DOW JONES INDUSTRIAL AVERAGE
MONEY PRINTING STARTS DELEVERAGING
In the top two right charts, printing money caused the stock market and other risky assets to boom during both periods... boosting the wealth of the rich, but doing nothing for the poor. During the 1930s, just like today, the wealthy acquired a much higher-than-normal percentage of our nation’s wealth, as seen in the chart to the right. And in both the 1930s and today, the percentage of the population that was foreign born was higher than normal... causing animosity among the “common man,” as seen in the bottom right chart. Just like today, the economic conditions of the 1930s caused extreme income inequality. Back then, the top 10% earned 45% of all income (compared with 50% today) and owned 85% of the wealth (compared with 75% today). Even the political characters are the same... The 1930s saw a popular socialist presidential candidate just like we had in 2016. Huey Long was a former governor of Louisiana and a U.S. senator. He proposed an income cap at $1 million... a 30-hour federal work week...
INCOME SHARE OF RICHEST 10%
FOREIGN-BORN POPULATION SPIKES
American Consequences
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