While the rest of us scrabble, the super rich are doing just fine if not better…
“We are not all in this together. The UK economy is flat, the US is weak and the Greek debt crisis, according to some commentators, is threatening another Lehman Brothers-style meltdown. But a new report shows the world's wealthiest people are getting more prosperous – and more numerous – by the day. The globe's richest have now recouped the losses they suffered after the 2008 banking crisis. They are richer than ever, and there are more of them – nearly 11 million – than before the recession struck. In the world of the well-heeled, the rich are referred to as "high net worth individuals" (HNWIs) and defined as people who have more than $1m (£620,000) of free cash. According to the annual world wealth report by Merrill Lynch and Capgemini, the wealth of HNWIs around the world reached $42.7tn (£26.5tn) in 2010, rising nearly 10% in a year and surpassing the peak of $40.7tn reached in 2007, even as austerity budgets were implemented by many governments in the developed world.” (Click here for more)
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The secret word is Plunder
$42.7tn (£26.5tn) in 2010. I am assuming that the "tn" in the money amounts is trillion.
ReplyDeleteOk, so people are getting rich. I have no problem with someone making money from their efforts. As long as the world isn’t a socialist utopia, people will need to look out for them selves. The problems start when people are acquiring more money than they possibly can use, (not merly wasteful but hording), they are adversely affecting the world economy (which means their national economy too). Here in Amerika the Ayn Rand inspired neo-conservatives (read neo-fascists) are heaping more and more tax-cuts and goodies on the rich. This has been the case since the day of that brain dead second-rate actor. The claim was “trickle down” economics and that by rewarding the rich and giving them ore money to spend that the economic benefits would “trickle-down” through out the remainder of the economy.
Plain and simply, this hasn't happened. The only visible result is a surge in abject greed. There are many reasons for not seeing positive economic results from the “trickle-down” approach. First, there are better investments outside of Amerika. India and China have booming economics with massive potential for huge economic gains. So US tax dollars become venture capitol in China. This causes additional outsourcing of Amerikan jobs and industries, and trickles down to further eroding the US balance of trade.
I think I’ll stop there. Suffice it to say the whole game is severely twisted.
Can't resist quoting Warren Buffett. "If there is a class war in America; my class is winning."
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