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Tag Archives: wealth

The Man Behind the Hong Kong Miracle

Technically Hong Kong is now part of communist China, yet today it is perhaps the freest and one of the wealthiest places on Earth. One man, Sir John James Cowperthwaite, had everything to do with this.

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Argentina and 10 More Countries Near Bankruptcy

I remember back during the the big Argentine default of 2001 I was on an overseas real estate website and I saw a piece of land which was literally the size of Delaware for sale for $1,000,000 US. I remember thinking that even if the land was deep in the barren steppe of Tierra del Fuego it still had to be a deal at that price. There would have to be minerals under there of some sort. All I had to do was find 1 million dollars.

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The Economist develops a crony capitalism index (good attempt but falls short)

In fairness The Economist readily identifies its shortcomings with regard to the index. They explain that they are missing huge pieces of data, can’t exactly define what industries are “crony heavy” and which are not in a particular country, and miss the largest amount of cronies because the magazine focuses on billionaires. (The vast majority of cronies, like everyone else aren’t billionaires.)

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Polish politicians seized half of the retirement funds of Polish citizens earlier this year. What country is next?

Times are hard but they will likely get harder. We’ve covered over gaping cracks in the world economy with fiat money paper mache, but it won’t last. In fact the paper mache is disintegrating right in front of us. What Poland did to its pensioners earlier this year is an example of the underlying instability in the world economic system.

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Today’s crony economy is killing the middle class

The only people who have seen their real incomes increase under this president have been the top 5% of earners. Those with large investment portfolios have seen their assets grow – or perhaps more accurately, have watched them inflate –  while most of America has seen its income reduced over the last 5 years. Adjusted for inflation the average household in America makes less than 2008. Quite a bit less.

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