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Posts Tagged ‘Davos’

The golden rule is at work; he who has the gold makes the rules that determine income and wealth distribution. That is why income inequality has grown so enormous worldwide. The rich are getting wealthier while the rest of us toil in financial purgatory, even the European and US middle class.

The golden rule is also why the global economy created a record number of billionaires last year, exacerbating inequality amid a weakening of workers’ rights and a corporate push to maximize shareholder returns, charity organization Oxfam International said in a new report.

The folks at Oxfam define severe poverty as those people living on $1.25 or less a day. and according to Oxfam estimates, about 1/3 of the world’s population lives at or below that level.

The world’s 2043 billionaires saw their wealth surge by $762 billion, which is enough money to end extreme poverty seven times over, according to Oxfam.

According to separate data compiled by Bloomberg, the top 500 billionaires’ net worth (wealth) grew 24% to $5.38 trillion in 2017, while the world’s richest person, Amazon.com Inc.’s Jeff Bezos, saw a gain of $33.7 billion.

“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,” said Winnie Byanyima, executive director of Oxfam International. “The people who make our clothes, assemble our phones and grow our food are being exploited.” Those people are also the folks without the gold with which to purchase political power in the so-called democracies of the world.

Oxfam had published the report as global leaders, chief executives and bankers arrived in Davos, Switzerland, for the World Economic Forum’s annual meeting. This is an event in which the rich of the world share plans of how to rip the rest of us off. A spokesperson for Oxfam, however, noted “that many of the world’s elite say they’re concerned about income inequality, but most governments are “shamefully failing” to improve the matter. That’s because the politicians managing the affairs of those governments are being paid to do nothing to rectify growing poverty throughout the world, and they are being paid to ensure the billionaires gain more and more of the world’s income and wealth. This is called corruption.

Oxfam called on governments to limit shareholder and executive returns while ensuring workers receive a living wage. It also recommended eliminating the gender pay gap and raising taxes on the wealthy, among other suggestions.”

“People are ready for change,” Byanyima said. “They want a limit on the power and the wealth which sits in the hands of so few.” In addition, p0eople want to limit the effects of the golden rule which allows the rich to control the distribution of income and wealth and send into their bank accounts the vast majority of income and wealth created.

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By now it’s obvious globalization has just been a way to redistribute income from those who work for a living to the rich. The corporations of the rich send jobs from higher wage nations to the lowest wage countries, and the difference between the old wages and the new is pocketed by the rich. It’s that simple. That’s the major reason, although not the only one, why the rich have gotten wealthier and the rest of us are tightening our belts. The rich have stolen our jobs and hijacked our governments.

Both Republicans and Democrats pretty much believe that making the rich wealthier by redistributing income and wealth to them from working people is the only purpose for any economy, especially the US economy.

It’s weird how people view globalization as something important to prosperity for all when all of the evidence says exactly what I said above. A story below is about how globalization is threatened by income disparity. So I republished the story below. In parenthesis and italics are my interpretation of what they really mean.

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(Reuters) – A backlash against rising inequality – evident from the Occupy movement to the Arab Spring – risks derailing the advance of globalization and represents a threat to economies worldwide, according to the World Economic Forum.

(People are becoming aware that rising income inequality is brought about by globalization and people are getting mad. This represents a threat to our income redistribution scam.)

Severe income disparity and precarious government finances rank as the biggest economic threats facing the world, according to the group’s 2012 Global Risks report released on Wednesday.

(Declining government finances are brought about because of the redistribution of income from working people to the rich through globalization. Working people have less money to spend which results in less demand for goods and services, which leads to fewer jobs and less collectable taxes that working people pay. Because of the weakened tax base, police and teachers are laid off. Ergo, globalization has weakened the world’s economies and angry people have begun to realize this.)

The 60-page analysis of 50 risks over the next decade precedes the World Economic Forum’s (WEF) annual meeting in two weeks’ time in the Swiss ski resort of Davos, and paints a bleak picture of an increasingly uncertain world. Over the past four decades, Davos, which brings together politicians, central bankers and business leaders, has become a byword for globalization. Now confidence about the steady gains from the onward march of the global marketplace is faltering.

