Can we afford the rich, anymore?
As I keep saying, I know nothing about finance, and my teddy bear personality is reinforced by RGE Monitor's uber-bear-ish tendencies. So, can somebody who knows what they're talking about comment on this?
If Chinese foreign asset growth continues at its current pace, China’s government, the Bank of Russia, the Saudi Monetary Agency and a few Gulf sovereign funds will pretty much be the global financial system.
Say, we used to be a rich, industrialized country. I know that the industrialized part is gone -- that's why it's good to be in the "creative class" [cough] -- but what about the rich part?
Where'd all the money go, anyhow? All that "innovative," "complex" financial engineering? Cui bono, and whatever the Latin might be fr "before the shit hit the fan"?