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Friday, 7 February 2014

The Robber Barons Of Capitalism

Its being widely reported that the richest 85 people in the world, a group who could fit in one rail carriage (or to use another analogy, would comfortably fit onto a single London double-decker bus), have a total combined wealth of $1.65tn (£1tn), that is the equal of the entire combined wealth of the poorest half of world.

That is simply shocking when you think about it ..... I mean if they had said the richest 85,000 people in the world, it would have still been eyebrow raising, but its simply 85 individuals, who are equal in wealth to 3.5 billion people.

Here's the richest ten of those 85 individuals ..... noticeably the UK has none of them.

  •     France - Bernard Arnault - $29bn
  •     France - Liliane Bettencourt - $30bn
  •     Hong Kong - Li Ka-shing - $31bn
  •     USA Charles Koch And David Koch - £34bn
  •     USA - Larry Ellison - $43bn
  •     USA - Warren Buffett - $53.5bn
  •     Spain - Amancio Ortega - $57bn
  •     USA - Bill Gates - $67bn
  •     Mexico - Carlos Slim Helu and Family - $73bn

The study also found that the top one percent of the world's richest families are worth a total of $111.5tn (£67.3tn), amounting to 46 percent of the world's total wealth. We at PC towers have touched on this subject before and we believe that the period in the mid to late 1970's, when the wealthiest 1%, took about 6% of the national wealth was about the right proportion (give or take a percentage point), and that its the move away from those socially progressive economic policies that have led to the current situation.

Trickle Down Economics At Work

So maybe its no surprise that most people polled around the globe feel that legislation and economics are slewed in favour of the rich, who compound their wealth by often paying few or no taxes after taking 'legal' avoidance measures

We have said it once, and we will say it again ..... 'Trickle down Economics' is theft by the rich.

4 comments:

  1. Well said. It's obscene that even the idea of Trickle-down economics could be suggested. Apart from the fact that it's morally void, it's on a par with "we must pay [stupid salaries - and perks - and bonuses] to get the best" : they are obviously last ditch efforts to justify unjustifiable policy and some people buy it !??
    I can imagine those concerned in bemusement about how much they can get away with.

    ReplyDelete
    Replies
    1. I suspect that most of our current financial crises stem from that false economic doctrine in the 1980s and 1990's

      Delete
  2. Lunch Time Visitor13 February 2014 at 13:24

    Rolling back the boundaries of the states activities was in many ways a laudable aim, as by the end of the 1970's many functions of the westeren democracies looked remarkably like watered down versions of the Soviet Blocs stated policies. Electric, Gas, Water, Health, and in fact most aspects of daily life were 'state performed'.

    But there is no doubt that the economic ideas that Thatcher and Reagan espoused were plain wrong, and that now too much wealth is held in too few hands. Death duties in the UK no longer claw back that accumulated wealth to the degree that causes redistribution to occur and we now face the strong possibility that by the end of the current century virtually all wealth will be in just a few families hands.

    Revolutions have started (Russia) when this last occurred, so actually, redressing this imbalance now would be in even the riches interests. It just needs some political bravery.

    ReplyDelete
    Replies
    1. Can't argue with your logic, but I suspect that the rich wouldn't see redistribution as in their interests. Thanks for the comment.

      Delete

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