“Civil government, so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all.”
~Adam Smith, Father of Modern Capitalism
Some might say you suffer from envy if you dare to address the massive gaps in income equality … the massive gaps in equality of opportunity that exist in this world but certainly in the world’s “wealthiest nation” America. Do not confuse yourself by thinking that THEY are like YOU; they’re not. No doubt – there are many good, virtuous and charitable rich people, and there is no doubt that many really worked hard to amass their wealth. And to them I say – congratulations and I offer a golf clap.
But – there are also many who gamed the system and made their fortunes through exploitation and douchebaggery; those people have earned any potential misfortunes that might befall them. But not unlike many wealthy people … I am saying it takes a willful act of ignorance to observe what’s happening in the world and conclude the solution to this problem is to give rich people even more money. If that’s your prescription to achieving “prosperity for all” … I’m here to tell you that your worldview is a lie.
We live in a world where the 40 richest become wealthier by $15 billion in 7 days but 49% of American Seniors live on a food budget of about $5 a day (source).
We live in a world where the world’s wealthiest can hide $21 trillion in offshore tax havens (source) but more than 25% of all American private sector jobs pay less than $10 an hour (source).
The “Horse and Sparrow” economic theory does not work.
Bloomberg writes HERE:
The week’s biggest gainer was Spanish retail tycoon Amancio Ortega, who added $3 billion to his fortune after Inditex, the world’s largest clothing retailer, announced plans to build a 753,000 square-foot logistics center in Spain’s Guadalajara province. Inditex shares were up 3.8 percent for the week.
Ortega’s gain came as Spain’s unemployment rate reached 24.6 percent, the highest on record. With a net worth of $43.5 billion, the 76-year-old is Europe’s richest man, and ranks fourth on the Bloomberg Billionaires Index.
Jeff Bezos gained $820 million during the week. Shares of his Amazon.com Inc. (AMZN), the world’s largest Internet retailer, gained the most in three months as investors bet that investments in its distribution network will pay off by the holiday season.
And some may say that this is only paper money … it’s not REAL money. If you think that – you don’t understand how this works. You can borrow money tax free off of paper money. You can cash out a few chips at a time with this paper money. Anyone who has ever sold a stock through a broker understands … unless the market is in a free fall panic … this is real money – real value … and that means a real power to own you and control your situation. It’s the invisible of the market in your pocket.
