This diagram comes from the Tax Justice Network's new report on inequality:
It's not unfair to say 1 million people near enough control world wealth even if they don't own it all.
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The combined wealth of the 400 richest Americans exceeds the combined wealth of the poorest 50% of Americans. What an indictment!
As the Citicorp statement made clear in their suppressed 2005 report, the priority has been to keep the rich getting richer… the vast majority are irrelevant.
Real-World Economics Review blog:
“In short, when the day comes where the rest of the industrialized world falls into the same trap as Greece, the middle class will be pushed down into the lower class, and a global socio-economic plutonomy will emerge. The middle class cannot survive the perfect storm of fiscal austerity, increased interest rates, inflation and ‘Structural Adjustment.’ We are entering a global age of austerity, where our political leaders commit social genocide for the benefit of the global banks, and at the behest of the institutions that represent them. The IMF and other supranational institutions increase their own powers and authority in order to punish and impoverish large populations. What has been done to the ‘Third World’ — the ‘Global South’ — over the past several decades is now being done to us, in the industrialized North.”
http://rwer.wordpress.com/2011/08/14/“plutonomy”-update/
http://think-left.org/2011/10/14/capitalism-neoliberalism-plutonomy-and-neo-feudalism/
Superb that this research, into how wealth is redistributed upward and offshore, is finally being reported in the mainstream media. Well done Richard et al at TNJ 🙂
Not much me this time
Jim Henry did the hard work based on my earlier methodology
I did reviewing
And admit I fell proud to be part of this time