Home » Posts tagged 'wealth'

Tag Archives: wealth

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

The “Old Money” Secret to Wealth

The “Old Money” Secret to Wealth

I believe that we’re heading for another liquidity crisis or financial crisis. That doesn’t mean it’ll happen tomorrow, but there are disturbing signs that it might not be too far off.

It doesn’t mean the world’s going to end. But investors who aren’t prepared could see large portions of their portfolios wiped out. It could take years to rebuild them, and many investors just don’t have the time to recoup those losses.

But how do you prepare? You might want to start by looking at how “old money” preserves its wealth. Today I want to explore that.

On a cool evening in the fall of 2012, I joined a private dinner in Rome with a small group of the world’s wealthiest investors.

We dined at Palazzo Colonna, a private palace that’s been owned by one family for 31 generations or 900 years. My dinner companions were mainly Europeans, some Asians and relatively few from the United States.

Amid marble, gold, paintings and palatial architecture, I mused on the meaning of old money compared with the new money crowd that congregated for cocktails near the Connecticut home in which I lived at the time.

Old Money vs. New Money

Old money has proved they know how to preserve wealth over centuries, while the jury is still out on new money busy buying yachts, jets and exotic vacations.

In the United States, the “old money” is generally about 150 years old with fortunes dating to the mid-19th century. Families in this category include the Vanderbilts, Rockefellers and Carnegies.

Some U.S. family fortunes are almost 200 years old. But most of the great wealth today isn’t old at all.

It comes from success in the past 30–50 years including Mark Zuckerberg, Jeff Bezos and Warren Buffett.

…click on the above link to read the rest of the article…

A Blameless Explanation of Why Everything is Falling Apart, for Schoolkids

A Blameless Explanation of Why Everything is Falling Apart, for Schoolkids

If I were invited to talk to a group of students (of any age) today, to explain why everything seems to be hopeless and falling apart, this is what I think I would tell them.


When I was young and idealistic, back in the 1960s — back when your grandparents were your age — everything seemed possible. We’d apparently forced an end to the ghastly war in Vietnam through our massive protests. We were strident environmentalists, really believing we could avert the global ecological disaster many were already predicting.

There were seven things in particular we thought were true and important to fight for, and there seemed to be nearly universal agreement that these goals were both possible and desirable to achieve:

  1. world peace
  2. an equitable (re-)distribution of wealth (and power) — enough that everyone could live a comfortable life, and not so much for anyone that it would inevitably lead to waste or abuse
  3. radical action to halt and reverse ecological destruction — we already knew back then about the risk of catastrophic climate change
  4. women’s equality, and autonomy over their own bodies
  5. free, universal, quality health care, education, employment security, old-age security, and public transportation
  6. enforced regulations to rein in capitalist excesses and oligopolies, and ensure clean, safe communities and workplaces, and
  7. a truly democratic polity — a system where the citizenry was well-informed, and the political system was democratic and responsive to the citizens’ collective will.

We didn’t believe that any of these goals would be easy to achieve, but in the late 1960s we thought they were possible. In fact, it was generally considered the absolute responsibility of governments to work towards and sustain these seven goals.

…click on the above link to read the rest of the article…

Wealth Gap And The Road To Serfdom

Wealth Gap And The Road To Serfdom

One of the most interesting conundrums is the surging wealth gap in America. Despite two of the largest bull markets in history since 1980, most Americans struggle with making ends meet and are unprepared for retirement. Such a reality starkly differs from the belief that rising asset prices benefit the masses.

For example, in a recent St. Louis Federal Reserve Bank analysis, total household wealth was $139.1 trillion, covering 131 million families. Of that total wealth, 74% was owned by just 13.2 million families, or roughly 10% of the population.

Wealth Distribution

Notably, this measure of wealth includes the equity of the family’s home. While home equity is essential, it is not readily spendable without taking on debt to extract the value. Therefore, Americans’ “liquid wealth” is far more unequally distributed. However, such is hard to fathom given the endless parade of media and social media influencers extolling the virtues of “building wealth through investing.”

Interestingly, that survey came after the Government injected nearly $5 trillion into the economy, a massive surge in deficit spending, and the Fed’s $120 billion monthly injections doubled asset prices from the March 2020 lows. Unsurprisingly, in February, Fidelity published its latest analysis showing the number of retirement accounts with balances of more than $1 million surged toward a record. To wit:

The number of seven-figure 401(k) accounts at Fidelity Investments jumped 20% in 2023’s final quarter to 422,000, marking a sharp recovery from the previous quarter’s 7.7% drop.

