Are There Any Billionaires in Town? (scroll down for the video)
There are some millionaires in town for sure. Certainly there are also residents who are very well off with their properties, investments, pensions (maybe 2) and generous compensation plans.
Billionaires may indeed reside in the state, however, at least those with vacation residences. There are obviously some very valuable properties along the coastline from North Hampton to Rye Beach, for instance.
Undoubtedly some billionaires could very easily own some of the very pricey summer real estate around Lake Winipesaukee. The Castle in the Clouds might also qualify as a billionaire property.
Some billionaires could very well own the Mt. Washington Hotel and the Balsams Hotel.
If the search for billionaires were expanded into the Northeast, then entire towns would be clues.
The towns of Woodstock, Vt. (Rockefeller) and Manchester, Vt. are definitely “old money” towns.
A good question is whether great wealth can even be measured in billions of dollars since trillions of dollars seems to be the new financial norm. The biggest banks now operate with trillions of $$.
The 4 really big USA banks make the bulk of their money trading paper (mergers & derivatives). Remember, just a few years ago some of those large banks were only investment banks and didn’t make loans at all. They only became commercial banks to get bailed out from their loses.
So a better question asks, “What do those 4 banks hold that justify the massive bonuses for the billionaires that are now the norm on Wall St?” The USA Comptroller of the Currency has the data.
JP Morgan’s ($78 trillion), Citibank’s ($56 trillion), Bank of America’s ($53 trillion) and Goldman Sack’s ($58 trillion) balance sheets show a total of $235 trillion exposure to financial derivatives.
This massive derivative exposure is balanced against those total bank assets of only $5 trillion. This means that they are leveraged at about 50-1. Does this sound insane or what?
Remember that the value of all the goods and services in the USA are around $15 trillion. The value of all goods and services on the planet are around $55 trillion.
This is not only a USA problem. The known value of all the financial derivatives on the planet (Bank of International Settlements, Chart 19) is around $600 trillion. The “shadow derivatives” on the planet are estimated to be at least another $600 trillion…Still doubt that there are trillionaires?
These same banks (and other large international banks) will continue to look to be bailed out by citizens of the world. “Privatize wealth and socialize risk” is a foolproof game…don’t you think?
There may not be any billionaires in town and there may be an ever-increasing number of paupers!
The answer to the above may be an honest state banking system and a return to sound local money.
Talk to your state representatives. Get angry. Get in action. What is the alternative - do nothing?
Why wait for the other person to get in action…they are waiting for you to get in action.