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February 4, 2013 / Fantelius

The Billionairs, the 17% of 1% of 1% of 1%

Mazak_6941

If you spent $100 000.00 a day, how long would it take to spend a billion dollars? Technically it would take about 27 years. Practically, spending a mere $100 000 a day would increase your wealth rather than decrease it because the interest on your wealth is more (and often a lot more) than $100 000/day.

Just a few more than 1200 people can title themselves billionairs. Their collective net worth is $6 trillion. With 1% of that wealth the 900 000 000 undernourished people of the world could eat well for a year. That’s not going to happen.

Who, for example, is going to decide to tax billionairs 1%. No one. For two reasons. First of all it is the billionairs who decide who gets taxed and who doesn’t. Second of all the wealthy are never ever satisfied. They never have enough. It’s not a character flaw, but a disease. Extreme wealth breeds greed and you and I would probably be as one-eyed as they are. We’d be blind to the needs of people and stare obsessively at our wealth and the opportunities to increase it.

It’s sad indeed that 6 930 000 000 people of the world (99%) cannot decide to help people in need because the monied 1% owns democracy.

 

 

“If a cell in the body increases at the expense of other cells,
we call it cancer.
If an individual in the body of humanity increases at the expense of other individuals
we call it market economy.”
Dartwill Aquila

 

(Tomorrow: The False Feeling of Hopeless Isolation)

One Comment

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  1. Ashmoto / Feb 4 2013 3:30 am

    Very wise Man!

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