Financial Wealth Evaporating — DollarCollapse.com
Live by the sword, die by the sword. The 1% have spent the past couple of decades accumulating an ever-bigger share of the world’s fiat-currency-inflated financial assets. Now, with the air going out of the FIRE (finance, insurance, real estate) economy, the super-rich are discovering that their stocks and bonds, like the paper money on which they’re based, are to a large extent illusory:
World’s Richest Lose $24 Billion as Adelson Fortune Drops
The world’s richest people lost a combined $24.4 billion this week as concerns over Spain’s rising borrowing costs and the sputtering American job market caused global markets to tumble.
Casino mogul Sheldon Adelson lost $2.2 billion. Shares of his Nevada-based Las Vegas Sands Corp. (LVS) fell 10.3 percent during the week. On Friday, Macau casinos reported gambling revenue rose 7.3 percent in May, its slowest pace since July 2009. Adelson, 78, is the 22nd richest person in the world, according to the Bloomberg Billionaires Index.
“We seem to be bogged down in a very sluggish pattern,” John Carey, who helps oversee about $220 billion at Pioneer Investments in Boston, said in a telephone interview on June 1. “The jobs report was discouraging, and it’s been discouraging the past several weeks. It reaffirms this fear that the economy is slowing.”
No comments:
Post a Comment