Torsten Slok, the chief economist at Deutsche Bank, raised some eyebrows this month when he said wealth inequality was the biggest risk for markets in 2020. In a video interview posted on CNBC, Slok discussed a list of the Top 20 risks to the market next year.
“I think the trend we have seen in wealth inequality and income inequality, in health inequality has for the last 30 years basically gone in the same direction and for a very, very long time that has basically been swiped aside and investors have said this is not something I need to worry much about. We’re now saying this is not an issue of today or tomorrow its just an issue that will become very important still in 2020 or 21,” Slok said.
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He added the reason for the shift is because there’s a possibility a Democrrat like Elizabeth Warren could be elected and policies could change that lead to higher taxes or more government assistance to deal with the problem.
Talk about the elephant in the rom. Wealth inequality has existed since America was founded and little has been done by those in power to truly tackle it.
Slok stopped short of speaking of Deutshce Bank’s own financial crisis with its impending bankruptcy. They didn’t add themselves to their Top 20 list – or that Slok was discussing a crash his employer would help create. They did, however, add Canada Housing to the list.
Perplexed isn’t the word for this.
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