GuruFocus Updates 28 June 2010 Featured No Comment

By Daily Reckoning. Endless Money (John Wiley & Sons 2010), I develop a unique perspective on the topic of liberal billionaires such as Soros and Buffett. Specifically, I argue that their vested interest in maintaining the trend towards socialism and feeding its insatiable appetite with voluminous money creation through bank lending preserves a tax structure that imperils the middle class and results in unprecedented accumulation of wealth among the super-rich. Billionaires love a system in which banks double the money supply every seven years through issuing credit-backed currency, because it sets asset prices on an upward trajectory. More than half of wealth accumulation of the super-rich comes from this rather than accumulated net income or the earning of ordinary income, and this rise in net worth is generally untaxed since it is unrealized. Read more » »