{"id":43043,"date":"2019-01-21T13:25:23","date_gmt":"2019-01-21T18:25:23","guid":{"rendered":"https:\/\/olduvai.ca\/?p=43043"},"modified":"2019-01-21T13:36:15","modified_gmt":"2019-01-21T18:36:15","slug":"two-ways-the-system-is-rigged-hft-and-oligarchic-inheritance%ef%bb%bf","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=43043","title":{"rendered":"Two Ways the System Is Rigged: HFT and Oligarchic Inheritance\ufeff"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"http:\/\/charleshughsmith.blogspot.com\/2019\/01\/two-ways-system-is-rigged-hft-and.html\">Two Ways the System Is Rigged: HFT and Oligarchic Inheritance<\/a><\/h3>\n\n\n\n<p><em>The net result of a rigged system is the vast majority of the gains in income and wealth flow to the very tippy-top of the wealth\/power pyramid.<\/em><\/p>\n\n\n\n<p><strong>We often hear how the system (i.e. our economy) is rigged to benefit the few at the expense of the many, but exactly how is it rigged?<\/strong>\u00a0Longtime correspondent Zeus Y. recently highlighted two specific mechanisms that favor the top 0.01%: high frequency trading (HFT) and oligarchic inheritance, the generational transfer of immense wealth and the power it buys.<\/p>\n\n\n\n<p>High frequency trading (HFT) is a mechanism only available to the few at the top of the wealth\/power pyramid to skim money from markets&#8211;please watch the videos below for further explanation of how HFT works.<\/p>\n\n\n\n<p><strong>As for inheritance&#8211;we&#8217;re not talking about leaving a house or a small business to one&#8217;s offspring, or even a couple million of dollars; we&#8217;re talking about tens of millions or hundreds of millions of dollars.<\/strong>\u00a0Some states impose an estate or inheritance tax, but at the federal level, the exemption of $11 million per person means a married couple can leave $22 million tax-free.<\/p>\n\n\n\n<p>The number of people with more than $11 million to pass on is extremely small:<\/p>\n\n\n\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Estate_tax_in_the_United_States\">Estate tax in the United States<\/a><\/p>\n\n\n\n<p><em>In 2018, the exemption doubled to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017. As a result, only approximately 2,000 people (or 0.0006% of the population) in the US are currently liable for estate tax.<\/em><\/p>\n\n\n\n<p><strong>The mega-bucks families and billionaires practice the fine art of\u00a0<em>philanthro-capitalism<\/em>, leaving their vast fortunes in so-called charitable trusts<\/strong>\u00a0that enable power and wealth to be transferred generationally.<\/p>\n\n\n\n<p>&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two Ways the System Is Rigged: HFT and Oligarchic Inheritance The net result of a rigged system is the vast majority of the gains in income and wealth flow to the very tippy-top of the wealth\/power pyramid. We often hear how the system (i.e. our economy) is rigged to benefit the few at the expense [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[400,401,587,1092,24076],"class_list":["post-43043","post","type-post","status-publish","format-standard","hentry","category-economics","tag-hft","tag-high-frequency-trading","tag-of-two-minds","tag-oligarchy","tag-rigged-system"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43043"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43043\/revisions"}],"predecessor-version":[{"id":43044,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43043\/revisions\/43044"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}