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Global wealth inequality: Looks like the top 1% are headed for a majority stake.

Jeff7

Lifer
Jan 4, 2001
41,604
17
81
Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016

The richest 1 percent are likely to control more than half of the globe’s total wealth by next year, the charity Oxfam reported in a study released on Monday.
So you're in a room of 100 people.
1 of them has more than half of the pile of resources.
The other half gets what's left. If one of that half asks for more, the majority-holder tells them to stop being greedy, and that their greed will destabilize the whole system.
Then with each passing year, the one individual insists on taking more and more of the available resources, sometimes lamenting about the hardships of having to manage so much wealth.



The 80 wealthiest people in the world altogether own $1.9 trillion, the report found, nearly the same amount shared by the 3.5 billion people who occupy the bottom half of the world’s income scale.
So 1:100 is off by a several orders of magnitude.




In small groups, that kind of disparity isn't likely to be tolerated for very long. Someone will probably "challenge" the majority-holder for control, usually by force.


Meanwhile, a surprising number of us in the US are in that wealth-challenged majority but say "Give more to those who already have most of it!"

Stockholm Syndrome, anyone?




Repeatedly throughout history, our species shows that it cannot handle heavily-concentrated power any more responsibly than a spoiled toddler. Yet every time we implement measures which attempt to reduce its incidence, they are slowly worn away and we end up right back at the same conclusion. Rinse, repeat.
 
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senseamp

Lifer
Feb 5, 2006
34,658
4,481
126
It's either class warfare or continued class whipping of everyone by the handful (not even 1%) at the top.
 

compuwiz1

Admin Emeritus Elite Member
Oct 9, 1999
26,975
763
126
They earned or inherited it, but you think it should be yours?
It doesn't work like that. The Obama worshipers think money they didn't earn is money they are entitled to. It doesn't work like that. It never has and as long as we are America, it never will. Fucking whiners. Go out into the world and innovate. Bill Gates did it. I know plenty of people who are self made, who did not cry about people having more than them. They went out and found a way to EARN what they have. Quit crying and go do something. Advocate for yourself, educate yourself and apply what you learned to improve your status. This is the worst generation ever, as far as feeling they don't need to expend an effort to have some semblance of wealth. I have a son who does not have a college degree, yet he is a bank VP. He makes triple my annual income, just as a base. I applaud that kind of success. Some of his peers are the same ones who think they should get $15 per hour to flip burgers, in fact some of his high school friends are still there. What's the difference? My son got no special breaks. So, to hell with this inequality bull shit. You make your own bed, period.
 

senseamp

Lifer
Feb 5, 2006
34,658
4,481
126
They earned or inherited it, but you think it should be yours?
It doesn't work like that. The Obama worshipers think money they didn't earn is money they are entitled to. It doesn't work like that. It never has and as long as we are America, it never will. Fucking whiners. Go out into the world and innovate. Bill Gates did it. I know plenty of people who are self made, who did not cry about people having more than them. They went out and found a way to EARN what they have. Quit crying and go do something. Advocate for yourself, educate yourself and apply what you learned to improve your status. This is the worst generation ever, as far as feeling they don't need to expend an effort to have some semblance of wealth. I have a son who does not have a college degree, yet he is a bank VP. He makes triple my annual income, just as a base. I applaud that kind of success. Some of his peers are the same ones who think they should get $15 per hour to flip burgers, in fact some of his high school friends are still there. What's the difference? My son got no special breaks. So, to hell with this inequality bull shit. You make your own bed, period.
If they inherited it and no capital gains is paid on the gain from time stock was bought to time it was inherited, then hell yes, that loophole should be eliminated. And capital gains from doing nothing should be taxed at least as high as income from actually doing work. I applaud success too, but taxes need to be paid. The hell with the class warfare bullshit. There is a class war going on on working people for 30 years, if you don't want to fight it, you are just hanging over the fruits of your productivity and hard work to some rent seeker. Be a sucker if you want to be.
 

