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I hope to ask a what-if question...

u35059098
Posts: 1
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11/17/2016 4:16:53 PM
Posted: 3 weeks ago
Say.. what would happen if the ten richest men's money disappeared overnight?
What economic problems would be caused? would it be an inflation or deflation?
And what other economic concerns would people have?
I hope to know this imaginative scenario
BillSPrestonEsq
Posts: 140
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11/20/2016 2:33:40 PM
Posted: 2 weeks ago
At 11/17/2016 4:16:53 PM, u35059098 wrote:
Say.. what would happen if the ten richest men's money disappeared overnight?
What economic problems would be caused? would it be an inflation or deflation?
And what other economic concerns would people have?
I hope to know this imaginative scenario

The combined wealth of the ten richest men in the US is about $524 billion. The current GDP is about $18 trillion. If that $524 billion was removed from the economy it would represent about 3% of the total GDP. Maybe a very small amount of deflation would occur.
ken1122
Posts: 492
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11/25/2016 4:31:05 AM
Posted: 2 weeks ago
At 11/17/2016 4:16:53 PM, u35059098 wrote:
Say.. what would happen if the ten richest men's money disappeared overnight?
What economic problems would be caused? would it be an inflation or deflation?
And what other economic concerns would people have?
I hope to know this imaginative scenario

What do you mean when you say "money disappeared overnight"? Most rich people have very little money, they have assets like stocks in companies, or they own shares of things of value. So when you say "money disappeared overnight, do you mean what little bit of paper money they had goes away? Or do you mean the companies they are heavily invested in lose the amount of value they that they are invested in, or do you mean something else? Please explain

Ken