Gains in the stock market helped swell retirement balances last year as the S&P 500 advanced 24% following 2022’s 19% decline. The impressive run was powered in large part by the so-called “Magnificent 7” stocks that now make up roughly 30% of the market-cap weighted S&P 500 Index. The only time when the ranks of 401(k) millionaires at Fidelity was higher was in 2021’s fourth quarter, when there were 442,000 such accounts. Elsewhere, the number of seven-figure IRAs is at a record 391,600 accounts.” – Bloomberg

…click on the above link to read the rest of the article…

Today’s Contemplation: Collapse Cometh XXX–Ecological Overshoot and Political Responses


Today’s Contemplation: Collapse Cometh XXX

September 21, 2021

Tulum, Mexico (1986) Photo by author

Ecological Overshoot and Political Responses

Today’s post has been prompted by some thoughts regarding the inability of our political systems to respond in a timely manner to our plight of ecological overshoot penned by Rex Weyler, co-founder of Greenpeace, and posted by Alice Friedemann of energyskeptic.com.


I agree with virtually everything Rex argues, especially the role of self-interest by our political class for their apparent rejection of the notion of ecological overshoot and what needs to be done to address the negative impacts this predicament will have on our societies (we can’t avoid these impacts but we might be capable of mitigating their worst outcomes somewhat). My experience with government (I spent many years involved with unions/federations/councils and their political action committees, including chairing some and being directly involved in negotiating contracts, thus having to deal directly with senior administrators and politicians) and readings pertaining to various sociocultural areas (e.g., economics, geopolitics, political systems, pre/history, etc.) have solidified for me the notion that our sociopolitical institutions are for a variety of reasons the last place we should be looking to ‘correct our course’ and attempt to confront the many complex issues of our overshoot and that are beginning to become more obvious. In fact, it is likely (I believe guaranteed) that our ‘ruling class’ will continue to do the exact opposite of what is needed.

Government systems appear to be a means to an end for maintaining the power (and thus wealth) structures within our complex societies. The ‘elite’ of society uses the various governmental bureaucracies/institutions/agencies (as well as other areas they tend to control such as media, education, entertainment, etc.) to meet their primary objective: the control and/or expansion of the wealth-generating systems that provide their revenue streams. Everything they do more or less is to help meet that end. And, yes, they do throw some bones to the masses periodically if only to keep them mollified, distracted, and less likely to rebel (as Noam Chomsky has argued so well, control of the people is one of the most important concerns of those who hold power and privilege); one of the more ‘effective’ means in my view is the theatrical performance we refer to as ‘elections’ — convincing the masses in ‘representative democracies’ that they have agency via the ballot box is perhaps one of the most successful scams the ruling class has accomplished for as Johann von Goethe observed: the easiest slave is the one who believes he is free.

Growth, the very antithesis of addressing ecological overshoot, is promoted by government to help in their pursuit of both wealth and power. But it also addresses the unfortunate consequence of the way we have sustained growth the last few decades: exponentially-exploding debt (somewhat north of 200 trillion U.S. dollars at present for the globe, and the larger the debt the larger and more sustained the payments to the ‘lenders/creators’ of the world’s various currencies — the financial institutions that seem to work hand-in-glove with our governments). This debt has not only turned our financial/economic/monetary systems into gargantuan Ponzi schemes, it has necessitated the continuation of growth in perpetuity to help pay off the debt (significant revenue for the financiers) and keep the Ponzi schemes from collapsing.

Of course, such infinite growth is a tad difficult on a finite planet so the other options of addressing our financial dilemmas is to increase taxes and/or inflate away the debt. Our feckless ‘leaders’ are attempting all three of these approaches to keep things from collapsing. They cheerlead and encourage growth, telling the masses it has only beneficial properties and minimising, ignoring, or denying the negative aspects. Taxes are expanded continually and applied to increasing numbers of economic interactions, although the wealthy have an almost infinite number of ways to minimise their tax obligations, unlike the masses. Inflation (which in its original form refers to ever-increasing money/credit printing but eventually results in price inflation which is what most people think of) is, in perfect Orwellian language use, said to be a positive force for our economy while it actually debases our currency which serves the purposes of the large debtors (governments and large corporations) but harms the masses because of the debauching of their ‘money’ as is becoming increasingly obvious as wealth inequality continues to explode.

