost me $25k. And that was my "coins in the couch cushions" money, not my actual savings.
 Quoting: Agent 99


Considering most people live check to check with no savings at all I would consider you one of the fortunate ones!
 Quoting: Don Draper from Nantucket


Yes, I am grateful for my good fortune. My stepmom was in East Germany in 1940's so she taught me about what's about to unfold and how to prepare. History repeats. Our ancestors gave us the information. Many people dismissed that important communication!

Lots of people are unplanned for poverty.
There will be lots of orphans.
 Quoting: Agent 99


I have always been one to question history so at a young I knew something was wrong between what was being said and what was real history. Real history is not free, it never gets spoon feed to you, it cost time and money. From what I have pieced together, war, faminie, disease, corrupt of morals are the weapons they like to resort to when sheep are sheep no more.

You are very lucky to have someone who made sure your eyes were open at an early age.
Agent 99

User ID: 77082640
United States
10/14/2021 06:13 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
It cost me $25k. And that was my "coins in the couch cushions" money, not my actual savings.
 Quoting: Agent 99


Considering most people live check to check with no savings at all I would consider you one of the fortunate ones!
 Quoting: Don Draper from Nantucket


Yes, I am grateful for my good fortune. My stepmom was in East Germany in 1940's so she taught me about what's about to unfold and how to prepare. History repeats. Our ancestors gave us the information. Many people dismissed that important communication!

Lots of people are unplanned for poverty.
There will be lots of orphans.
 Quoting: Agent 99


I have always been one to question history so at a young I knew something was wrong between what was being said and what was real history. Real history is not free, it never gets spoon feed to you, it cost time and money. From what I have pieced together, war, faminie, disease, corrupt of morals are the weapons they like to resort to when sheep are sheep no more.

You are very lucky to have someone who made sure your eyes were open at an early age.
 Quoting: Gazoo


Yep, I count my blessings. My stepmom took me to Europe when I was 12 so I could see the world and understand it. Very valuable lessons.

Disease first, all wars start with a plague, then progress to battlefield warfare, then famine. This enemy coming for us is brutal, and there will be nukes used.

In the next 10 years there will be lots of struggle.
Mason Firefly

User ID: 79925043
United States
10/14/2021 06:18 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
[link to www.zerohedge.com (secure)]


Over the weekend, we showed a staggering wealth distribution statistic cementing the US status as a banana republic: according to Fed data which breaks down the distribution of wealth according to income quintile (or 20% bucket) the middle 60% of US households by income 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%


While especially true for the top 1%, it is all the rich that have benefited from the Fed's generous liquidity pump at the expense of the extinction of the US middle class - as the next chart shows, over the past 30 years, 10 percentage points of American wealth has shifted to the top 20% of earners, who now hold 70% of the total. The bottom 80% are left with less than 30%.

But while we have extensively discussed the destructive impact of the Fed on the middle class - while enriching the top 1% - a view espoused recently by Stan Druckenmiller who in May called the Fed the single "greatest engine of wealth inequality" in history (to which we would also add the end of the gold standard under Nixon), some have asked what about the sub-middle class? After all one can argue (correctly) that the swing voter in the US is not in the top 1%, but rather in the bottom 50%.

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion.





This wont end well
 Quoting: Don Draper from Nantucket


No the Federal government's response did that.

Last Edited by Mason Firefly on 10/14/2021 06:19 PM
Anonymous Coward
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10/14/2021 06:19 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Must have been pretty easy when 69% of Americans had less than $1000 bucks in savings,
and 45% of Americans had $0 in savings.





GLP