Oxfam has posted a report on world wealth.
The number of people whose wealth is equal to that of the poorest half of the world’s population since 2010:
Wealth of 1%, 50%, and 99% taken from Credit Suisse Global Wealth Datebook (2013 and 2014) https://www.credit-suisse.com/uk/en/news-and-expertise/research/credit-suisse-research-institute/publications.html
I do not know the validity of this analysis. However, it trends beautifully by the reciprocal:
These are the People Who Really Matter. The opinion of the 53 controls, for instance, global warming. Their opinion definitely drives the Retail/Corporate direction of American Healthcare, not anyone else particularly.
And it’s not that any of the 300 or so on the list in 2010 have gone bust. Rather, their massive wealth is not needed to add to the chart.
Individually, their assets are almost completely illiquid, productive and unfathomable. They probably do not know how much they really own. Their liquidity comes from production of the assets. They are also indisposable – there is no way they could become broke, even if they tried.
People ask what would happen, say, if several of these were pruned off the list by revolutionary action, and their assets seized. There would be no wheelbarrows of dollars coming from their Scrooge McDuck mansion. Their wealth is in holdings of power; and the power, like under Lenin, can be confiscated and used. It is too massive to “spend” in any sense, the markets would be wrecked.
It is valid to ask, though – by what means is such wealth rapidly concentrated? How has wealth acquisition become such a privately-held domain of the wealthy? The remainder of citizens are offered 0.5% interest in their banking wealth – essentially a statement that their holdings are completely uninteresting. The inflation rate has been hovering around 4% using the modified consumer inflation analysis, and really about 8%, using the traditional analysis which the US Government abandoned in 1980; the unemployment rate (using credible statistics) hovers around 23% – the crash in 2009 was papered over, using ARRA statistical manipulation. The regular method for analysis by the US Labor Department was deliberately buggered to show a recovery.
If wealth is invented, not created – if it arises from spurious numerical manipulation of the currency – it does not represent true potential to act as money. It rather dilutes the real money available, inflates it, in the manner of stock watering.
I may claim a net wealth of a trillion dollars. People may smile and pat my head – for they do not believe it – they do not believe I have that amount of capital, and they would be right.
If I were to somehow force people to accept my bogus billions as equal in value to their own money, my billions exchanging freely with their assets, then I would have diluted their belongings and expanded the real value of my own, by magic.
This seems so obvious, it is bothersome that so many people do not understand the difference between money – a Platonic ideal of a good which is constant in value, infinitely divisible, fungible, and indestructible – and currency, which has none of these factors inherently, but can be made to be recognize by impress of authority, in the manner of the Emperor’s clothing.
I suspect that much of the Great Wealth described here is spurious – it is phony bucks, not representing the remuneration of worthy action (e.g. productive labor,) a quantity which has been saved – i.e. unspent, but held as property. I believe that Carlos Slim, and Bill Gates, have a certain proportion of genuine wealth, for their actions can be described. Mr. Slim has established cellular telephone service in most of the Western Hemisphere (excepting the US and Canada). Mr. Gates has been one of the pillars of the personal computer revolution. Those are accomplishments – and accomplishments of the mind stand in worthy proportion to manufacture by productive labor.
Pay for bogus accomplishments is as phony as pay for nonproductive labor – it is a claim for services not rendered. The moochers, whether vastly wealthy or not, imagine that their actions can be disguised. But they can’t. The market, insofar as it is based on human judgment, can tell Sh*t from Shinola. Coordinated compulsion, as we see in the American Medical system, can make people behave as though Shinola and Sh*t are the same. Whether they believe it in their hearts, or just pretend, the moochers fool no one, and the community becomes slowly impoverished; first a trickle, then a sudden landslide.