Thursday, November 14, 2019

Citi Warns of a ‘War on Wall Street and Wealth’ in the 2020 Election

Elizabeth Warren. wealth-hater
The road to the White House in 2020 may entail a war against Wall Street and wealth itself, as polling results encourage more candidates to cast a jaundiced eye toward the financial world, a Citi team led by economist Dana Peterson wrote in a note to clients.

Banks and wealthy individuals are viewed by others as a revenue source for “re-distributional policies, including further tax relief for low- and middle-income persons, and funding priorities from paid leave to jobs programs,” Citi said.

This misunderstanding about wealth and inequality is very broad-based and very dangerous.

The desire for wealth, the striving for it and the accumulation of capital are at the forefront of a generally climbing standard of living.

Hindering the accumulation of wealth, or taking it apart, destroys the engine that makes life better for all of us.

This is not understood by the general public.

I discuss wealth and inequality here:

The same goes for the very important function played by the non-crony part of Wall Street in providing the capital desired by entrepreneurs. Without such capital, many of the projects now funded that advance productivity would never have been started.

The concepts that explain the importance of wealth and capital are not difficult to understand. It is simply a case that the entire US educational system has been taken over by socialists who have never lived an entrepreneurial day in their lives and they convey to their students a shallow and foundationally incorrect hate of wealth and capital.



  1. Their (the socialists of various degrees) fundamental misunderstanding of wealth comes from seeing the results of central banking and the crony system around it and then believing that all wealth is gained through political means. Their own everything is political world view helps in this. Their ideas only make the real crony problem worse and hinder if not kill the engine of real wealth.

    This is because they are in favor of the very engine of unearned wealth inequality, central banking, to fund the welfare state and more. Thus I think it is vital to always point out the difference between real wealth from creating goods and providing services vs. crony wealth from the financialization and politics then going the extra step to point out how it and the welfare state are driven by central banking.

  2. The following was posted by one of my perhaps soon-to-be-ex friends on Facebook. It contains the lovely idea that billionaires are not fully human. I am torn about unfriending--on the one hand, I would unfriend anybody who declared some class of people to be not-fully-human. On the other, he is an unending source of the most extreme and dangerous leftwing nuttery (for example, Stalin apologism).

    1. Sean, un-friending for politics is for pussies. I don’t use Facebook much anymore but used to make political/sociological posts on a regular basis. This led to friends and family un-friending me.

      I guess my sister-in-law didn’t like when I posted this Rothbard article ( in response to her post about how much she admires Caesar Chaves at the time a movie about him came out in 2014.

      Neither did a longtime friend like when I told him, “It’s like shaking hands with Charles Manson.” When he posted a photo of him shaking hands with Bill Clinton. Even my explanation of Slick Willies deathly deeds didn’t keep him from un-friending me.

      And then there is my self-described “far left” professor of history brother that couldn’t take me using facts to contradict most of his posts.

      Let your friend do the un-friending if they choose to. Take the high road and just be correct and ethical.

    2. I agree with you that generally it is a cowardly thing to do. My urge to unfriend him (he is an astrophysicist, BTW) is for the same reason that I would not want to be friends on Facebook or anywhere else with a Nazi who ranted about 'subhuman Jews'. There is a point at which I don't want to have any association with such people. My only reason for associating with this person is that we once were good friends and, more so at this point, because it gives me direct evidence of what the most insane, hateful, and envious leftists are up to. If all he were doing were posting stupid crap about the labor theory of value and that billionaires don't deserve their wealth, I wouldn't feel this way, but when he goes down the path of classifying certain classes of humans as being essentially sub-human and other such things, I can't help but wonder what to do. Would I, for example, let a Hitler fan stay on my friends list?

  3. Im using my new mantra here "Capitalism not Corporatism is what I'm talking about"