For all of these reasons (and more) it is unlikely (I would actually put the likelihood at zero) our political systems would ever intentionally curtail the pursuit of growth for it is their seed corn. They will pursue and cheerlead it right up until collapse can no longer be denied, and then attempt to push it some more as they tell those experiencing precipitous decline to stop believing their lying eyes; and/or blame our failing societies on some foreign/domestic bogeymen, but certainly not them and their policies.

The government, as with the rest of the ruling class and unfortunately most people, will not hear the arguments about ecological overshoot at all. It matters not how much ‘science’, data, or evidence is thrown at them. Almost everyone but especially the elite are in total denial (or at least feigning it, perhaps just to reduce their cognitive dissonance). This is why I have abandoned any ‘hope’ that our ‘leaders’ will in any way address ecological overshoot even if they do admit it exists — if they do, it will likely be leveraged to pursue activities that not only enrich the ruling class further but make our overshoot worse, such as ‘clean’ energy which is anything but clean and certainly not sustainable as sold. And, unfortunately, the political systems (at least in so-called ‘representative’ democracies) have morphed into out-promising the other parties for what ‘goodies’ they will provide freely to citizens. More. More. More. Which, again, is the opposite of what is needed to counter our going even further into overshoot…not that it may matter much at this point given how far we are likely already past the most important tipping points.

As Rex argues, the ‘solutions’ that will matter most to people will be at the local level. Relocalistion of as much production and distribution of goods as possible (but especially potable water, food, and shelter needs — including that which is needed to deal with local weather/climate, such as wood for winter heating) is the best approach to be taking to help one’s community mitigate as much as possible the coming storm. It’s likely to get ugly and ‘government’ will be nowhere to be found to turn to; you will need to depend upon immediate family, friends, and community members so cultivate those relationships and work on getting them to understand our predicament and begin making your local community as self-sufficient and resilient as possible.

The Hard Asset Inflation / Paper Asset Deflation Theory

The Hard Asset Inflation / Paper Asset Deflation Theory

All fiat currencies are no more than floating abstractions of value. Society has put its faith in fiat currency issued by governments. These government-issued currencies are not backed by a physical commodity, such as gold or silver, but rather by the promises from the government that issued it. A difficult question investors today face is determining which assets will appreciate most thus rising in value and which form to hold their wealth.The value of fiat money is derived from supply and demand and the stability of the government that issues it. Over the years many promises have been made that simply cannot or will not be honored. History and many real-life examples exist that indicate that promises are easier to make than keep.

It is very possible in the near future we may see a strong bifurcation of the financial system. The Hard Asset Inflation / Paper Asset Deflation Theory laid out below is based on the idea that as wealthy individuals begin to realize the fragility of the current financial system they will shift their investment preferences to items of substance.

This repositioning of wealth in assets could occur rather rapidly during a period of inflation. If such a revamping of how the wealthy invest takes place it could drastically add to any inflationary trends. In short, some investments would fall like a stone while others soar. Imagine real estate doubling in value while pensions are cut and stocks falter. This dovetails with my theory the Fed should be ecstatic so many people have been willing to invest in intangible assets because it has helped to minimize inflation.

…click on the above link to read the rest…

Hedging the End of Fiat

Hedging the End of Fiat

It is slowly coming clear that the fiat dollar’s hegemony is drawing to a close. That’s what the BRICS summit in Johannesburg is all about — rats, if you like, deserting the dollar’s ship. With the dollar’s backing being no more than a precarious faith in it, it is bound to be sold down by foreign holders. Being only fiat, it could even become valueless, threatening to take down the other western alliance fiat currencies as well.

How do you protect your paper wealth from this outcome? Some swear by bitcoin and others by gold.

This article looks at what is likely to emerge as a replacement currency system, and concludes that from practical and legal aspects, bitcoin and the entire cryptocurrency industry will fail with fiat, while mankind will return to gold, as it has always done in the past when state control over currency fails

Introduction

It is gradually dawning on market participants that the era of fiat currencies is drawing to a close. Monetarists, who first warned us of the inflationary consequences of the expansion of money and credit were also the first to warn us that the slowdown in monetary expansion would lead to recession, and since then we have seen broad money statistics flatline, with bank lending beginning to contract. This is interpreted by macroeconomists as the end of inflation, and the return to lower interest rates to stave off recession.

