The Wall Street Con - The Illusion of Getting Rich While Producing Nothing

Posted by freedomforall 2 months, 2 weeks ago to Philosophy
8 comments | Share | Flag

Excerpt:
"Of all the mass delusions running rampant in the culture, none is more spectacularly delusional than the conviction that we can all get fabulously rich from speculation while producing nothing. The key characteristic of speculation is that it produces nothing: it doesn't generate any new goods or services, boost productivity or increase the functionality of real-world essentials.

Like all mass delusions, the greater the disconnect from reality, the greater the appeal. Mass delusions gain their escape velocity by leaving any ties to real-world limitations behind, and by igniting the most powerful booster to human euphoric confidence known, greed.

Lost in the mania of easy wealth from speculative trading is the absence of any value creation in the rotation-churn of moving bets from one table to the latest hot game: in flipping houses sight unseen, no functionality was added to the house. In transferring bets on one cryptocurrency to another or from one meme stock to another, no value to the economy or society was created."
SOURCE URL: https://charleshughsmith.blogspot.com/2021/09/the-illusion-of-getting-rich-while.html


Add Comment

FORMATTING HELP

All Comments Hide marked as read Mark all as read

  • Posted by $ Dobrien 2 months, 2 weeks ago
    Investing savings requires the examination of choices. CD’s , savings acts , stocks , bonds, Real estate , precious metals are the main options. Speculators do provide liquidity and take on the risk of being wrong. The manipulation and degradation of our currency also needs to be considered. With inflation running at 5%+ ...cash and Govt bonds gives you an automatic negative return. When the fiat currency collapses what will produce returns on your investment?
    History shows that precious metals can store your wealth . Silver, shiney silver might be the answer. Currently a ratio of around 68 oz to 1 oz of Gold. Historically that ratio avgs about 17 to 1.
    20 oz of silver in every electric car. Are we going to use more batteries and photo voltaic panels in the green new deal?
    Minimum wages in 1964 was $1.25 or 5 quarters. 5 quarters of silver today is worth around $25 .
    Do we need a sound dollar or an increase in the min wage?
    Reply | Mark as read | Best of... | Permalink  
    • Posted by 2 months, 2 weeks ago
      If you think the green new deal will still be dependent on hydrocarbon fuels, then shares of an oil company with a high % dividend might be a productive investment, e.g. Exxon 6.38% div today. Share prices could fall with the market in a depression or rise with a decline in fiat. The irrational left will still hate you, too.
      Silver is getting massacred lately (down 4% today. Probably due to manipulation of "paper" silver indicies by the WS/banking cartel.) Catching a falling knife is hazardous to your wealth.
      Reply | Mark as read | Parent | Best of... | Permalink  
      • Posted by $ Dobrien 2 months, 2 weeks ago
        With XOM going green and woke I’ll pass. You are correct about the manipulation. I believe that True value will eventually overcome that scam. A falling knife is dangerous to those with a short term time frame and don’t accumulate over time.
        Venezuela citizens who had gold and silver did much better than those who had fiat cash.
        Low prices are when I like to buy.
        Stacking for a worst case scenario.
        Reply | Mark as read | Parent | Best of... | Permalink  
        • Posted by $ Dobrien 2 months, 2 weeks ago
          Has Exxon Mobil turned over a new, green leaf?
          By Terry Slavin – Editor, Reuters Professional
          9 MIN READ

          News that Exxon Mobil will spend $3bn in the next five years on a new low-carbon business unit came after a flurry of announcements signalling that America’s biggest fossil fuel producer has finally accepted that it may need to change course in the face of climate change.
          Reply | Mark as read | Parent | Best of... | Permalink  
          • Posted by 2 months, 2 weeks ago
            It is possible they have seen Elon Musk creating all his profits from carbon credits and see it as a way to avoid direct meddling from governments. Have you noticed what harm morons in government can do when they start meddling? That is just smart business.
            The article is mostly the author quoting the rest of the industry's green actions (that Exxon is not following), almost like its an ad for Exxon going green as propaganda to the left. Second, it's for a "low-carbon" unit with few details meaning it is not an indicator they are turning away from the their main source of income. Third, $3 billion over 5 years is pocket change - less than 3% of earnings over that period. This year earnings about $20 billion, market value $236 billion.
            I'm not a cheerleader for Exxon, but I don't see them as planning to destroy themselves with idiotic investments, just the opposite.
            Reply | Mark as read | Parent | Best of... | Permalink  

FORMATTING HELP

  • Comment hidden. Undo