THE RICHEST KEEP GETTING RICHER…The World’s 10 Richest Have More Than Doubled Their Wealth During the Pandemic

Guest Writer, January 22 2022

As the persistent pandemic has raged on, the world’s richest have only got richer, while tens of millions of people, most of them living outside the U.S., have taken a dive into poverty.

In a new report released Sunday, called “Inequality Kills,” Oxfam details how the wealth of billionaires increased more than ever before over the past two years

By Dave Allen for Discount Gold & Silver

As the persistent pandemic has raged on, the world’s richest have only got richer, while tens of millions of people, most of them living outside the U.S., have taken a dive into poverty.

In a new report released Sunday, called “Inequality Kills,” Oxfam details how the wealth of billionaires increased more than ever before over the past two years. 

The Infamous Top Ten vs. The Have-Nots

In fact, the ten richest men in the world — yes, they’re all guys — more than doubled their wealth, from a combined $700 billion to $1.5 trillion.

On the other end of the totem pole, the incomes of the other 99% of us are worse off because of the pandemic. 

The report’s authors write, “Widening economic, gender, and racial inequalities — as well as the inequality that exists between countries — are tearing our world apart.”

They argue that this is not by chance, but choice, where “economic violence” is perpetrated when structural policy choices are made for the richest and most powerful people. Often by them, too.

This harms us all — the poorest among us, women and girls, and racialized groups the most. 

Inequality contributes to the death of at least one person every four seconds, according to the report; that’s 21,000 people every day.

The study adds that from March 2020 to November 2021, a new billionaire was created every 26 hours.

Meanwhile, the organization estimates that over 160 million people have been pushed into poverty around the world during that time.

How Inequality Kills

Here are some of the major ways the report says inequality kills:

  • The richest countries are responsible for 92% of excess emissions, and the richest 1% are producing more than twice the emissions of the 3 billion people who make up the poorest half of half of the world.

Yet, while the wealthiest cause the most damage, they can afford to avoid the worst impacts. It’s the poorest people who have contributed the least to the problem who are suffering the most.

  • As the new Omicron variant runs through communities all over the world, vaccine access for those who want it remains a huge issue for low-income countries.

So far, wealthy nations have delivered only 14% of the 1.8 billion doses that were initially promised.

And pharmaceutical companies have delivered only 12% of the doses they pledged to help lesser developed countries. 

Sadly, a person’s ability to access a desired vaccine is often dependent on the country where they live.

  • The 252 richest men now have more wealth than the 1 billion women and girls living in all of Africa, Latin America...

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IMMIGRATION HIATUS & RETIREMENTS DRIVE U.S. LABOR SHORTAGES

Guest Writer, January 19 2022

The nation’s worker shortage “has become a flywheel of doom, messing up our lives and society writ large,” according to Emily Peck. 

“And many of the underlying problems that led to this breakdown are bigger than the pandemic.”

Because of increased restrictions on immigration and travel that began with the pandemic in early 2020, the net inflow of immigrants into the U.S. has for all intents and purposes been in a 2-year hiatus. 

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WORLD GOLD COUNCIL SEES 2022 BEING GOOD FOR GOLD

Guest Writer, January 15 2022

There are a number of interesting and useful findings and projections in the World Gold Council’s “Gold Outlook 2022” released yesterday, particularly for precious metal investors.

Here are some highlights excerpted from the report:

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THE TORTOISE VS. THE HARE - Is the Fed Still Relevant?

Guest Writer, January 12 2022

The Fed is playing catchup, thanks to the ever-changing economy and pandemic.

That they’re in the role of the proverbial tortoise, in an existential race versus hare-raising inflation and stubbornly persistent unemployment, is a no-brainer. 

The only question is, will the world’s largest and most advanced central bank recover to overtake events of great consequence — or will those economic trials and tribulations force a reckoning, namely: 

Is the Federal Reserve still relevant?

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Gold Could Hit $2,100 This Year - Plus 10 Major Risks to 2022

Guest Writer, January 8 2022

Gold could test new highs of $2,100 an ounce this year, according to David Lennox at Fat Prophets.

The U.S. dollar’s weakness and rising inflation are some factors that are likely to boost prices, according to the fund management company’s analyst.

Lennox says, “We…think across the course of 2022, we will see the gold price testing at the all-time record highs…”

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FUNDAMENTALS FOR GOLD AND SILVER STILL STRONG AS NEW YEAR BEGINS

Guest Writer, January 5 2022

Gold and silver prices fell 3.5% and 11.5%, respectively, last year – and started the first official trading day of 2022 down another 2ish percent.

            Nevertheless, they’re still a solid – perhaps the best – place to have your savings, especially for the long run. 

            Why? Because the fundamentals of gold and silver remain strong as we embark on another year of work, play and investing for the future.

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AMERICANS ARE THREE TIMES MORE LIKELY TO MEASURE HOW ECONOMY IS DOING BASED ON INFLATION THAN UNEMPLOYMENT

Guest Writer, December 15 2021

A new poll is the latest sign that job numbers are pretty strong and the stock market may be at an all-time high. 

Yet, Americans are overwhelmingly grading the economy by the price they see on the shelves.

Prices paid haven't always been the top indicator of choice. When YouGov asked the question in August 2020, 44% picked the unemployment rate compared to 25% who chose inflation.

Bottom line, in the latest Economist/You Gov poll, a majority of Americans (53%) say the economy is getting worse — one point lower than the highest level of the Biden presidency, last month.

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WORLD INEQUALITY GROWS - Increase in Billionaires’ Share of Wealth Largest Ever

Guest Writer, December 11 2021

The share of global wealth held by the wealthiest people ballooned by nearly a full percentage point over the last year.

That increase in billionaires' share of wealth was the largest ever, according to the World Inequality Report 2022.

The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020.

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BUSINESS LEADERS DON’T SEE INFLATION MELLOWING UNTIL END OF 2023

Guest Writer, December 8 2021

The next official government release on inflation comes Friday, as a nation of number watchers try to figure out the mixed signals sent by last week’s confusing jobs report.

Americans of all ilk — from the White House, members of Congress and Federal Reserve policymakers to mega corporations, small businesses and everyday households — are focused on persistent price gains and how they’re impacting families and the economy.

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FED TOLD TO SPEED UP TAPERING, IMPROVE COMMUNICATIONS AND RELEASE PAPER ON DIGITAL CURRENCY

Guest Writer, December 4 2021

Jerome Powell and his colleagues at the Fed are getting advice from a new generation of college students; maybe that’s a group they’ll listen to.

They’re telling them to speed up the tapering, enhance communications with the public and finish their study on digital currency.

For a few minutes every semester or two, the students act as Fed officials and compete to pitch staffers the best direction for the economy.

Never mind the Wall Streeters. Here’s a fresh look from the next generation policymakers.

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WILL THE FED RAISE RATES 6 TIMES IN 2 YEARS TO REIGN-IN INFLATION?

Guest Writer, December 1 2021

Market bull Phil Orlando believes the Fed will raise interest rates six times over the next two years to reign in significant ongoing consumer price increases.

Last week he said, “…we will see two quarter-point rate hikes…in the second half of [2022], and perhaps another four quarter-point rate hikes over the course of [2023].”

In other words, Orlando and his firm, Fidelity Hermes, see the Fed Funds rate rising from its current 0% to 0.25% range to 1.75% to 2.0% two years from now.

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TIGHTENING LABOR MARKET GETTING TIGHTER - It’s Especially Squeezing School Teachers

Guest Writer, November 20 2021

One measure of that is the latest JOLTS ratio, showing that for every job opening in September, there was significantly less than one person actually seeking a job.

The 0.7 job seekers available per job is an all-time low, with the exception of one month — April 2019 — when the stat hit 0.69. That’s according to the government’s Job Openings and Labor Turnover report, released last Friday.

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RISING INFLATION NOT OVER YET - Is Bigger Income Growth a Consolation?

Guest Writer, November 17 2021

Inflation came in like a hot potato last month.

At 6.2% for all items, virtually no economist wants to touch it, politicians just want to play the blame game, and few everyday Americans see a silver lining.

There are always a ton of ways to slice and dice inflation, including what it actually is and the best way to measure it. 

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CHINA’S XI POISED TO BECOME PRESIDENT FOR LIFE - He Paves the Way at the CCP’s Plenum this Week

Guest Writer, November 10 2021

Mao Zedong and Deng Xiaoping have nothing over Xi Jinping. 

Mao and Deng are the only two Chinese Communist Party Leaders to pen a so-called “historical resolution”…that is, until now.

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FLATTENING YIELD CURVE HAMMERS WALL STREET BANKS

Guest Writer, November 6 2021

Last Friday, the DJIA, S&P 500 and NASDAQ all closed up. But too big to fail banks lost billions of dollars in market cap. 

Among the biggest losers were Citigroup — closing down 1.7%, Credit Suisse — down 1.6%, and Deutsche Bank — down 1.3%. 

In the second tier, JPMorgan Chase, Barclays and Goldman Sachs closed down between 0.1% and 0.4%.

Their problem appeared to be the flattening of the Treasury yield curve.

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