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The Top 0.1% is rich thanks to the government, not because of free markets.

June 1, 2012

Let me share this:

An Investment Manager’s View on the Top 1%

Read it!

Although I do not agree with all of the above, I do believe there is something completely rotten about the present economic system. As the article indicates, most of the upper half of the 1% got their wealth from government related industries:

“Membership in this elite group is likely to come from being involved in some aspect of the financial services or banking industry, real estate development involved with those industries, or government contracting.”

This is indicative of a fascist system rather than a capitalist one. This means that people most successful at lobbying for access to freshly printed money (financial sector) and government contracts (Big pharma, Defence contractors etc) will end up the richest. The point of a free market is that services and goods offered to consumers should be the main driver of wealth creation. This obviously gets perverted when the largest consumer has a near monopsony on certain products and a monopoly on violence; that money-printing, property expropriating, warmongering thug is the government. THE GUBBURMNT!

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