The Credit Suisse global wealth report (pdf), is out and it has some surprising findings on the world wealth distribution. The report says that the richest 1% of the world’s population is not only getting wealthier but owns more than 48% of global wealth. The bottom half of the world population owns less than one percent of the world’s wealth.
The report also found that a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens. The amount however goes up dramatically from that point. In order to be considered in the top ten percent, you need more than $77,000 and to be in the top one percent you need $798,000.
The world wealth itself is at an all-time high — twice that of the year 2000, or $263tn.
The China, the communist People’s Paradise, has the fourth largest number of people in the top ten percent. First place is still held by the United States followed by Japan. After China, there is France, Germany, Italy and the United Kingdom.
Source: Gaurdian
“Unfortunately, the experiment was not entirely successful because it allows for corruption and control by individuals or groups whose objectives are not the best interests of the population as a whole.”
I very much agree with this. This is the “reversion to the mean” in a political sense. Control of society by a small cadre is the general state of society, whether it be the rich, the religiously connected or the warrior class.
The experiment started out and reverted to the mean. Jefferson stated “The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants”. I believe this to be true and a pattern repeated over and over through history.
Unfortunately, it seems we might be near the next rinse and repeat.
Paul, you mean market forces allow and encourage war, for example? Isn’t the concept that war is necessary, an idea held by many people, just as responsible for war as the fact it is profitable for the rich?
Tyger Gilbet – war has many causes. You would have to give me a specific war for me to deal with the cause(s).
Sorry for double. Perhaps management can delete one.
Marilyn, Great philosophy. Thanks and stick around. I always taught my students to find what they love and make it their career. And NEVER allow someone to tell you that your dream is silly.
I find the best wealth comes from a wealthy spirit in your heart. The rest falls in place when it is from the inside out.
You got it betty, spread the word.
The wealthy are protected because other wealthy buy favors from both parties. An honest politician is one who _stays_ bought. Simon Cameron, Senator, 1887.
Insanity is doing the same thing over and over and expecting different results.
Paul, that is the most naive post you have ever made. Legislators get most of their money from corporations that expect huge contracts and/or laws favorable to them. In far too many instances, the bills are written by lobbyists. Regulations are in the hands of people in the revolving door of corporation/regulatory body. It’s practiced regardless of party and regardless of administration.
bettykath – I have written so many naive posts I am not sure just which one you are referring to. Could you quote it or give the time stamp. 😉
You got it betty, spread the word.
The wealthy are protected because other wealthy buy favors from both parties. An honest politician is one who _stays_ bought. Simon Cameron, Senator, 1887.
Insanity is doing the same thing over and over and expecting different results.
Nick, you can work hard and play almost flawlessly and still lose the game when the rules of the game are written to ensure your failure, not success. The rules are written by the wealthy to favor the wealthy. The statistics that show the gap between the wealthy and poor to be growing, and the stats that show the middle class is shrinking, are proof the game is rigged in favor of the rich. Suggesting that learning to play the game better will make you a winner is exactly the kind of thinking the casino wants everyone to have.
My question is how could the rules be rewritten to ensure that most players are able to win? If wealth were measured in the amount of gold an individual could carry, even the richest people would not have that much more than the poorest. Human strength would be the limitation on wealth. The existing rules allow individuals to accumulate an infinite amount of gold and other wealth. How can the game be changed to naturally cause almost everyone to be successful?
This isn’t a question intended to advocate Communism or Socialism, or condemn Capitalism. It’s a challenge to the current human value system, which is based on the belief that forming groups to conquer and control anything the group needs or wants is perfectly acceptable, no matter who is defeated or harmed in the process. Political and religious philosophies have failed to solve the problems of poverty, sickness, and human misery for the last 2000 years and even much longer. Recent medical advances have helped improve the health and longevity for some of mankind, but technology hasn’t stopped war, eliminated corruption, or effectively reduced hunger worldwide. So, I think it is time for a completely different set of values and beliefs to be developed. Ones that are outside the boxes of politics and religion that anyone can accept and believe in. Ones that are helpful to everyone, not just the powerful.
Anyone here have some constructive ideas in this direction?
Tyger Gilbert – It really depends on the game as to who wrote the rules. Many of the rules have been written by Congress and signed by the President. Some are just market forces in action.
Jim, The cultists seem to have a problem w/ the truth as told by Jon Stewart. Hmmm. It’s quiet as hell since you posted that hilarious and poignant video.
I remember coming across some data to the effect that half or more of the global population are actually subsistence farmers.
The agricultural subsidies developed nations provide to safeguard their food supply results in agri producers recouping both their labor and profits from their home markets, then dumping the excess abroad at prices that local undeveloped nations cannot compete against.
And so even the little that the global poor have to contribute to the world at large through food production is taken away from them.
Jim, Great video! Thanks. Every once in a while Jon Stewart puts on his intellectually honest pants on and when he does, he knocks it out of the park. The cultists here should NOT WATCH THIS VIDEO. It will anger them and fuel their already clinical depression. Mespo spoke last night about talking points and hypocrisy. If you want to understand history or people, you must appreciate irony.