Subyman

Moderator <br> VC&G Forum
Mar 18, 2005
7,876
32
86
Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016


So you're in a room of 100 people.
1 of them has more than half of the pile of resources.
The other half gets what's left. If one of that half asks for more, the majority-holder tells them to stop being greedy, and that their greed will destabilize the whole system.
Then with each passing year, the one individual insists on taking more and more of the available resources, sometimes lamenting about the hardships of having to manage so much wealth.
Does that 1 person run the electricity for the room? The HVAC? Provide means to create food? Provide entertainment for everyone?

I agree that the balance is certainly off in the world right now, but it isn't so cut and dry.
 

nickqt

Diamond Member
Jan 15, 2015
6,023
4,089
136
I don't care how rich someone is.

I do care that they use their money and connections, owning and operating the government for their own benefit. while claiming to be persecuted victims.

That someone with tens/hundreds/millions of millions of dollars feels persecuted because people talk about raising their taxes (oh noes!) while they actively use their money to get legislators to write laws that favor them, is ridiculous, and disgusting.

It's hard to hold onto a republic/representative democracy when the people with the money are doing their best to capture the government and use it as a tool for themselves.
 

ralfy

Senior member
Jul 22, 2013
374
6
81
Much of that wealth consists of credit, and generally numbers in hard drives. Fallout from only a fraction of that wealth led to the 2008 financial crisis.
 

sportage

Diamond Member
Feb 1, 2008
8,882
1,161
126
Republicans believe in the top 1% owning all the wealth because republicans believe the top 1% is responsible for all the nations wealth, all the jobs, all the economic prosperity, and are responsible for the gains the other 99% enjoy. And beyond that, the republicans believe only the top 1% should have a say in our politics and how the country is governed.
In other words, through their ability at success and wealth they, the top 1%, have earned the right to make all the decisions. They and only they know what is best.
And only they are capable of deciding the correct direction for the country from economics to national security. From elections to military policy. From national social issues to world issues.

That same top 1% believe only their vote should count, only their opinions should count, and everyone else not in that top 1% would and could never begin to have the necessary knowledge to do the right thing for the nations best interest.

Or, to sum it up, only the master of the plantation should have any say in the matter.
And you know what that makes the other 99% in their mind.
Mitt Romney, for one, lives this philosophy every day.
And the US Supreme Court sets the stage with ruling after ruling to enable that top 1% to have not only the final say in the matter, but the only say in the matter.

And should the people, the 99%, notice what is really going on, their treated as traitors and put back in their place by either media censorship, by force, or more likely by both.
So you haven't noticed how local law enforcement is now armed and equipped like some army?
Who do you think they are poised for battle against should the need arise?

This is more than some class wealth warfare thing. This is for control of the whole enchilada.
And with an army poised in every city, and the US Supreme Court enabling with ruling after ruling, just who do you think is going to win in the end?
 
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TreVader

Platinum Member
Oct 28, 2013
2,058
2
0
Why is money so important to people?

It's been shown in studies that increasing a persons net worth does increase their happiness to a point, and that point tends to be around 80-90,000 USD.

After that, money doesn't actually make you any happier. It mostly just changes your demographics (Ie where you live, your politics, etc)
 

Hayabusa Rider

Admin Emeritus & Elite Member
Jan 26, 2000
50,874
4,203
126
Why is money so important to people?

It's been shown in studies that increasing a persons net worth does increase their happiness to a point, and that point tends to be around 80-90,000 USD.

After that, money doesn't actually make you any happier. It mostly just changes your demographics (Ie where you live, your politics, etc)

This isn't about money. It's about power. I can point out some people who are obsessed with money, but what real wealth buys is control, and the human beast wants it precious.
 

