5 minutes of class warfare.

From Agora Financial...

 

What’s Really Behind “Income Inequality”

Dave Gonigam – May 3, 2012

• Worth screaming about: How the Fed drove a famous painting to a record price
• “Super-wealthy money shufflers” load up on art, while American workers produce more and earn less: Lessons from a chart that’s gone viral, and the story the chart doesn’t show
• The wisdom of the crowd? Americans’ choice for “safest” investment two years in a row
• Comeuppance continues, new pain for Spain: Bolivia adds insult to Argentina’s injury
• Sarnoff on “the little exceptions that get you”… an update on Addison’s documentary project… a poignant account of “family businesses that led to strong work ethics”… and more!

“When you create monetary inflation,” says the one and only Marc Faber, “it doesn’t touch everything at the same time.
“At certain times,” he tells the Financial Sense Newshour, “it may go into wages or it could go into commodities or it can go into consumer prices or it can go into real estate or it can go into equities or commodities or it can go into precious metals or art prices and so forth and so on — but not at the same time.”
The part about art came to mind as a CNN breaking news alert flashed across this editor’s iPad last night: “Edvard Munch’s The Scream sells for a record $119,922,500 at Sotheby’s in New York.”
“The Fed basically since 2008,” Dr. Faber goes on, “has expanded its balance sheet with the intention to stabilize the housing market and boost housing prices, but that is precisely the asset that hasn’t gone up.”
There are exceptions, of course: “in Aspen and from Madison Avenue and Park Avenue and so forth,” he says. “In prestigious locations around the world, real estate has continued to go up in value.”
The world’s “super-wealthy money shufflers,” Faber wrote in a recent Gloom Boom & Doom Report “have been the prime beneficiaries of the asset inflation we have experienced since the early 1980s.”
The U.S. working class… not so much.

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 Which brings us to this chart; it’s making the Internet rounds this May Day week…