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Billionaire Bonanza as Wealth Surges Among One Percent


#1

Billionaire Bonanza as Wealth Surges Among One Percent

Lauren McCauley, staff writer

There is little doubt that the global one percent is winning. In fact, a new study has found that the number of billionaires reached an all-time high in 2015 at the same time that their portfolios and piggy banks also continued to grow to record proportions.


#2

Note that prior to this update all of these billionaires had enough money to purchase all of the goods and services that they could handle, so what do they do with their additional millions and billions ?

Buy more politicians around the globe who will legislate in favor of the 1% at the expense of the 99%, thats what.


#3

Them that got is them that get.

The nature of this thing called "Capital" is that the more you have the more you get. This is NOT a natural law as the US style Libertarian and some few here suggest.

It is a 100 percent construct of the economic system , this system and its rules set up by those that hold that Capital. Those in power set the rules so they remain so. That some small fraction of a percentage can go from poor to rich, and this number so small so as to be insignificant , is so that the masses believe if they "work harder" within the system they too can achieve that great success. The nature of the media ensures these type of "Success stories" are always reported on. For every 1 person that "makes it rich" there 10 million and more that do not and for every one person that makes it rich there 10 million news articles written about it.


#4

Wealth is accumulating at the top. What a surprise.
The French Revolution (1789) was a liberation movement.
The bourgeoisie class wanted the liberty to make money and to buy the labor of the serfs. So they overthrew the monarchy who held a monopoly on both labor and money.
From then until today wealth has been accumulating at the top.
So much so that the bourgeoisie class (plutocrats) of today have become the new monarchy (oligarchy) and we the people have once again become the serfs in their feudal system.
Would anyone like to explain how our current political system benefits anybody but the wealthy?


#7

One thing about the French Revolution is that the starving peasants finally could afford to buy and eat cake while they watched Madame Guillotine do her work.
;-})


#8

Almost 1,500 billionaires worldwide as of 2015, and about 350,000 refugees, in one refugee camp alone, in an area about 20 square miles in Kenya as of 2015. Cause, and effect.


#9

Nader says what is needed is for one of these billionaires to support the 99%, but I can never see that ever happening.


#13

As Oracle founder Larry Ellison said "it's not enough just for me to win, you must lose".

At least Ellison isn't following some PR coaching instructions like Gates, Buffet and other billionaires are, Ellison is expressing the true sentiments of the billionaire class. Their goal is for the billionaires to own everything and the rest of us to own nothing.


#17

His userid was prescient and fitting. I think I know why it happened. I'm tempted to give my pw to anyone who wants to post with it, for as long as it might work.


#18

In 1979 Jimmy Carter chose Paul Volcker to chair the Federal Reserve, and since that time monetary policy has favored finance over production and labor. Most of the new billionaires are finance guys who never contribute much to the health and well-being of our nation and the world, and usually do extreme harm. When candidate Obama promised "change you can believe in" I thought he was going to reverse this trend, and restrict the billionaires' lobbyists to boot. He had a golden opportunity with the financial sector in disarray after the W. Bush fiasco presidency. Instead he strengthened the financiers further with a fresh huge infusion of taxpayer cash with no accountability. Repeat: NO ACCOUNTABILITY. Here is a link to a great recent article explaining how and why the Fed created this hell.

https://www.jacobinmag.com/2016/08/paul-volcker-ronald-reagan-fed-shock-inflation-unions/


#19

I replied to a post here, but both the post and my reply are now gone. What's gives?


#20

These people do not give a f___ what anyone thinks about them. They see the other 99% as leeches sucking on them and preventing them from accumulating the rest. Their only ambition is not to be one of 1500 that has all the wealth but to be the 1 that has all the wealth.


#21

Larry Ellison, since 2012, owns 98% of the island Lanai in Maui County, Hawaii. Mark Zuckerberg in 2014 bought 700 acres of prime north shore land, island of Kauai, Hawaii. America is there anymore reasons you need for why Hawaiian people do not like Haoles?


#23

Wealth = Power

So as the rich get richer, they get more powerful, and the 1% hold power comparable to all the rest of us.

I'll grant that billionaires tend to be very, very good at making money, but to assume that they have enlightened attitudes on social or environmental policy is a mistake. Reducing top tax rates and exporting factories to countries with weak environmental standards make certain people richer and are policies successfully pursued by the 1%.

If we want to live in a healthy democracy, we've got to do something about concentrated wealth.


#24

Good work - right on.


#25

Righteous - well done.


#26

Sometimes correlation does imply causation :slight_smile:


#27

Imagine if those 1,500 billionaires got together and collectively decided to change the economic system so that the well being of all was ensured - imagine if they chose a system based on virtue, compassion, peace and equality . .. ... ..
Sorry, i was dreaming.


#28

They don't use the Guillotine any more. Now will they do it this time ?


#30

Free to Choose, Evidently you do not have any understanding about Cuba. Cuban life before, and after the Cuban revolution. My Mother was born in 1932 Cuba, Left in 1955 for Florida where I was born. I know more about Cuba then you will ever know, and please don't start quoting Marco Rubio stories. Marco Rubio is full of it as America is finding out now. Marco Rubio is the problem, not the solution!