Tuesday, March 5, 2013

Call To Violence: You Have Nothing To Lose!

The obscenely & pointlessly wealthy are not struggling.
Many of the world's largest economies may be weathering the toughest recessionary storms in living memory, but for those at the top there has rarely been an easier time to join the billionaires' club.

Some 210 multi-millionaires were propelled into the premier league of extreme wealth in the last 12 months as they achieved 10-figure fortunes and the world now plays host to a record 1,426 dollar billionaires, according to Forbes magazine's study.

This super-rich set together sit on wealth estimated at $5.4tn (£3.6tn) – equal to more than a third of the annual output of the US, the world's largest economy. Last year the billionaires' club held a combined wealth of $4.6tn.

[...]

The TUC general secretary, Frances O'Grady, said: "These latest findings from Forbes make for very disturbing reading. Trickle-down economists may love having a growing super-elite, but seem to forget the fact that rising pay inequality was a major cause of the financial crash.

"Faced with flat wages, many people borrowed to maintain their living standards whilst the very wealthy put their cash into ever more risky investments to squeeze out returns. Unless wealth is spread more broadly, we will be unable to build a sustainable recovery, as consumer spending will continue to flat-line."

Other senior figures to raise concerns over spiraling inequality include Angel Gurría, OECD secretary general, who said "widening disparities weaken the structures that hold our society together", while Christine Lagarde, head of the International Monetary Fund, recently warned business leaders in Davos that "the economics profession and the policy community have downplayed inequality for too long."
That's just sad, but ... hey, whaddya gonna do, man?

Closer to home, the market is up & corporations are literally doing better than ever.
[S]tock markets are thriving even as the economy is barely growing and unemployment remains stubbornly high.

With millions still out of work, companies face little pressure to raise salaries, while productivity gains allow them to increase sales without adding workers.
We're so lucky we got out of the job market just before it disappeared.
“So far in this recovery, corporations have captured an unusually high share of the income gains,” said Ethan Harris, co-head of global economics at Bank of America Merrill Lynch. “The U.S. corporate sector is in a lot better health than the overall economy. And until we get a full recovery in the labor market, this will persist.”

The result has been a golden age for corporate profits, especially among multinational giants that are also benefiting from faster growth in emerging economies like China and India.
Even the obvious won't get any of them angry. Are there tranquilizers in the water?

And here's strike three:
One insider said that since Bloomberg LP is privately held -- the mayor owns 88 percent -- the valuations may not be entirely on target.

"People think he could be worth a lot more," said the source.

But bragging rights as the wealthiest New Yorker don't go the mayor.

That title belongs to the Koch brothers, David and Charles, whose vast holdings were valued at $34 billion each.
Whatever is in the water sublimates class struggle so well it must be stronger than Valium. One bright spot: The useful idiots have already eliminated the bourgeoisie, saving us the trouble. We're all lumpen now!

6 comments:

mikey said...

Between my new job and these rockin' pillz, I'm just not up to killing, looting and pillaging. Maybe next year...

OBS said...

I'm really not sure what to think about the new shiny happy mikey.

zombie rotten mcdonald said...

Pod mikey.

Big Bad Bald Bastard said...

Are there tranquilizers in the water?

Yup.

M. Bouffant said...

Postal Service Editor:
We give mikey another wk. working before he goes off. Of course, half the purpose of work is to keep the sheep too tired to revolt.

Weird Dave said...

I blame the slime oozing from my TV set.

Popularity. Like Junior High. This is mostly because I'm curious. You should all be ashamed.