Paul, No, it’s only the republicans who are rich.
You gotta love Richie Rich…
http://www.huffingtonpost.com/2014/10/14/jon-stewart-democrats-money_n_5981158.html
Libs need to take a tall drink of hypocrisy.
Nick – “Stop whining, work hard, have self discipline, and be a winner. That’s what I learned from sports and it translate to this world perfectly. And, that’s what I taught to my students and athletes. They come up to me all the time and thank me. I know Mespo has the same experiences as that. It does your heart good..”
Nick, Good words. It drives me nuts here when the class warfare debate starts. I’m not sure why JT fans the flame on this topic. It really is a waste of time and energy. Like I tried to post in another topic, stop being jealous, resentful or or envying of who you aren’t. Are you happy? If, so stop worrying about people you don’t know. The richest guy I’ve ever known was a miserable SOB. Take comfort in that if you need. If you aren’t happy make some changes in your life and be happy that you live somewhere were you can change who you are. It will take work, self reflection and self reliance but stop blaming other people for keeping you down.
BarkinDog
The Koch Brothers have a secret policy that they trot out behind closed doors to Mitch McConnell and his ilk. It essentially says that voting strength in the House of Representatives should be hedged by hedge fund owners who own 50% or more of our assets. So, a guy like Mitch can preach to the yokels and get their vote and kneel to the Kochs and get their cash and vote accordingly.
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Conservatives working on Wall Street accidentally let the horses out of the barn with regards to the U.S. Plutocracy, as shown above.
The results are now in:
(A Decline Of The American Republic – 3). Put hands over ears and eyes and stay socially blind or read ’em and weep.
And the other people at the top have names ending in Soros?
“The data may be a further sign that the U.S. is becoming a Plutonomy – an economy dependent on the spending and investing of the wealthy. And Plutonomies are far less stable than economies built on more evenly distributed income and mass consumption. ‘I don’t think it’s healthy for the economy to be so dependent on the top 2% of the income distribution,” Mr. Zandi said. He added that, “In the near term it highlights the fragility of the recovery.”
(The Graphs of Wrath, 2010, quoting WSJ, emphasis added).
The Koch Brothers have a secret policy that they trot out behind closed doors to Mitch McConnell and his ilk. It essentially says that voting strength in the House of Representatives should be hedged by hedge fund owners who own 50% or more of our assets. So, a guy like Mitch can preach to the yokels and get their vote and kneel to the Kochs and get their cash and vote accordingly.
All the people that make the rules are in the top 1%. The ones that are supposed to be of help but it seems all they do is help themselves. They provide nothing yet are the richest in the country. Yes It’s the politicians
” If I can go and replace a broom pusher with just about anyone I can pick off of the street, why I value what they do? ”
Correct in some ways. Work is valued according to the work done, the complexity, the skill required and the importance of the labor in the entire whole of the enterprise. This is why we have low wages for unskilled entry level, broom pushing, labor. This is why the chef in the restaurant makes more money than the guy chopping the broccoli.
The advances in your trade from swamper to master carpenter should be reflected in the wages earned for labor. Anyone can pick up debris from the job. Not anyone can craft a staircase. The higher pay is a reflection of this reality.
Statistics seem to be difficult for people to grasp.
“The report also found that a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens.”
So according to this the majority of the people in the US…..or anyone who owns a car and flat screen tv are in the top 50% of the world. Woooo hooooo!!!!
Jim22
Annie – “The one percent, who own almost one half of the world’s wealth won’t care what us peons care about them and that includes the wannabe ‘rich’.”
From JT
“The report also found that a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens.”
Something tells me Annie, that you are not the peon you wish you were. I would guess you are at least in the wealthiest half.
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JT may not realize that the plutocratic propaganda desperately wants the 99% to think it is the 1%.
That does not add up.
bettykath – “Jim, I agree that the market doesn’t value basic labor, but you completely miss doglovers point. The point is that we, as a society, should value labor more than all the other thing s listed. We’re upside down in our values.”
bettykath, It’s not about values, it is about common sense. If I can go and replace a broom pusher with just about anyone I can pick off of the street, why I value what they do? Do you purposefully seek out worse products and pay more for them?
Sounds like some of the class warriors here want to give Communism another try. If you know any folks from the former Soviet Union, buy them a beer or cup o’ joe, and ask them what they think. Or, if you’re in a community of Chinese, ask them what their lives were under Mao. The North Koreans are the same gene pool as South Koreans. Under Communist rule, in just a few generations the North Koreans are almost 4 inches shorter than their brothers and sisters in the south because of malnutrition. It seems like the Good Mespo has returned this morning. As he paraphrased, “capitalism is the worst system, except for all the others.” There is no fairness in this world folks. That comes in the afterlife. There are winners and losers in this world. Stop whining, work hard, have self discipline, and be a winner. That’s what I learned from sports and it translate to this world perfectly. And, that’s what I taught to my students and athletes. They come up to me all the time and thank me. I know Mespo has the same experiences as that. It does your heart good..