Unfortunately, this black-and-white interpretation of either inflation or recession but never both has been challenged by bond yields around the world which are rising to new highs. And the charts tell us that they are likely to go considerably higher. Consequently, conviction that inflation of producer and consumer prices will prove to be a temporary phenomenon is infected with doubt.

…click on the above link to read the rest…

Want to Know Where the Economy Is Going? Watch The Top 10%

Want to Know Where the Economy Is Going? Watch The Top 10%

Should the wealth effect reverse as assets fall, capital gains evaporate and investment income declines, the top 10% will no longer have the means or appetite to spend so freely.

Soaring wealth-income inequality has all sorts of consequences. As many (including me) have noted, the concentration of wealth and income in the top 0.1% has enabled the few to buy political influence to protect their interests at the expense of the many and the common good.

In other words, extreme wealth-income inequality dismantles democracy. There is no way to sugarcoat this reality.

But the concentration of wealth and income isn’t limited to the top 0.1% or top 1%. The top 5% and top 10% have increased their share of household wealth and income, too, and this has far-reaching consequences for the economy, as the top 10% accounts for the bulk not just of income but of spending.

According to the Federal Reserve, ( Distribution of Household Wealth in the U.S. since 1989), the top 1% owned 22.7% of all household wealth in 1989. Their share increased to 30.6% in 2022. The share of the 9% below the top 1% (90% to 99%) remained virtually unchanged at 37.4%. The top 10% own 68% of all household wealth.

But this doesn’t reflect the real concentration of income-producing assets, i.e. investments. Total household wealth includes the family home, the F-150 truck, the snowmobile, etc. What separates the economic classes isn’t their household possessions, it’s their ownership of assets that generate income and capital gains.

As the chart below shows, the top 10% own the vast majority of business equity, stocks/bonds and income-producing real estate, between 80% and 90% of each category.

This means the tremendous increases in asset valuations of the past two decades have flowed almost exclusively to the top 10%, with the important caveat that the vast majority of the gains in income and wealth have flowed to the top 0.1%, top 1% and top 5%.

…click on the above link to read the rest…

A surprising benefit to owning gold– especially now

By the year 41 BC, just a few years after the assassination of Julius Caesar, Rome was under the strict rule of a three-person dictatorship known as the Tresviri rei publicae constituendae.

Historians today refer to this committee as the Triumvirate, and it included a general named Aemilius Lepidus, as well as Gaius Octavius– who would eventually become Emperor Augustus.

But the leader of the group, at least at first, was Marcus Antonius, also known as Mark Antony.

Mark Antony was not especially popular. Many Romans rightfully suspected that Mark Antony had been involved in Caesar’s assassination. Plus he was sleeping with Caesar’s widow, Cleopatra.

But Antony’s power through the Triumvirate’s was absolute. He could raise taxes, establish new social and religious traditions, regulate daily life, seize private property, and even condemn people to death… all without any oversight or due process.

And he wasn’t shy about using this power to squash his opposition.

Antony put several of his political enemies to death– including the much beloved Cicero, who was trying to escape Rome when Antony’s goons killed him.

Antony also threatened to kill another Senator named Nonius. But unlike Cicero, Nonius managed to escape Rome… bring with him about $1.5 million worth of gold and jewels.

People in the ancient world knew that precious metals (and precious stones) were pretty much the only portable forms of wealth.

Human civilization at the time was completely agrarian, so most productive assets like land and crops were impossible to move. Gold was almost the singular option to move large sums of wealth, and it remained this way for centuries.

These days there are much better options. Many forms of wealth– financial securities, intellectual property, bank deposits, and cryptocurrency– are completely portable. So gold is no longer necessary as a way to move money abroad.

…click on the above link to read the rest of the article…

Turning The Wealth Pyramid Upside Down

Turning The Wealth Pyramid Upside Down

When we look at upside down wealth pyramid at the left, I have a big problem with the picture it promotes. It is clearly based on someone’s opinion of what investments are safe. The one thing it does well is to scream that some investments have a high degree of risk and it is best not to put all our eggs in the same basket.

Another issue is how a 401 or pension will fare during hard times or if we do see a huge number of defaults. Consider this an indication that placing your wealth into paper promises means it has the potential to vanish or be converted into something to would never agree to. Again, the devil is in the small print or the fact “they” can change the rules at any time.