Matt1970

Lifer
Mar 19, 2007
12,321
2
0
Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016


So you're in a room of 100 people.
1 of them has more than half of the pile of resources.
The other half gets what's left. If one of that half asks for more, the majority-holder tells them to stop being greedy, and that their greed will destabilize the whole system.
Then with each passing year, the one individual insists on taking more and more of the available resources, sometimes lamenting about the hardships of having to manage so much wealth.
What makes you think you are entitled to the money other people earned?
 

boomerang

Lifer
Jun 19, 2000
18,897
638
126
So you're in a room of 100 people. 1 of them has more than half of the pile of resources. The other half gets what's left. If one of that half asks for more, the majority-holder tells them to stop being greedy, and that their greed will destabilize the whole system. Then with each passing year, the one individual insists on taking more and more of the available resources, sometimes lamenting about the hardships of having to manage so much wealth.
In your opinion, can wealth be created, or can it only be divided?
 

1prophet

Diamond Member
Aug 17, 2005
5,210
456
126
Republicans believe in the top 1% owning all the wealth because republicans believe the top 1% is responsible for all the nations wealth, all the jobs, all the economic prosperity, and are responsible for the gains the other 99% enjoy. And beyond that, the republicans believe only the top 1% should have a say in our politics and how the country is governed.
In other words, through their ability at success and wealth they, the top 1%, have earned the right to make all the decisions. They and only they know what is best.
And only they are capable of deciding the correct direction for the country from economics to national security. From elections to military policy. From national social issues to world issues.

That same top 1% believe only their vote should count, only their opinions should count, and everyone else not in that top 1% would and could never begin to have the necessary knowledge to do the right thing for the nations best interest.

Or, to sum it up, only the master of the plantation should have any say in the matter.
And you know what that makes the other 99% in their mind.
Mitt Romney, for one, lives this philosophy every day.
And the US Supreme Court sets the stage with ruling after ruling to enable that top 1% to have not only the final say in the matter, but the only say in the matter.

And should the people, the 99%, notice what is really going on, their treated as traitors and put back in their place by either media censorship, by force, or more likely by both.
So you haven't noticed how local law enforcement is now armed and equipped like some army?
Who do you think they are poised for battle against should the need arise?

This is more than some class wealth warfare thing. This is for control of the whole enchilada.
And with an army poised in every city, and the US Supreme Court enabling with ruling after ruling, just who do you think is going to win in the end?
Stop with the partisan bullshit, your democrat buddies are just as responsible for signing off on free trade agreements allowing the middle class to be decimated while allowing the profits to go to the top through outsourcing,

Illegal immigrants were used against the farm workers unions and help drive down the lower class wages just as outsourcing is used to drive down the middle class wages and democrats are just as guilty because they love to eat at the corporate pig trough just like any republican while pretending to care about the middle class and the unions,


There as still a few of you democrat koolaid drinkers that think the democrats today are like the democrats 30-40 years ago and actually give a damn about the middle class just like Nixon had his staunch supporters till the day he resigned, hopefully most of you will get off the partisan sauce and realize that both parties are beholden to the corporate masters that own them.


You want to see who the real 1% are and how they control both parties

https://www.youtube.com/watch?v=HmlX3fLQrEc&spfreload=1
 

Bowfinger

Lifer
Nov 17, 2002
15,776
392
126
What makes you think you are entitled to the money other people earned?
What makes you think they earned it? Does a poker player who stacks the deck earn his winnings? How about a lottery employee who rigs a game and collects a winning ticket? A financial adviser who skims money from customer accounts illegally? How about if that same adviser buys influence to get a law making his skimming legal? Does he then earn what he skims?

Does a mob boss earn the money he gains by controlling his territory? How about a monopolist who controls his market through financial power rather than physical coercion? How about cartel members who conspire together to control markets? Do they earn their profits? How about anyone who uses wealth or power to distort the market in their favor?

