Top 10% of the population own 89% of the wealth.

Roberto Jordan

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I agree, but it gets back to supply and demand. When I was younger, there were less clever people about and they got paid more. Now everyone has a degree, because 15 years ago their parents "knew" that actuaries and doctors were paid more. Result - too many actuaries....
the people were as clever but certain avenues less accessible to them.

The real issue is not wage stagnation or deflation but the relative inflation of value ascribed to certain types of capital as well as the chipping away at the level of services provided by and for the public.

Ireland will be the last country in the world to solve this. Here in the US Trump sits on the steps of the white house yet everyone , aside from liberterarian loons , accepts the principle of property taxes ....not in dear, cuddly ireland.
Similarly if and when the western world begins a retrenchment of the gains & values that propelled peace and prosperity in the 50's through to the 80's ( wage equality, taxation of unproductive capital, active disincentivzation of excessive wealth accumulation while promoting and promulgating free market principles, bulwarking of the welfare state etc.) Ireland will also be in the reargaurd....because Johnny "investment property in west dublin" cannot see the big picture.
 


McTell

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No
...

Ireland will be the last country in the world to solve this. Here in the US Trump sits on the steps of the white house yet everyone , aside from liberterarian loons , accepts the principle of property taxes ....not in dear, cuddly ireland. ....

No, because many of us in the boonies don't get anything in return. Every drop of beer and diesel we consume is taxed 50%, for what? Car tax and electricity are the highest in Europe, etc etc.
 

Kommunist

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Pensions and salaries of Fine Gael, Labour and FF.
 

DJP

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I just read an update by The SBP on Linkedin there that said that their lead story in their magazine tomorrow is about "The global tech bubble is set to burst. Barry J Whyte reveals how we’ll live when the game is up." Can anyone tell me what he and they are talking about?" Is it doom or doom for that sector? Is The SBP printing alarmist rubbish? I don't like feeding negative/reporting on negative stories, but I want to find out what they are talking about exactly and the implications for the global economy. I found a couple of articles from earlier in the year saying that the tech bubble is going to burst but seemingly they were saying that it will mean a huge drop in the levels of investment in small to medium size companies or start-ups in the sector and it won't mean "Doom" for the global economy. Is that what they are talking about?

 

mossyman

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62 people own the same as half the world according to an Oxfam report.

Wealth of the poorest half of the world’s population has fallen by a trillion dollars since 2010, a drop of 38 percent. This has occurred despite the global population increasing by around 400 million people during that period. Meanwhile, the wealth of the richest 62 has increased by more than half a trillion dollars to $1.76tr.

A global network of tax havens further enables the richest individuals to hide $7.6 trillion.

The number of people whose wealth is equal to that of the poorest half of the world’s population since 2010:
2010 = 388
2011 = 177
2012 = 159
2013 = 92
2014 = 80
2015 = 62

Wealth of 1%, 50%, and 99% taken from Credit Suisse Global Wealth Datebook (2013 and 2014)
The wealth of the richest 62 was calculated using Forbes’ billionaires list
 

mossyman

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Nobel Prize winning economist Paul Krugman says he has "no doubt" the US is becoming an oligarchy, with inherited wealth being the most important factor.

[video=youtube;QzQYA9Qjsi0]https://www.youtube.com/watch?v=QzQYA9Qjsi0&t=5s[/video]
 

DJP

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I didn't buy The SBP that week. Can anyone give me a summary of that article?

I just read an update by The SBP on Linkedin there that said that their lead story in their magazine tomorrow is about "The global tech bubble is set to burst. Barry J Whyte reveals how we’ll live when the game is up." Can anyone tell me what he and they are talking about?" Is it doom or doom for that sector? Is The SBP printing alarmist rubbish? I don't like feeding negative/reporting on negative stories, but I want to find out what they are talking about exactly and the implications for the global economy. I found a couple of articles from earlier in the year saying that the tech bubble is going to burst but seemingly they were saying that it will mean a huge drop in the levels of investment in small to medium size companies or start-ups in the sector and it won't mean "Doom" for the global economy. Is that what they are talking about?

