Billionaires Flourish, Inequalities Deepen as Economies “Recover”

By Keith Johnson - Revolt of the Plebs

The bailouts of banks, speculators and manufacturers served their real purposes: the multi-millionaires became billionaires and the later became multi-billionaires

James Petras

Introduction

According to the annual report of the business magazine Forbes there are 1,210 individuals – and in many cases family clans – with a net value of $1 billion dollars (or more). There total net worth is $4 trillion, 500 billion dollars, greater than the combined worth of 4 billion people in the world. The current concentration of wealth exceeds any previous period in history; from King Midas, the Maharajahs, and the Robber Barons to the recent Silicon Valley – Wall Street moguls of the present decade.

An analysis of the source of wealth of the super-rich, the distribution in the world economy and the methods of accumulation highlights several important differences with major political consequences. We will proceed to identify these specific features of the super-rich, starting with the United States and follow with an analysis of the rest of the world.

The Super-Rich in the US: Greatest Living Parasites

The US has the most billionaires in the world (413), better than one third of the total, the greatest proportion among the “big countries in the world. A closer look also reveals that among the top 200 billionaires (those with $5.2 billion and more) there are 57 from the US (29%). Over one third made their fortune through speculative activity, predators on the productive economy and exploiters of the property and stock market. This is the highest percentage of any major country in Europe or Asia (with the exception of England). The enormous concentration of wealth in the hands of this tiny parasitical ruling class is one reason why the US has the worst inequalities of any advanced economy and among the worst in the entire world. Speculators do not employ workers, they secure tax loopholes and bailouts and then press for cuts in the social budget, since they do not require a healthy, educated workforce (except for a tiny elite). In 1976 the top 1% held 20% of the wealth; in 2007 they commanded 35% of total wealth. Eighty percent of Americans own only 15% of the wealth. The recent economic crises, which initially reduced the total wealth of the country, did so in an uneven fashion – hitting the majority of workers and employees worse. The Bush-Obama bailout led to the economic recovery, not of the “economy in general”, but was confined to further enhancing the wealth of the billionaires – which explains why the unemployment/under employment rate has hardly moved, why the fiscal debt and trade deficit grows and the state lowers corporate taxes and slashes federal, state and municipal budgets. The “dynamic” sector composed of parasitical capitalists employ few workers, exports no products, pays lower taxes and imposes greater cuts in social spending for productive workers. In the case of the US, billionaires, their wealth is largely accrued via the pillage of the state treasury and productive economy and via speculation in the information technology sector which houses one-fifth of the top billionaires.

 

Read more here:  http://www.blacklistednews.com/index.php?news_id=13191

Views: 58

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by GypsyDad on March 28, 2011 at 5:37pm
'There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.'
Comment by GypsyDad on March 28, 2011 at 5:35pm

It's been a growing trend for at the least 80 to 100 years as the elites get more powerful!

 

The Corporate Slave Has Become Worthless

http://deadbrokedad.blogspot.com/2011/02/modern-day-slaves-have-bec...

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega's 7 blog posts were featured
38 minutes ago
tjdavis's blog post was featured
38 minutes ago
Burbia's blog post was featured

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
39 minutes ago
Less Prone commented on Doc Vega's photo
Thumbnail

main-qimg-357a10f7111dcf87a3cc6e2afad83855

"Islam is only a phase preceding a total Talmudic rule and a new world religion."
42 minutes ago
Less Prone commented on tjdavis's photo
Thumbnail

WWRJD

"I doubt a d-rat Jesus would be better. Much worse. “Politicians are the lowest form of life…"
43 minutes ago
Less Prone favorited tjdavis's photo
48 minutes ago
Doc Vega posted blog posts
8 hours ago
cheeki kea commented on cheeki kea's photo
Thumbnail

Lost History

"The Tartar wall - aka The Great Wall of China is hundreds of years old and was up and running in…"
9 hours ago
cheeki kea posted a photo
9 hours ago
tjdavis posted a blog post
23 hours ago
tjdavis posted a photo
yesterday
Doc Vega posted blog posts
yesterday
Doc Vega posted a photo
Wednesday
Doc Vega posted a blog post

No Place to Hide

Stumbling through this confusing lifeLike a blunt and rusty knifeSo why is there all this…See More
Wednesday
Burbia posted a blog post
Wednesday
cheeki kea posted a photo
Wednesday
cheeki kea commented on cheeki kea's blog post Vaccines Cause Autism: The Burden of Proof has been met.
Wednesday
cheeki kea posted a blog post
Wednesday
tjdavis posted a video
Wednesday
cheeki kea commented on Burbia's video
Thumbnail

Soros Will Never Recover..Elon AIR The whole Thing

"Good find Burbia. It can only get worse. Is Soros too big to fail for he has his thumb in every pie…"
Monday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted