While emerging markets actually provided a safe haven during the equity market's most recent sell off, not all emerging markets have been performing equally. While the BRIC countries have become synonymous with emerging markets, most of the BRICs have been lagging. In US Dollar adjusted returns, the only BRIC that has outperformed the United States over the last year is Russia, which has rallied more than 28%.
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.
Wednesday, March 30, 2011
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