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There is no labor involved in the creation of money. It’s as easy as a few simple keystrokes on the Federal Reserve computer. The Big Banks are getting this fresh money at practically zero interest and then loaning it to the public. They are profiting from invented, or conjured, money. THE BEST Banks use their gains, in turn, to acquire power, politicians, mass media outlets, and the like. In essence, these are buying influence – if not outright control – of our country. Our country derives no value from the Fed. To the in contrast, it is undermining this national country in an array of ways.
In the small town I grew up in, the same thing occurred. In the past due 1800’s the super-wealthy (remember there is no tax back then!) bought homes along the lake and built mansions and employed servants – the descendants of the latter now populate the city. But with the taxes slashes of the 1980’s and 1990’s, all of that changed.
Over time, these houses changed hands, and the new owners get rid of with new money, remodeled them to their previous glory. Some were subdivided into subdivisions and tacky mini-mansions built around them. It appears unusual, because I remember at one time, they were discussing bulldozing one lakefront estate because it was worth nothing to anyone because no one wanted “such a sizable house” – an 8-bedroom shingle-style “cottage “on the lake.
- Charitable Remainder Trusts
- S&P Global Market Intelligence
- Your can still use your cash if you want it
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- You’ve gotta have a good working model as a pattern for your fix-up task
How times have changed. A few years earlier, another wealthy resident still left his lakeside estate to the city for use as a library. Unable to afford the maintenance, the town burnt the mansion down but held the land as a lakeside recreation area. Maybe, you could make the argument that it is time for higher tax rates – heading back at least to Obama-era rates would be a start.
We are seeing, once again, an enormous upsurge in income inequality over the last couple of decades. Before the Federal tax was instituted (no, tax protesters, it is not optional!) you could build up wealth, which in turn would allow one to accumulate more and more wealth. The more land and businesses you owned, the more you could control, to the true point of forcing others out of business. It was not just a fair system, unless you were born into wealth.
We see today, a bifurcation of markets. The days of the past when middle-class people could afford a 30′ cruiser seem to be behind us. It’s rowboats or ocean liners, these days. The low classes can afford little more when compared to a gunboat (unless they load themselves up with debt with their eyeballs for a fancy metalflake fishing rig). The upper classes have thousands to spend on custom-built yachts. Airplanes are about the same.
After the war, you could afford a little Cessna or Piper and fly it on weekends, if you were a middle-to-upper-middle course person. Today, it is focused on private jets that cost tens of large numbers. Fewer and fewer people can afford a little private plane even, significantly less have the leisure time to travel it or stay current on the FAA permit even, which requires regular traveling time. We start to see the same in real property. Penthouse “apartments” in NEW YORK are selling for a huge number – tens of thousands or even 100 million in one recent sale.