According to Dalio, we see a downturn in the global economy every 50-70 years or so (think he piggybanks a bit on the Kondratiev waves there). In which time ppl have multiple options to deal with the ebb. One of which is to "eat the rich" i.e. tax the crap out of them/nationalize companies. I think the rich, and by that I mean Billionaires who own significant stakes in companies/not millionaires, as well as companies who spend decades lobbying against ppls interest are really shitting their pants right now. You know it's bad when you see Bezos doing the rounds and throwing money at the problems. The guy who keeps his employees in cages (https://thehardtimes.net/culture/jeff-bezos-pledges-10-billion-to-eradicate-coronavirus-sufferers/). Insureres who lobbyied allowing Insurers to reject ppl because of pre existing conditions are taking over hospital bills? (https://www.nytimes.com/2020/03/19/health/coronavirus-tests-bills.html) I think they see the collective change in thinking coming in the US. I just don't know if it is necessary for the rich to be scared there. We have a global Pandemic and the US voted against universal Healthcare aka Bernie. It seems to me that the decades of anti communist propaganda still lingers in ppls heads. I can speak for Europe, where I believe more companies will be brought back into the Countries to have a baseline of production capabilities. I also believe that we will be more careful in the future with our cash/build up more reserves. The Eurobonds might be the Beginning of a united fiscal Authority and the end of tax havens within Europe. In conclusion. You might call me a cynic but all this behaviour from ppl who didn't gave a fuck about you a month ago seems like opportunist see the tide turn and try to get prepared not to get hit too hard
Hyper inflation is the real worry, 2mil in the bank set for life, firstly interest reduced then your money becomes worth 200k over 2 years.
The rich are only scared of dying. Everything else can be easily solved for them. Even if they get the virus, they will get the best medical attention which will increase their chances of survival. I don't think they are really worried at all.
Pretty much everyone, even people with 10,000:1 odds like 16year old who's mom's have had it and they didn't get are afraid, it's over the top and crazy. Rich people are tight, my millionaire mate, spends his life worrying about money, cut the plug off the tumble drier using too much electricity literally recently, while living in a £1mil house and driving a car older than mine despite earning 25K and wife having a Solicitor practice. Better to be dead than spend money!
The government stimulus will be one of the greatest wealth transfers in history. 1 trillion dollars will flow into the hands of business owners. with corporate tax reform (where btw - the CARES act actually reduced some of the constraints on businesses), this wealth transfer will be born by individual tax payers.
25K Per Month!! He couldn't believe my account the once had £3 something left not a care in the world/