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Shadow Puppets
From thelastbearstanding.substack.com
According to the Federal Reserve, households in the United States had an aggregate net worth of $139.9 trillion as of the end of 2022. The large majority - $124.9 trillion - of this “net worth” is comprised of non-cash assets such as stocks, bonds, and real estate, after subtracting household debt, such as mortgages. Cash and bank deposits makes up a relatively small portion. chart The value of non-cash assets comes from the utility that they provide. A house provides direct utility in the form of a roof and walls. Financial assets like stocks and bonds provide future cash flow, which can be exchanged for other ... (full story)