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Here's a fun exercise: start at January 2022. Massive amounts of wealth were "lost" Of course they weren't actually lost, it's just that the fed started incre
by zpeti 3y ago
Here's a fun exercise: start at January 2022.
Massive amounts of wealth were "lost"
Of course they weren't actually lost, it's just that the fed started increasing interest rates and the stock market tanked.
Did wealth transfer to the poor? No.
So did these people "transfer wealth" from the poor from 2020 to 2022?
- makomk 3y agoYeah, the big headline claim of Forbes' billionaires list from 2023 at https://www.forbes.com/billionaires/ https://www.forbes.com/billionaires/ is that half the billionaires on the list lost wealth over the previous year and that in total they were worth less than a year ago. I don't think that's adjusted for inflation either, unlike claims about workers' pay getting worse. There was also a drop off in billionaires' wealth in 2020, which coincidentally is where a lot of claims about the rich getting richer from organisations like Oxfam and publications like the Guardian start measuring from.