Erie County Executive Mark C. Poloncarz issued the following statement today after Buffalo-based tablet maker Bak USA announced the company’s closure: “I am saddened to learn of the closure of Bak USA. I had spoken to JP Bak multiple times recently as he fought to keep his company open, includin...
This report says the 2,158 richest people in the world control $8.9 TRILLION. As a class, they are larger than every national GDP except the US and China - 75% larger than No. 3 Japan.
They represent .03% of the population (that's just 3 people in a hundred OF THE 1%).
And their wealth grew by $1.4 TRILLION in 2017 alone. It's like adding the world's 13th-largest national economy to what was already easily the world's 3rd-largest.
Based on a global population of 7.6 billion, it's as though they reached into the pockets of every human being on earth last year and collected $184 from each man, woman and child on every continent.
It's the fastest consolidation of wealth the world has ever seen, according to the article.
If the pace continues - is that even possible? - their total amassed wealth will eclipse China's GDP (currently $14 trillion) by 2020; and the US ($20.4 trillion) by 2022.
Is it any wonder the world feels like it's coming apart at the seams? This is like the end-stage of a game of Monopoly, where two players are fighting for control of the entire board while everyone else who started the game is forced to glower in their chairs, pretending to still have any interest in the outcome.
This is where capitalism has brought us. All the pain in America - Trump, nationalism, violence, disaffection, hopelessness - is being repeated at varying pace and scale around the world.
How can this economic system continue to sustain itself when so much money - the system's lifeblood - is being taken out of the game?