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View Diary: Familiarize Yourselves With A Liberal Hero / The Fallacies of Austrian Economic Ideology (108 comments)

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  •  Yup (1+ / 0-)
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    Ecclesiastaverbs

    They don't feel any pain in a contraction, because they have soooooo much money, the lost money is the stuff they'd never see, anyway. When you have enough money sitting in the bank to fund several thousand lifetimes of extravagance, losing 2 or 3 lifetimes-worth is simply not noticeable.

    However, under the rule of "buy low, sell high," creating a crash ensures that there will be bargains galore to snap up, hold onto through the next bubble, then sell rapidly, extracting the cash from that investment and leaving the next sucker with the losses after your big sell-off causes its value to plummet.

    Bubble economies are the wealth-extraction playgrounds of the obscenely wealthy.

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