Occupy Underground

Joe Shlabotnik

(5,604 posts) Sun Apr 14, 2013, 10:16 PM Apr 2013

The truth about extreme global inequality

The crisis of capital, the rise of the Occupy movement and the crash of Southern Europe have brought the problem of income inequality into mainstream consciousness in the West for the first time in many decades. Now everyone is talking about how the richest 1 percent have captured such a disproportionate share of wealth in their respective countries. This point came crashing home once again when an animated video, illustrating wealth disparities in the US, went viral last month*. When an infographic catches the attention of tens of millions of internet users, you know it is hitting a nerve...

...A recent Oxfam report shows that "the richest 1 percent has increased its income by 60 percent in the last 20 years, with the financial crisis accelerating rather than slowing the process", while the income of the top 0.01 percent has seen even greater growth.

The video shows how this widening disparity operates between countries. During the colonial period, the gap between the richest countries and the poorest countries widened from 3:1 to 35:1, in part because European powers extracted so much wealth from the Global South in the form of resources and labour. Since then, that gap has grown to almost 80:1. How is this possible?

http://www.aljazeera.com/indepth/opinion/2013/04/201349124135226392.html

* posted here: http://www.democraticunderground.com/12526072

4 replies

= new reply since forum marked as read

Highlight:

The truth about extreme global inequality (Original Post) Joe Shlabotnik Apr 2013 OP

K&R defacto7 Apr 2013 #1

You need to have money to make money appears to be true. Redlegjumpmaster Apr 2013 #2

It's more than having money hollysmom Apr 2013 #3

Right the LIBOR scandal demonstrates that. JDPriestly Apr 2013 #4

defacto7

(13,572 posts)

1. K&R

Reply to Joe Shlabotnik (Original post)

Sun Apr 14, 2013, 10:33 PM

Apr 2013

That's a great picture of reality.

Redlegjumpmaster

(4 posts)

2. You need to have money to make money appears to be true.

Reply to Joe Shlabotnik (Original post)

Sun Apr 14, 2013, 10:57 PM

Apr 2013

So, basically what is stated is that the rich continue to get richer, I get that, sad to say, but it makes sense and that is how the market works. There is never going to be a society without a gap in wealth among the masses with a global economy based on production. Nor is a social society ever going to take hold.
I do find it amazing that even though I have worked some interesting career paths and built a pretty good edge for my educational and economic background, I am still penalized by the system and paying 25% taxes based on the fact that I am single and work harder than others. Our richest layer only has to pay 30% according to the new budget proposal by the current regime. Amazing.........

hollysmom

(5,946 posts)

3. It's more than having money

Reply to Redlegjumpmaster (Reply #2)

Mon Apr 15, 2013, 02:49 AM

Apr 2013

the rich game the system - there is blatant insider trading that is rarely reported or prosecuted. They don't have to pay for their crimes, so they can steal with impunity. It is a mostly closed club, so that sudden millionaires are not invited to join. It is as Helmsley said - the little people pay taxes.

JDPriestly

(57,936 posts)

4. Right the LIBOR scandal demonstrates that.

Reply to hollysmom (Reply #3)

Mon Apr 15, 2013, 03:06 AM

Apr 2013

The banks could cheat because they trusted each other as a closed club.

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