From Russia With Bad Timing: The Millionaire Fair

The Millionaire Fair seemed like such a good idea when it was launched in 2002. Gather together all the companies that sell to the rich--watch makers, Bentley and Rolls Royce, furriers, jewelers, champagne makers, yacht builders, private jet brokers--and invite wealthy consumers for a night of conspicuous consuming.

It is a kind of traveling flea market for billionaires, with free vodka.

These days, the Millionaire Fair doesn't look so flush. At a Millionaire Fair held in Moscow, yachts were being offered at two-for-one discounts, and there still weren't any takers, according to a Reuters article by Simon Schuster. Crowds were thin and a lot of the attendees were journalists, a sure sign of crisis.

Read the full story here OR watch a mind-boggling publicity Millionaire Fair video:

Comments

[AContrario]

For the 3 bright minds below. The current US debt is $9,534,950,781,500.55 that is 9 trillions if there
are too many figures for you. Next time move your little fatties and google "US national debt official
figure" it might help.

(source:http://www.brillig.com/debt_clock/)

[CitizenoftheRepublic]

Two for one yachts... and gas so cheap again... plenty of ship captains looking for work... WTF?!
There is no value in paper or electric money anymore, value only lies with commodities, minerals and natural resources (oil, water, land and soon to be fresh, clean... air!). The US "true" national debt is zooming past $50,000,000,000,000.00. Yeah, that's 12 zeros... fifty trillion dollars. Divide that by every man, woman and child in the US right now and that debt per person is... drumroll please... !
$166,666.00 per US citizen and growing for Federal tax, not state, county or local. A family of four no matter their ages owes $666,664.00 to get our national debt to 0. Freaky numbers right? A new system is coming.

[louden]

TRUE national debt? Why don't you enlighten us to what that is. I think we're hovering around $10 trillion, and while that's big, it's not at the level you're talking about.

Chicken Little?

[cmeans29]

$50 trillion is the correct amount.

[Dystopic]

Google Default Credit Swaps.

$50T is correct.

[LiteSleeper]

I think the $50 trillion includes obligations to pay things like Medicare and Social Security. It isn't debt already accrued, it's debt we've promised to pay in advance. At least I think.

[louden]

I looked into this - you know, you need to look at this on an apples to apples basis - by your figuring, the day we created Social Security, we generated a huge amount in "accrued" debt for these unfunded liabilities.

I'd like to see what this unfunded liability looks like, using a consistent measuring stick over the life of Social Security. I don't see that. Instead, I think looking at this number, today, with all the economic upheaval is disingenuous.

There are other ways out of that mess - entitlement spending is on the radar as becoming a larger and larger portion of our budget - so it is known. Will congress and our new president limit entitlements in some way to bring down that number instead of kicking the can down the road? We'll see...

[louden]

With the price of oil dropping faster than a rock - isn't this having a devastating impact on revenues in these oil-rich, America-hating countries like Iran, Russia and Venezuela?

It's like a bright spot in the recession and makes me think these idiots will fall faster and harder than any of the ailing capitalist countries.

Shouldn't Krugman or Friedman be writing a column about this?

[Pearlman]

Yes, they are draining their foreign reserves fast trying to keep their currency afloat. Russia and Venezuela are in the most danger of a full run on their currency in short order if oil prices don't rise soon and rise high. Much of this is why so much rhetoric is being spewed by both about the economic crisis faced by others. It takes some of the negative attention off them.

[SoD1]

C'est La Vie! The Money-"Gamblers" luck. There is a very fitting German phrase for that :
"Wie gewonnen, so zeronnen" tranlated "Easy won, even easier lost!" = ( Easy come, easy go.).

It is just a matter of Weeks until same happens to American Multi-Millionaires.

C'est la Vie de flambeur/ -euse, hmm?!

[JScott]

Sparse attendance?

[Peridolius]

I'm as big a captialist as the next guy, but this just makes me want to get out my old "eat the rich" T-shirt from my punk days.

[Dystopic]

Lemmy smiles from afar

[satyriasis]

I thought the Russians of all people knew the flaws of capitalism and greed. I figured they knew them so well they'd get out before the crash. I guess they became too much like us.

[Dystopic]

No, they are as greedy as the next guy, and not really sophisticated consumers.