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Wealth is becoming more and more concentrated at the top end of the distribution. Folks at the high end have a lower marginal propensity to consume, and thus invest more in assets. This increase in demand causes all assets to rise.

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Generally agree but I'd note politically influential rich should generally prefer productive assets, while people expecting to have to shove the most valuable thing they can find up their ass while running past machine gunners at the border will generally prefer gold.

Gold is totally irrational if you think you'll have the reigns of the country, since you will always win having land and factories under that scenario.

It signals the rich think they're losing control.

At the governmental level non-Western aligned governments are reacting to freezing of Bank of Russia assets. Freezing of foreign currency reserves was really unexpected. Russia was forced into default because they could not access their USD/EUR.

almost all wealth is cash flows from future labor income. Labor is just heavily leveraged on their own future labor. Kind of like AMD levering up on future gpu sales.

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