Below we highlight a chart of world market cap since 2004 along with the percentage of world market cap that US stocks make up. The current value of stocks worldwide is just over $54 trillion according to Bloomberg. US market cap currently stands at a little more than $16 trillion, which puts it at 29.9% of world market cap. While 29.9% still puts the US at more than 3 times the market cap of the second biggest country, Japan, it is much lower than it was just a few years ago. As shown in the chart, US market cap as a percentage of the world has steadily drifted lower over the last four years as global stocks have risen more and the dollar has declined in value. At the start of '04, the US made up nearly 45% of global market cap. Only time will tell if the world will continue to get flatter or if the US will widen its market cap lead again.
The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.
Tuesday, June 10, 2008
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