While a great deal of speculation has been showered upon us concerning inflation turning to deflation, we will not know the true direction of things until they occur. One thing to keep in mind is that government employs a tremendous number of people that will never accept a cut in pay. This will put a solid net under falling prices. Combined with the refusal of many workers to consider working for anything near minimum wage helps push away the notion of deflation. In fact today, my local paper announced the City Council in Fort Wayne, Indiana just approved retroactive COVID-19 hazard bonuses for all city workers.

It is important to move towards forecasting based on probability rather than predictions. Keep in mind a great deal of how we deal with the options before us is centered on how we position ourselves…

…click on the above link to read the rest of the article…

New report outlines how Canada’s top CEOs raked in “boundless bonuses” in 2020

New report outlines how Canada’s top CEOs raked in “boundless bonuses” in 2020

The report recommends five policy solutions to tackle extreme wealth inequality. —

No 2810 by fw, January 10, 2021 —

“Every year we [Canadian Centre for Policy Alternatives] examine trends in CEO compensation in Canada. General trends show that compensation for the highest-paid CEOs in Canada is impervious to external shocks, such as the 2020 COVID-19 pandemic. In fact, the highest-paid 100 CEOs in Canada had the second-highest average compensation levels in this country’s history during the pandemic. Canada’s 100 highest-paid CEOs got paid an average of $10.9 million in 2020, which is higher than their pay in 2019. As a result, those 100 CEOs now make, on average, 191 times more than the average worker wage in Canada. Before lunch hour on the first working day of 2022, January 4, Canada’s highest-paid CEOs will have already racked up the same amount of pay that will take the average worker the entire year to accrue.” —David Macdonald

David Macdonald is a senior economist with Canadian Centre for Policy Alternatives’ National Office, and the author of CCPA’s new report titled: Another year in paradise: CEO pay in 2020.

Hands up those who believe that Trudeau’s neoliberal Liberals, friends of Big Business and The Ruling Class, will, without delay, propose policy actions to tackle extreme wealth inequality in Canada.  

Here is the Table of Contents of the 25-page report.

Page    Topic

4          Executive summary
6          Introduction
9          A third of CEO millionaires benefited from public subsidies
11        Boosting bonuses through formula changes
13        Top CEO pay
15        CEOs and the glass ceiling
16        Recommendations
18        Methodology

23        Notes

My repost, presented below in two short pieces, begins with a copy of a brief January 4, 2022 news release titled: Canadian CEO pay hits second-highest level in history: report, followed by a two-page Executive Summary, excerpted from the full 25-page report.

To read the complete, original versions of both documents, just lick on their linked titles below.

**********

…click on the above link to read the rest of the article…

We’re Starting to Feel Like There’s Nothing Left to Lose

Everyone’s had enough.

…click on the above link to read the rest of the article…

It Takes A Lot Of Education To Keep Us This Stupid

It Takes A Lot Of Education To Keep Us This Stupid

Listen to a reading of this article:

The oligarchic empire is working harder and harder to bolt down our minds in service of its agendas.

Silicon Valley is working more and more openly in conjunction with the US government, and its algorithms elevate empire-authorized narratives while hiding unapproved ones with increasing brazenness.

The mass media have become so blatantly propagandistic that US intelligence operatives are now openly employed by news outlets they used to have to infiltrate covertly.

NATO and military institutions are studying and testing new forms of mass-scale psychological manipulation to advance the still developing science of propaganda.

transparently fake “whistleblower” is being promoted by the US political/media class to manufacture support for more internet censorship and shore up monopolistic control for institutions like Facebook who are willing to enforce it.

Wikipedia is an imperial narrative control operation.

They’ve imprisoned a journalist for exposing US war crimes after the CIA plotted to kidnap and assassinate him.

 

The powerful work so hard at such endeavors because they understand something that most ordinary people do not: whoever controls the dominant narratives about the world controls the world itself.

Power is controlling what happens; absolute power is controlling what people think about what happens.

If you can control how people think about what’s going on in their world, if you can control their shared how-it-is stories about what’s happening and what’s true, then you can advance any agenda you want to. You’ll be able to prevent them from rising up against you as you steal their wealth, exploit their labor, destroy their ecosystem and send their children off to war. You can keep them voting for political institutions you own and control. You can keep them from interfering in your ability to wage wars around the world and sanction entire populations into starvation to advance your geostrategic goals.

