17 Jan The richest people hoarded wealth? Say it ain’t so!
Image created by me on Canva.
You mean to tell me that the ultra-super-wealthy fat cats hoarded money? Wow. What a giant surprise!
It seems that it’s not only an issue of the rich getting richer, but the super extremely wealthy continuing to amass insane amounts of money. While we see people in the UK choosing between food or heat in the winter, these high rollers are doin’ just fine.
“Since 2020, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, a new report from Oxfam says.
Taxes must be increased for the ultra-rich as a ‘strategic precondition to reducing inequality and resuscitating democracy,’ Gabriela Bucher, executive director of Oxfam International said.” -CNBC
Yeah, about that. People with THAT KIND of money know how to game the system. Hell: they are the system. (Go check out the roster for the WEF meeting this week and you’ll understand what I mean.)
“A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the top 1% of the ultra-rich, according to the report. The remaining 99% of the global population collected just $16 trillion of new wealth, the global poverty charity says.
‘A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent,’ the report, released as the World Economic Forum kicks off in Davos, Switzerland, reads.
It suggests that the pace at which wealth is being created has sped up, as the world’s richest 1% amassed around half of all new wealth over the past 10 years.” -CNBC, emphasis mine
So… while a wide variety of people were sent home and labeled as “non-essential,” and many of them struggled to make ends meet during the shutdowns, you’re telling me that it was a kick-off to $42 trillion being generated? What in the actual f**k.
“‘Taxing the super-rich and big corporations is the door out of today’s overlapping crises. It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else,’ Bucher said.
Coinciding crises around the world that feed into each other and produce greater adversity together than they would separately are also referred to as a ‘polycrisis.’ In recent weeks, researchers, economists and politicians have suggested that the world is currently facing such a crisis as pressures from the cost-of-living crisis, climate change, and other pressures are colliding.” -CNBC
Remember Poppy Bush talking about voodoo economics?
“President Reagan was a proponent of supply-side economics, favoring reduced income and capital gains tax rates. He believed that the savings generated by companies from corporate tax cuts would trickle down to the rest of the economy, spurring growth. He also assumed that companies would eventually pay more taxes anyway, boosting the government’s coffers, as a healthier economy would encourage them to increase volumes.
In 1980, Bush Sr. described these economic policies as ‘voodoo economics,’ arguing that supply-side reforms would not be enough to rejuvenate the economy and would greatly increase national debt. Bush Sr. then changed his stance after being appointed vice president by Reagan, first denying that he called Reaganomics voodoo and then claiming that he was ‘kidding’ when footage was dug up showing him use the phrase.” –https://www.investopedia.com/terms/v/voodooeconomics.asp
The power brokers themselves realize that 💩 is the only thing which rolls downhill. The idea that if we continue to line the pockets of these corporate raiders and fat cats, they will ensure the crumbs from their table are enough to feed the rest of us, is clearly preposterous. We’ve seen too much, we know too much, and we understand it’s ridiculous. They just keep hoarding and hoarding. It’s never enough. It’s Gordon Gekko telling Bud Fox, “It’s not a question of enough, pal. It’s a zero sum game, somebody wins, somebody loses.” And it’s not hidden. This article from CNBC tells you in no uncertain terms that the richest people have made insane money over the past 2 years and they’ve kept it for themselves.
Generating new tax laws will simply create more tax attorneys, accountants, and politicos who can help these people avoid paying anything. More cash will be funneled to nations considered tax havens and not a damn thing will change.
The other interesting tidbit here is the notion of a “polycrisis.” Sounds awfully similar to an omnibubble, does it not? A collision of all these different supposedly unforeseeable factors smashed together and, oopsy daisy, now we have a big, nasty mess. 😖
The sad truth is that these crises happen over and over and the public does, indeed, forget:
“Whenever I publish anything about the déjà vu the current markets are giving me, I will have at least one troll – usually either a mansplainer, corporate shill, or bot – assure me that we could just neeeevvvveeerrrr have another 2008 again. Really?
The crappy thing is: Wall Street is right. The public forgets. I recently watched The Divide: The Real People Behind the Wealth Gap on Java Discover and one of the interviewees, a former VP at Deutsche Bank, recalls a conversation about the bailouts in which she was told, ‘Well, here’s the thing: the public always forgets.’ Now here we are.
You can find the film here: https://www.youtube.com/watch?v=Z1WvDqj1qzQ”
These same boom/bust cycles and inflation/recession cycles happen and happen and happen. I once heard a commentator say, “If you’re 40 or older in America, you will have already seen more than one of these cycles.” Touché. Yet each time we experience this chicanery, too many people act as though: a) it’s not really happening or b) it happened before but somehow could not happen again.
It’s like voodoo economics combined with mass hypnosis. 😞