3 ms·

Wasn't this the biggest wealth transfer in current history?

Mikeb85 4y ago
Yup. However not just because of insider trading... Governments around the world mandated that (mostly) small businesses have to close and that blue collar work had to halt (due to relying on in-person interaction), all while pumping up the value of equities and real estate through monetary expansion. Then of course the smart money jumps out leaving the middle class holding the bag.
- MichaelCollins 4y ago
  > Governments around the world mandated that (mostly) small businesses have to close This was really insidious. Small shops selling [widget] were forced to close because the shop was non-essential. But walmart selling [the exact same widget] was allowed to keep doing business because they also sold groceries and were therefore essential. Could they have forced Walmart to cordon off the non-essential aisles while keeping grocery section open? Could they have taxed walmart more to support the small businesses which were being strangled? Maybe they could have, but of course they didn't.
  - Mikeb85 4y ago
    Not to mention, closing so many stores, forcing curfews, etc... just packed more people into the same store at the same time. Literally the opposite of social distancing. I used to always shop for groceries at 10pm because the store was mostly empty. The officials near me in their infinite wisdom decided stores have to close by 6 so they were packed all day long...
  - fleddr 4y ago
    The businesses you mention, small shops depending on electronic components, continue to suffer. They're last in line in the supply chain shortages, and many are disappearing.
  - jokethrowaway 4y ago
    Governments do whatever they want and then find a PR friendly way of saying things. Of course we're not shutting down all the small businesses who compete with Walmart's! We're saving your life from the flu!
whimsicalism 4y ago
> Wasn't this the biggest wealth transfer in current history? What does that even mean? What constitutes a "wealth transfer" as a single category? My guess is "salaries and wages paid" constitutes the largest wealth transfer every year.
- ChuckNorris89 4y ago
  Paying salaries and wages are not a wealth transfer, but a transaction, i.e. I give 8 hours of my day to my employer and receive cash in exchange. In this context the wealth transfer means devaluing wages and cash while inflating assets. The wage earning class got shafted losing purchasing power while the asset owning class made bank. All through the stroke of a pen, basically overnight.
  - whimsicalism 4y ago
    > In this context the wealth transfer means devaluing wages and cash while inflating assets. How was this done?
- BlueTemplar 4y ago
  and what is "current history" ?
jokethrowaway 4y ago
Of course, never let a good crisis go to waste

Yup. However not just because of insider trading... Governments around the world mandated that (mostly) small businesses have to close and that blue collar work had to halt (due to relying on in-person interaction), all while pumping up the value of equities and real estate through monetary expansion. Then of course the smart money jumps out leaving the middle class holding the bag.

MichaelCollins 4y ago
> Governments around the world mandated that (mostly) small businesses have to close This was really insidious. Small shops selling [widget] were forced to close because the shop was non-essential. But walmart selling [the exact same widget] was allowed to keep doing business because they also sold groceries and were therefore essential. Could they have forced Walmart to cordon off the non-essential aisles while keeping grocery section open? Could they have taxed walmart more to support the small businesses which were being strangled? Maybe they could have, but of course they didn't.
- Mikeb85 4y ago
  Not to mention, closing so many stores, forcing curfews, etc... just packed more people into the same store at the same time. Literally the opposite of social distancing. I used to always shop for groceries at 10pm because the store was mostly empty. The officials near me in their infinite wisdom decided stores have to close by 6 so they were packed all day long...
- fleddr 4y ago
  The businesses you mention, small shops depending on electronic components, continue to suffer. They're last in line in the supply chain shortages, and many are disappearing.
- jokethrowaway 4y ago
  Governments do whatever they want and then find a PR friendly way of saying things. Of course we're not shutting down all the small businesses who compete with Walmart's! We're saving your life from the flu!

whimsicalism 4y ago

> Wasn't this the biggest wealth transfer in current history? What does that even mean? What constitutes a "wealth transfer" as a single category? My guess is "salaries and wages paid" constitutes the largest wealth transfer every year.

ChuckNorris89 4y ago
Paying salaries and wages are not a wealth transfer, but a transaction, i.e. I give 8 hours of my day to my employer and receive cash in exchange. In this context the wealth transfer means devaluing wages and cash while inflating assets. The wage earning class got shafted losing purchasing power while the asset owning class made bank. All through the stroke of a pen, basically overnight.
- whimsicalism 4y ago
  > In this context the wealth transfer means devaluing wages and cash while inflating assets. How was this done?
BlueTemplar 4y ago
and what is "current history" ?

jokethrowaway 4y ago

Of course, never let a good crisis go to waste