Bernie Sanders and Elizabeth Warren are angry critics of free markets and rich people. They paint a bleak picture of America as a population of downtrodden, defeated people subjugated by billionaires and capitalism. The record is just the opposite, so one wonders why they and their supporters have this view of our world. The answer is that their anger is driven by envy and a desire to deprive successful people of the fruits of their success, a thing the envious have never achieved. Politicians exploit this primitive emotion for their own political ends which is the power to control us.
Ray Dalio, one of world’s richest men, recently published a think-piece on Linkedin entitled, “Our Biggest Economic, Social, and Political Issue” which, he writes, is wealth inequality: the disparity between the upper 40% and the bottom 60%. The media glommed on to this popular Progressive meme and it got a lot of attention because of his prominence.
Mr. Dalio runs the world’s largest hedge fund, Bridgewater Associates. According to their website they “manage about $160 billion for approximately 350 of the largest and most sophisticated global institutional clients”. Forbes says Mr. Dalio is worth about $17 billion. By any measure he is one of the most successful investors in the world. (more…)