(The “steady gains” of the rich gotten via stealing income from working people is at risk. This income redistribution scam is about to come under fire by a lot of angry people who are coming to realize what a scam globalization is.)

Rising youth unemployment, a retirement crisis among pensioners dependent on debt-burdened states and a yawning wealth gap have sown the “seeds of dystopia,” according to the report, based on a survey of 469 experts and industry leaders

(Damn it! Working people are becoming aware of how globalization has ripped them off, wiped out their savings, destroyed their industrial base, exported their jobs, weakened or stolen their pensions, and curbed their taxable income. Pretty soon the shit’s going to hit the fan and our globalization scheme may come to an end unless governments we control, like the US government, act in repressive ways to maintain it.)

For the first time in generations, people no longer believe their children will grow up to have a better standard of living.

(Thank you globalization for ruining the futures of the children of the lesser people, those 99 percent rabble rousing peons. We of the one percent got ours, and we’re still getting ours, even if it was theirs, but it isn’t anymore.)

“It needs immediate political attention, otherwise the political rhetoric that responds to this social unease will involve nationalism, protectionism and rolling back the globalization process,” said Lee Howell, the WEF managing director responsible for the report.

(“Working people are going to demand that we stop redistributing income and wealth from them to the rich!” Howell meant. “We must stop that! We must continue to wipe out the middle class via globalization!”)

The unsustainable level of government debt in many countries had already been highlighted as a top threat in the previous two WEF risk reports but the chronic nature of fiscal deficits means the issue remains centre stage.

(The US Federal Reserve can print trillions of dollars and give it out to Goldman Sacs, which can then hand out bazillions to the rich, and that’s perfectly fine, but government programs for working people have to be ended because of government debt. We can simply print money for us because we control the governments, but the lesser people can’t have anything because of government debt.)

“We’re seeing governments kicking the can down the road and not trying to get their hands on it,” Howell said.

(“Government doesn’t want to answer to the people and put an end to globalization,” Howell meant. “It’s a hot topic. People are going to get angry when they see how globalization has screwed the future of working people.”)

Since last January, the euro zone’s debt crisis has spread and deepened – toppling governments in Greece and Italy – while the United States has lost its triple-A credit rating, after failing to stabilize its debt position.

(Globalization has been an inequality scam that has sucked away the hopes and dreams of the masses and led to a situation in which the world is much more economically and politically unstable. But globalization is good for us rich fat cats and must be continued no matter how bad things get, or how unstable they become, because of this scam.)

There will be a greater focus than ever in Davos this year on the failures of the modern market economy, including discussion on the uncertain future of capitalism, a subject that would have got short shrift in the years before the financial crisis.

(We’ve got to figure out a way to ensure that working people believe that globalization is good for them and their children until we bleed as much income and wealth as possible from them and redistribute it to the rich.)

HACK ATTACK

In an increasingly interconnected world, the WEF report also highlights the risks posed by cyberattacks against individuals, corporations and nations.

“The Arab Spring demonstrated the power of interconnected communications services to drive personal freedom, yet the same technology facilitated riots in London,” said Steve Wilson, chief risk officer for general insurance at Zurich Financial Services.

(Technology gives too much information and power to working people to coordinate their protests against us rich folks. I don’t know what we can do about that. Any suggestions?)

U.S. President Barack Obama’s defense strategy this month showed cyber warfare to be a growing focus for governments, while companies got a wake-up call last April when hackers stole Sony Play Station online data for millions of users.

“It’s completely mind-boggling how complex the world is becoming and it is hard to understand the risks that come from that,” Wilson said.

Other threats identified in the 2012 report include the risk that financial and other regulatory systems designed to safeguard the modern world may no longer be up to the job, as well as rising greenhouse gas emissions and looming water shortages.

(Other threats identified in the 2012 report include the risk that financial and other regulatory systems designed to redistribute income and wealth from working people to the wealthy will no longer be up to the job with an aroused and angry working class organizing to oppose it. Oh, yes, green house gases and water shortages will also be a problem, for them, but not for us.)

Governments and corporations must also stay abreast of a host of “X” factors – emerging concerns with still unknown consequences – such as the risk of a volcanic winter or a major accident involving new technology, such as genetically modified organisms or nanotechnology.

Full report at: here

(Reporting by Ben Hirschler; editing by Janet McBride)

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