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The Forum > Article Comments > Worldwide concentration of wealth: what the figures say > Comments

Worldwide concentration of wealth: what the figures say : Comments

By Daniel Raventós, published 29/10/2010

The GFC wasn't so bad for the super rich after all, but they want to use it as a tool to make it worse for the rest of us.

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Very encouraging that the author designates the situation as "class war". Antagonism in wealthy countries that even approaches the proportion of a dynamic has been under control for decades thanks to the postwar boom, permanent war economies, Keynesian economics (funded by these), the end of the cold war, and the big one, bourgeois ideology (notwithstanding that a concomitant pattern of bust and boom has attended this homogenising ideological trend, just as predicted).
The spectre of Marx looms large again at the reality of gross and indefensible disparities that are increasingly unprotected by the crumbs and leavings of welfare. Indeed, obscene wealth is increasingly thrown into stark relief by the "austerity measures" inflicted upon the masses to defend it--the monumental effrontery!

Viva le revolution!
Posted by Squeers, Friday, 29 October 2010 7:11:33 AM
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Congratulations on your update on what is a gross obscenity that constitutes the being of the dominant economic system, capitalism, especially when thinking of the billions who "live" on $2 or less a day. There is a causal relationship between the two states of existence and your reminder that this is "class war", activated on a relentless moment by moment basis by the rich and powerful it must also be said, is spot on. The solution is in redistribution from the rich to the poor, and I mean mega re-distribution, not crumbs from the table. By the way, as I wait for the laughable defenders and cheerleaders of wealth accumulation to make their case, I am (like most real humans) not envious of the rich. I wait also for the champions of philanthropy and charity to present their case yet again.
Posted by DonaldS, Friday, 29 October 2010 10:55:37 AM
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Ah, the human foible of envy returns once again. Personally I
am quite pleased that the rich use and risk their capital,
to create things like the internet, cheap computers, cell phones
and all the rest. My quality of life have improved because of them.

Given that Western Govts spend around 40-50% of GDP, we hardly
live in a capitalist economy, but a mix of private enterprise
blended with much social welfare.

The last organisation to try and screw me blind, by charging
me 9$ an hour for intenet access was in fact Telstra, when it
was Govt owned. The staff got fat at Telstra, stuff the consumer.
That is what invariably happens, when Govts run things and there
is no competition in the marketplace.

Take away the assets of the rich, as is being suggested, then
we'll all be poor, for there will be nobody bothering to create
wealth. But clearly that would satisfy the envy that exists now.

Stop blaming the plight of the 3rd world on capitalism. Take a look
at their politicians for good reasons why they are poor.
Posted by Yabby, Friday, 29 October 2010 11:29:19 AM
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"By the way, as I wait for the laughable defenders and cheerleaders of wealth accumulation to make their case, I am (like most real humans) not envious of the rich"

hahaha .. good one, cause you're not
Posted by Amicus, Friday, 29 October 2010 11:45:17 AM
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Am I envious of people with 30 megabucks of readies?

You bet I am. I am looking at a new bicycle. It costs $2,500. If I had 30 megabucks I wouldn’t hesitate!

But that is not the issue. The problem with this article is that the author conflates two separate issues.

Issue 1:

There are wealthy people in the world and, when times get tough, they do better than the rest of us. Thus was it ever and thus will it always be. It is part of the human condition.

Issue 2:

Rotten banks were bailed out.

That is the OBSCENITY.

The fact that it was often done with money taken from the not-so-wealthy only makes it worse.

The consequences are severe. The rotten banks and their rotten business cultures remain to poison the global economy. Instead of getting rid of the cancer it lives on.

The strength of capitalism has always been creative destruction. See:

http://en.wikipedia.org/wiki/Creative_destruction

Part of creative destruction is that enterprises with maladapted business models fail. This results in short term pain but clears the way for a new round of innovation.

Capitalist creative destruction was supposed to be in contrast to the socialism where the taxpayer is required to keep dysfunctional bureaucracies and agencies going. (Think Australia’s public education system).

By bailing out the banks we have combined the worst features of capitalism with the worst features of socialism. For most of us it’s all pain without clearing the way for future gain.
Posted by stevenlmeyer, Friday, 29 October 2010 3:07:13 PM
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The hilarious part about all this.. is that probably the RICHEST capitalist of all.. is a LEFT WING SOCIALIST ..i.e.. GEORGE SOROS.

He uses is 'capitalist acquired' squillions to fund left wing organizations which are dedicated to destroying capitalism ? does that make even the slightest sense to anyone ? It's a fact though.

Soros
Strong
Gore
Obama (their puppet)

and many others ar also doing the very same thing. Don't get me started about the GREENS!

But.. now it can be revealed... they are GENE challenged and cannot help themselves. We must have pity on those who rely on capitalism to get the funding to destroy it....and themselves in the process.
It's irrational....sure..but.. it's genetic...they can't help themselves.
http://www.world-science.net/othernews/101028_liberal
Posted by ALGOREisRICH, Friday, 29 October 2010 4:21:07 PM
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