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Billionaire Hedge Fund Manager Says There’s About to be an Uprising in America

Wealth gap, stagnant wages to bring about “revolution”.

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Billionaire hedge fund manager Ray Dalio says that a revolution is coming in America because wages have stagnated and the income gap between the rich and poor is wider than ever.

Dalio, who is worth almost $17 billion dollars, warns that, “Widening income/wealth/opportunity gaps pose existential threats to the United States because these gaps are bringing about damaging domestic and international conflicts and weakening America’s condition.”

The Bridgewater Associates founder says that those who grew up middle class are earning less than their parents because wage growth compared to inflation has been stagnant since the 1980’s.

“Disparity in wealth, especially when accompanied by disparity in values, leads to increasing conflict and, in the government, that manifests itself in the form of populism of the left and populism of the right and often in revolutions of one sort or another,” Dalio writes.

Noting that the next economic downturn will cause this gulf to become painfully apparent, Dalio says the wealth gap should be treated as a “national emergency” and that the whole economic system needs to be re-engineered.

Numerous studies have shown that wealth inequality inevitably leads to civil unrest, so Dalio’s prediction is by no means an unlikely scenario.

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Economy

Veteran Investor Says Governments Are Planning to Totally Outlaw Bitcoin

Cryptocurrency to mimic gold?

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Barcroft Media via Getty Images

Veteran investor Ray Dalio warns that governments across the globe are planning to outlaw Bitcoin because the financial elite cannot tolerate something that they don’t have monopoly control over.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing,” Dalio told Yahoo Finance.

“So, I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed,” he added.

Dalio cited the 1934 Gold Reserve Act, which ended all private holding and use of gold as money. This followed the previous year’s Executive Order 6102, which made it a criminal offense for U.S. citizens to own or trade gold and led to a widespread confiscation program.

The investor said that Bitcoin’s volatile nature also posed a threat to financial elites’ control of money and banking, “because things can get out of control.”

Back in January, head of the European Central Bank Christine Lagarde called for global regulations on Bitcoin, labeling the cryptocurrency “reprehensible.”

“(Bitcoin) has conducted some funny business and some interesting and totally reprehensible money laundering activity,” said Lagarde, who herself was previously found guilty of financial negligence by a French court.

Bitcoin is also despised by cultural and media elites because it allows people who have had their lives turned upside down by deplatforming and denied banking to continue to operate.

One wonders what the trigger could be to create the moral panic around Bitcoin to grease the skids for its criminalization.

Perhaps a massive terror attack that was wholly funded by the cryptocurrency?

The value of Bitcoin has continued to surge in recent months and now stands at over $51,000 dollars.

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Rand Paul: Democrat ‘Class Warfare Wealth Tax Will Destroy Our Country’

“The class warfare people need to get a grip on what happens”

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Steve Watson

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Senator Rand Paul has warned that a Democrat proposed ‘wealth tax’ is fundamentally “un-American” and will kill off entrepreneurship.

Appearing on Fox Business, Paul spoke about the ‘extreme’ plan being pushed by Sen. Elizabeth Warren, urging that “A wealth tax will destroy our country.”

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“It’s not good for our country,” Paul said explaining that “This class warfare, punitive stuff that some of these Democrats want – it’s un-American.

“It’s bad for business and it’s bad for everybody,” Paul continued, adding “Because capitalism uplifts all.”

The plan would see higher taxes on the “rich”, with Bloomberg News analysis concluding that the 100 richest Americans would have their income shrink by $78 billion per year.

The plan would impose a 2% annual tax on the net worth of households worth $50 million and above, as well as an additional 1% tax on holdings of $1 billion upwards.

Paul argued that “capitalism, trade and division of labor” in the US means it has a poverty level that is one of the lowest internationally.

The Senator pointed to other countries that have attempted wealth taxes, and failed.

“The class warfare people need to get a grip on what happens,” Paul declared, adding “When they take over, we become Venezuela and I don’t want that for our country either.”

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Economy

China Created More Billionaires Than Every Other Country Combined During Pandemic

259 new billionaires broke into the club during 2020.

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Qianlong.com via Getty Images

Continuing its rapid post-COVID economic recovery, it has been revealed that China created more billionaires in 2020 than the rest of the world combined.

According to the Hurun Global Rich List, 259 billionaires broke into the exclusive club, meaning China now boasts a total of 1,058 billionaires and is the first country in the world to break the 1,000 level.

In comparison, the United States created 70 new billionaires in 2020, although people who were already billionaires like Jeff Bezos and Bill Gates saw their profits surge during the pandemic.

“China – the country where Covid first emerged and which has been accused of covering up its early spread, leading to the pandemic – has seen its economy boom while the rest of the world’s finances have been hammered by the disease,” reports the Daily Mail.

As we highlighted back in December, China is also set to outstrip every other country in terms of GDP growth over the next two years.

“A graph proposing GDP projections for various nations and areas showed that China was the only nation on the list to enjoy real GDP growth in 2020, with 1.8%, 8% in 2021 and 4.9% in 2022,” reported Sputnik.

In reality, China ended up posting even better numbers for 2020 with a 2.3% GDP rise, the only major economy in the world to grow at all last year.

“In comparison, the United States, having suffered a 3.7% drop in 2020, is set to achieve 3.2% and 3.5% real GDP growth in 2021 and 2022 respectively.”

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