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The Rich in China Got Richer Thanks to Covid-19

Summary:
Stuki5 hrsClassifying people simply according to how rich they are, completely misses the point. Some people are rich because they can go out and fill Wembley Stadium with people paying GBP100 to hear them sing old songs. Or they are part of a team building world leading stuff at competitive prices. Those guys' interest are as diametrically opposed as could be, to those of leeches living off of propped up assets while doing nothing productive whatsoever. The latter no doubt love nothing more than to be counted and treated as if they have anything at all in common with the former. As I suppose being considered talented, hardworking, productive, innovative and the like, sounds more impressive, to their fragile egos, than being the useless leeches on welfare whose entire, unearned, privileged

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Stuki

Classifying people simply according to how rich they are, completely misses the point.

Some people are rich because they can go out and fill Wembley Stadium with people paying GBP100 to hear them sing old songs. Or they are part of a team building world leading stuff at competitive prices.

Those guys' interest are as diametrically opposed as could be, to those of leeches living off of propped up assets while doing nothing productive whatsoever.

The latter no doubt love nothing more than to be counted and treated as if they have anything at all in common with the former. As I suppose being considered talented, hardworking, productive, innovative and the like, sounds more impressive, to their fragile egos, than being the useless leeches on welfare whose entire, unearned, privileged livelihood depends on nothing more than an all powerful government robbing their productive superiors, as well as children and widows, on their behalf, whch they really are, does.

While the former, bonafide rock stars, may be "rich", they are still working people. Getting paid what others are voluntarily willing to pay for what they offer in return. While hardly "working class," they are the bourgeoisie Sechel refers to. And as such, they are really just uncommonly well paid gig economy workers. Nice gigs though, for those who can get them....

As such, they are also harmed by responses aimed at "saving the system" by inflating asset values. By propping up "poppeti vaijues" and all the other pathologies of purely kleptocratic "ownership societies." “Harmed” may seem a bit relative, in relation to someone who can obtain another million or two for, literally, a song. But harm nonetheless, as they are also having their still formidable purchasing power diluted, solely in order to facilitate privileged nobodies, “aristocrats,” who never did, nor have the aptitude to ever do, anything of value in their whole life, living large simply off of the closeness to the aristocrats' welfare office which is The Fed.

It's the same story for everyone productive. They are the ones who have to produce all the value that central banks are then stealing for them by debasement, in order to have something to hand to abject nothings "making money of their home" and "portfolio." That some of the productive may still have a decent chunk left, even after the robbery, in no way alters that.

Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

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