The problem is "earn" is an ambiguous word. It covers a whole spectrum of activities, from outright theft on one extreme to gaining the fruits of one's own labors in a free and open market at the other extreme. Most people have no trouble with wealth that is truly earned. The issue is wealth that comes from gaming the system or distorting the market. The wealthy's apologists ignore that issue, apparently presuming that mere possession of wealth is proof it was earned. That is an extremely naive view, at best.
 

Genx87

Lifer
Apr 8, 2002
41,083
490
126
Without reading the report. I'd guess there are a lot of oil barrons making up those 80 people. Followed by Kleptocrats like Putin who literally steal their wealth from tax payers.

Those people are untouchable.

That said what is their wealth anyways? Most of it is tied up in currency. They have more to lose from global economic depression than the other 99%. When the world economy tanks so does their wealth. If it tanks enough they lose it all, and possibly their head.
 

Genx87

Lifer
Apr 8, 2002
41,083
490
126
Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016


So you're in a room of 100 people.
1 of them has more than half of the pile of resources.
The other half gets what's left. If one of that half asks for more, the majority-holder tells them to stop being greedy, and that their greed will destabilize the whole system.
Then with each passing year, the one individual insists on taking more and more of the available resources, sometimes lamenting about the hardships of having to manage so much wealth.



So 1:100 is off by a several orders of magnitude.




In small groups, that kind of disparity isn't likely to be tolerated for very long. Someone will probably "challenge" the majority-holder for control, usually by force.


Meanwhile, a surprising number of us in the US are in that wealth-challenged majority but say "Give more to those who already have most of it!"

Stockholm Syndrome, anyone?




Repeatedly throughout history, our species shows that it cannot handle heavily-concentrated power any more responsibly than a spoiled toddler. Yet every time we implement measures which attempt to reduce its incidence, they are slowly worn away and we end up right back at the same conclusion. Rinse, repeat.

Most of our history is a series of 1% owning the majority of the wealth. Spreading of wealth is a relatively recent event brought on by liberalization of markets and govts. No middle class has ever been built at the behest of a govt or king.
 

glenn1

Lifer
Sep 6, 2000
25,388
1,013
126
It's either class warfare or continued class whipping of everyone by the handful (not even 1%) at the top.
Stop buying the things which are making the 1% rich then. No one is forced to buy Windows and make Bill Gates a tiny bit richer. Ditto for any other rich guy. Alternatively (and better yet), create something of such value to others that you get rich also. We're all better off when new value is created even if money flows to the creator of that value.
 

Hayabusa Rider

Admin Emeritus & Elite Member
Jan 26, 2000
50,874
4,203
126
Most of our history is a series of 1% owning the majority of the wealth. Spreading of wealth is a relatively recent event brought on by liberalization of markets and govts. No middle class has ever been built at the behest of a govt or king.
It isn't the 1% who control things. The top fifth earn $11,500, and most here are 1% by world standards.

As far as 1% in the US, that is meaningless. From wiki

According to PolitiFact and others, the top 400 wealthiest Americans "have more wealth than half of all Americans combined."
Not 1%, but 400 friggin people out of 320,000,000 own more than half the wealth, and I'd wager they are the ones who call the shots in the US. We've got to get rid of this fashionable number of 1%. The average one percenter does not have enough to buy power, but the 400 certainly do.
 

Hayabusa Rider

Admin Emeritus & Elite Member
Jan 26, 2000
50,874
4,203
126
Stop buying the things which are making the 1% rich then. No one is forced to buy Windows and make Bill Gates a tiny bit richer. Ditto for any other rich guy. Alternatively (and better yet), create something of such value to others that you get rich also. We're all better off when new value is created even if money flows to the creator of that value.
Well that's all good, but the creators aren't the majority. It's the boardroom buddies who get paid even if they are incompetent. Those 400 I mentioned are how many hundreds of times smarter than you? How many thousands of time meritorious?

In the real world of predator and prey you and I are minnows to be swallowed alive. The difference is that I try to swim away from the maw while you look down on those not heading with you towards the shark.
 

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