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Started By
Message
So...this is where all the jobs went?
Posted on 4/19/16 at 7:56 am
Posted on 4/19/16 at 7:56 am
LINK
Charles Hugh Smith on the shift in wealth since 1917, particularly since 08ish..
(sorry for lack of description in orig posting)
Excerpted from One River Asset Management's Eric Peters' comments...
Anecdote: "People work in order to convert their time into a unit of account,” he said. “We call that money, and it’s an invention that allows us to store time.”
Most people have stored little or none. So when they receive money, they quickly purchase necessities; food, shelter, health care.
“People who are able to save money inevitably purchase real estate, stocks, bonds – all of which are alternative vehicles for storing time.”
One share of Google stores 30 hours of work for the average American, or 30 minutes of copying-and-pasting formation documents for the average hedge fund attorney.
“Bill Gates has stored enough time to fund a 1bln person army for 20 years.”
As the gulf between people’s income has grown, the amount of stored time has accumulated in fewer hands.
“Wealthy people convert their hours into financial assets so that they can accumulate excess hours relative to their fellow man. But the average worker is simply thinking how to exchange hours for dollars and then exchange those for food.”
Central banks face a different problem altogether. They need to get people who’ve saved time to exchange it for something other than clever inventions that store it. They’ve largely failed. So now, everything that stores time is extremely expensive and offers little or negative return, while the pace of economic activity slows.
“The problem that we face now is that there is simply too much time that’s been saved. Another way of saying it is that there’s too much capital in the world, in too few hands.”
To restart the system, capital needs to exchange hands or be destroyed, spurring people to rebuild their store of time, rather than just save it.
“It is an elemental truth that at some point, through inflation, war, or confiscation and redistribution, this imbalance will correct, and the system will then restart.”
Charles Hugh Smith on the shift in wealth since 1917, particularly since 08ish..
(sorry for lack of description in orig posting)
Excerpted from One River Asset Management's Eric Peters' comments...
Anecdote: "People work in order to convert their time into a unit of account,” he said. “We call that money, and it’s an invention that allows us to store time.”
Most people have stored little or none. So when they receive money, they quickly purchase necessities; food, shelter, health care.
“People who are able to save money inevitably purchase real estate, stocks, bonds – all of which are alternative vehicles for storing time.”
One share of Google stores 30 hours of work for the average American, or 30 minutes of copying-and-pasting formation documents for the average hedge fund attorney.
“Bill Gates has stored enough time to fund a 1bln person army for 20 years.”
As the gulf between people’s income has grown, the amount of stored time has accumulated in fewer hands.
“Wealthy people convert their hours into financial assets so that they can accumulate excess hours relative to their fellow man. But the average worker is simply thinking how to exchange hours for dollars and then exchange those for food.”
Central banks face a different problem altogether. They need to get people who’ve saved time to exchange it for something other than clever inventions that store it. They’ve largely failed. So now, everything that stores time is extremely expensive and offers little or negative return, while the pace of economic activity slows.
“The problem that we face now is that there is simply too much time that’s been saved. Another way of saying it is that there’s too much capital in the world, in too few hands.”
To restart the system, capital needs to exchange hands or be destroyed, spurring people to rebuild their store of time, rather than just save it.
“It is an elemental truth that at some point, through inflation, war, or confiscation and redistribution, this imbalance will correct, and the system will then restart.”
This post was edited on 4/19/16 at 8:07 am
Posted on 4/19/16 at 7:57 am to PerCuriam
Great, a link with no description.
Posted on 4/19/16 at 7:57 am to Commandeaux
Someone didn't read the click bait tread...
This post was edited on 4/19/16 at 8:48 am
Posted on 4/19/16 at 7:58 am to Commandeaux
Yeah, a blind link put up by a Bama fan with 69 posts. No way I'm clicking on that.
Posted on 4/19/16 at 7:58 am to PerCuriam
And the O-T will react with a resounding
Posted on 4/19/16 at 8:22 am to PerCuriam
quote:
Another way of saying it is that there’s too much capital in the world, in too few hands.”
To restart the system, capital needs to exchange hands or be destroyed, spurring people to rebuild their store of time, rather than just save it.
Sooo this guy is a Bernie supporter?
Posted on 4/19/16 at 8:30 am to PerCuriam
quote:
“Bill Gates has stored enough time to fund a 1bln person army for 20 years.”
A one billion person army for 20 years? I don't buy it.
Though if I had his money, rather than just donate in Africa, I would buy up a few hundred thousand acres and build an advanced city state called Wakunda.
Posted on 4/19/16 at 8:35 am to PerCuriam
So like the movie "In Time" this person is advocating the redistribution of wealth. While i get his point to an extent the random line of 250k a year the government was stating is ludicrous. it should be like 25mil a year
Posted on 4/19/16 at 8:38 am to PerCuriam
This shows you why jobs are bullshite.
Spend your one and only life doing nothing but working to get some time....that's not necessarily going to be given. Due to drop in stocks, loss of 401K, accidents, loss of life.
Spend your one and only life doing nothing but working to get some time....that's not necessarily going to be given. Due to drop in stocks, loss of 401K, accidents, loss of life.
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