 

mossyman

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Economist Thomas Piketty explains here how those with capital to invest accumulate wealth to increase inequality unless the Government intervenes.

In the long run there is a tendancy for the rate of return on capital (r) to exceed the growth rate of the economy (g). This tends to lead to a high concentration of wealth, the higher the gap between r and g the more wealth will be concentrated at the top. He also points out that wealth inequality is always much greater than income inequality.

[video=youtube;JKsHhXwqDqM]https://www.youtube.com/watch?v=JKsHhXwqDqM[/video]
 

mossyman

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Nobel Prize winning economist Joseph Stiglitz talks about the costs of inequality.

[video=youtube;GYHT4zJsCdo]https://www.youtube.com/watch?v=GYHT4zJsCdo[/video]
 

mossyman

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Inequality in the US at highest point since 1929. Krugman discusses the connection between inequality and financial crisis here and here. Also very good New York Times article on it here.

 

realistic1

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https://thenextrecession.wordpress.com/2016/11/24/top-1-of-adults-own-51-of-the-worlds-wealth-top-10-own-89-and-bottom-50-own-only-1/






In the Irish context, who are the wealthy ones here?

Number of Irish millionaires hits 90,000 as property prices surge

Times of austerity show that those with capital accumulate further capital, largely on the backs of other people.

Further information:

These charts show why Ireland’s wealth divide has widened so much



The income of those who make money exclusively from shares and assets, though, has gone up by 500% since 2008.





The consensus from a Red C poll of 1,000 people commissioned for the documentary was that Ireland’s richest 20% had 60% of the country’s wealth and that the poorest 20% have 11%.
The reality? The most affluent 20% in Ireland actually own 73% of the country’s wealth and the poorest 20% own just 0.2%. As for the top 5%, their combined wealth is nearly double that of the entire “squeezed middle”.

and a majority of the 90% would like to be in that 10%, so there lies your problem. Maybe if the 90% could be made disappear the issue would resolve itself. Communist Russia had a good stab at removing the 90%,.
 

HarshBuzz

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and a majority of the 90% would like to be in that 10%, so there lies your problem. Maybe if the 90% could be made disappear the issue would resolve itself. Communist Russia had a good stab at removing the 90%,.
Communist Russia also had its own special elite.

No capitalist society ever went as far as having dedicated traffic lanes for its elite!
 

EUrJokingMeRight

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62 people own the same as half the world according to an Oxfam report.

Wealth of the poorest half of the world’s population has fallen by a trillion dollars since 2010, a drop of 38 percent. This has occurred despite the global population increasing by around 400 million people during that period. Meanwhile, the wealth of the richest 62 has increased by more than half a trillion dollars to $1.76tr.

A global network of tax havens further enables the richest individuals to hide $7.6 trillion.

The number of people whose wealth is equal to that of the poorest half of the world’s population since 2010:
2010 = 388
2011 = 177
2012 = 159
2013 = 92
2014 = 80
2015 = 62

Wealth of 1%, 50%, and 99% taken from Credit Suisse Global Wealth Datebook (2013 and 2014)
The wealth of the richest 62 was calculated using Forbes’ billionaires list
Only on paper.

Come and take it, see what happens.

Of course the Irish FF/FG/LAB luvvies will try and infer that they make up 61 of the 62 referred to above. :D
 

making waves

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and a majority of the 90% would like to be in that 10%, so there lies your problem.
Evidence ?

Most of the 90% want nothing. More than a decent job, a roof over their head and a decent health and education system for their kids.

It is the 10% who have the greed and avarice to be part of the 1%
 

stopdoingstuff

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If you control the central bank, have access to capital before others and therefore can buy assets early and make sure your friends can too, and then can direct newly created money towards those assets to inflate them in value, then yeah, you may be in a position to get wealthy through the use of unfair advantages that others do not have. Personally I support indirect wealth redistribution to counter elite rigging of the financial system - if Maggie Thatcher could hand out deeply discounted homes and if in Singapore the state provides homes at a fixed price, we can do something similar.
 


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