…click on the above link to read the rest of the article…

The Age of Exterminations (IV). How to Kill the Rich

The Age of Exterminations (IV). How to Kill the Rich

In our times, the Knight Templars have gained the fame of exceptionally good warriors. That may be more than a little exaggerated because when the time came to defend their leaders, arrested by the King of France, they vanished into thin air. Yet, the history of the Templars is interesting as a case of the periodic exterminations of the financial class in history. Could something similar happen to our modern financial tycoons, the Internet barons, Gates, Bezos, Zuckerberg, etc.? We cannot say for sure, but we cannot exclude that, either. The recent “incident” that shut down Facebook for a while may well be the harbinger of a reckoning to come.

“A house filled with gold cannot be defended.” Lao Tsu, the Tao Te Ching

“All political power comes from the barrel of a gun.” Mao Zedong

The Monastic order of the Templars (Pauperes commilitones Christi Templique Salomonici), was founded in 1119 as a military force to defend the Christian holdings in the Holy Land. In time, the order evolved into a financial structure: the Templars became bankers and they developed a sophisticated money transfer system that helped pilgrims and warriors to move to and from the Holy Land and to transfer money from Europe to Palestine and back. They have been termed “the first multinational corporation” in history.
As you may imagine, the Templars were rich, despite the term “pauperes” (poor fellows) in their name. They had land, castles, palaces, and, of course, plenty of gold and silver. The problem was that, with the loss of the last lands controlled by the Christian crusaders in the Holy Land, at the end of the 13th century, they had become useless: no more crusades, no need of a banking system to finance them.
…click on the above link to read the rest of the article…

Wrong for a different reason

Wrong for a different reason

Alexandria Ocasio-Cortez – A well-meaning but not particularly bright left-leaning US politician – made a stir earlier this week by wearing a figure-hugging dress emblazoned with the slogan “Tax the Rich” to the prestigious 2021 Met Gala.  Since the slogan was clearly political, it wasn’t long before the various political tribes took to social media to pass judgement.

“Hypocrisy!” was the charge made by the libertarian right.  As Amanda L Gordon at Bloomberg explains:

“The message itself wasn’t surprising — Ocasio-Cortez has been one of the biggest supporters of raising taxes on the rich to help pay for more social services and narrowing the massive wealth gap between America’s rich and poor. But the latest setting in which AOC — as she is known — chose to express it drew attention.

“The annual event at New York’s Metropolitan Museum of Art is the haunt of celebrities, designers, billionaires and various other members of the jet set that are willing to pay $35,000 a pop for the privilege to attend.”

But, the left ask, “where better to demand that the rich pay their fair share of taxes than in a gathering of the rich themselves?”  According to Hannah Selinger at the Independent, for example:

“The truth is, women have always used clothing — the most accessible medium — to express their politics. One might say that such choices in the everyday sphere have been more subtle. Ocasio-Cortez’s dress, of course, was anything but. And that was entirely appropriate for the space in which the statement was made.”

Ocasio-Cortez has also clarified that she did not pay $35,000 to attend and that the dress was borrowed for the evening:

“The time is now for childcare, healthcare, and climate action for all. Tax the Rich.

…click on the above link to read the rest of the article…

The Negative-Sum Economy

The Negative-Sum Economy

There are tides and seasons in the comments I field for posts here on my blog, certain questions that get asked at regular intervals, certain saliva-flecked tirades I can count on getting whenever  certain things appear in my writings or happen in the world.  One of the more frequent of the questions is how to preserve wealth in the face of a difficult future.  This question pops up reliably when an economic crisis is on its way, as it happens, and I’ve started fielding it again in recent weeks; my readers may want to brace themselves.

Like so many of the common questions here, it’s an important question, and it has no simple answer. The combination of those features isn’t accidental. It’s an important question because it can’t be answered in any meaningful way without grappling with what wealth actually is, and it’s because wealth is not what most people think it is that the question has no simple answer.

We can start our exploration  with a lump of stone and metal  whizzing through the lethal radiation-soaked vacuum of interplanetary space between the orbits of Mars and Jupiter.  Its name is Psyche, and it’s about the size of Greece.  It’s been splashed over the news in recent years because it’s got more metal in it than most other asteroids, and scientists have speculated that the metallic portions of Psyche might include a great deal of gold. Of course the mass media jumped on that instantly and started insisting that if only it could be dragged into our part of the solar system it would make everyone on Earth a billionaire.

 

 

 

 

 

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress