Snared – Hook, Line and Sinker!
Ted Folkert – January 27, 2021
In his recent article, Thomas Friedman exemplifies the big lie which consumes all of our brilliant (so they think) financial prognosticators – the hook, line and sinker of the financial markets, the stock and bond markets, not a good place for the novice investor to wander.
Who among us own stocks and bonds? Not you and I. We either lack available funds to invest or have been burned in the market because it is owned and manipulated by the rich and powerful and the investment gurus who enjoy a lavish lifestyle by pleasing the rich and powerful. The stock market is not a comfortable place in which those of us with retirement funds should invest.
And “invest” is not the right word here. It is a trap, a sink hole, which snares us like wild game wandering around the forest looking for food and then become prey for the vultures hiding nearby.
Friedman quotes Rochir Sharma of Morgan Stanley Investment Management: “America’s richest 10 percent, who own more than 80 percent of U.S. stocks, have seen their wealth more than triple in 30 years, while the bottom 50 percent, relying on their day jobs in real markets to survive, had zero gains.”
This is a message that many of us have meekly mentioned for decades, particularly this last decade. It needs to be broadcast with a megaphone and it needs to receive some major attention from our new administration. But more particularly it needs to be broadcast by our so-called news media, which unfortunately is all owned by the rich and powerful who also own all the gold and who also will bury the message so that their wealth will not be in danger of being heavily and appropriately taxed for the benefit of all of society.
It is difficult to imagine what a billionaire will do with more wealth. Should he or she buy more homes, more cars, more planes, more toys, more vacation properties, and more gold jewelry? What would they do with more wealth?
Well, as we must acknowledge, it is about keeping score – the one who dies with the most wealth wins. The sad and ridiculous part of this process is that the rich and powerful not only were unable to enjoy life any more than those without wealth, they deprived many hard-working individuals from the ability to provide a more reliable financial future for their loved ones.
Like a wise one said recently: “the rich get richer and the poor remain poor.” That is the way it has been manipulated by those in power and that is the way they stay in power.
But, like they probably say to each other: “who cares.”
For more support of this argument read: “Rich Man, Poor Man, Beggar Man, Thief by Ted Folkert” which is available on Outskirts Press: https://outskirtspress.com/RICHMANPOORMANBEGGARMANTHIEF.