No one disputes that the world is unfair. But no one expected a vaccine gap between the global rich and poor that was this bad, this far into the pandemic.
Inequity is everywhere: Inoculations go begging in the United States while Haiti, a short plane ride away, received its first delivery July 15 after months of promises - 500,000 doses for a population over 11 million. Canada has procured more than 10 doses for every resident; Sierra Leone's vaccination rate just cracked 1% on June 20.
It's like a famine in which “the richest guys grab the baker,” said Strive Masiyiwa, the African Union's envoy for vaccine acquisition.
In fact, European and American officials deeply involved in bankrolling and distributing the vaccines against coronavirus have told The Associated Press there was no thought of how to handle the situation globally. Instead, they jostled for their own domestic use.
For the complete detailed report go to:
COVID-19 vaccine inequity: Inside the cutthroat race to secure doses | CP24.com
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Showing posts with label Disparity. Show all posts
Showing posts with label Disparity. Show all posts
July 24, 2021
December 19, 2020
USA Economy: Disparity for everyone to see in a country which claims to be the greatest in the world ?
North Texas Food Bank (NTFB) distributed more than 600,000 pounds of food for about 25,000 people on Saturday, according to spokeswoman Anna Kurian. There were 7,280 turkeys distributed to families, Kurian told CNN.
Read more at: Thousands of cars form lines to collect food in Covid-hit Texas - CNN
Read more at: Thousands of cars form lines to collect food in Covid-hit Texas - CNN
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July 10, 2020
Neoliberalism – the ideology at the root of all our problems - by George Monbiot
NEOLIBERALISM |
If you do have the capability to distinguish between "Right and Wrong", and are not too preoccupied with other "things" to do, it might be worth your while to read this rather lengthy, but most informative article, to help you understand why the world is in the total mess it is. Have fun, and don't get too depressed. Tomorrow might bring better tidings - R.M - EU-Digest
Its anonymity is both a symptom and cause of its power. It has played a major role in a remarkable variety of crises: the financial meltdown of 2007‑8, the offshoring of wealth and power, of which the Panama Papers offer us merely a glimpse, the slow collapse of public health and education, resurgent child poverty, the epidemic of loneliness, the collapse of ecosystems, the rise of Donald Trump. But we respond to these crises as if they emerge in isolation, apparently unaware that they have all been either catalysed or exacerbated by the same coherent philosophy; a philosophy that has – or had – a name. What greater power can there be than to operate namelessly?
So pervasive has neoliberalism become that we seldom even recognise it as an ideology. We appear to accept the proposition that this utopian, millenarian faith describes a neutral force; a kind of biological law, like Darwin’s theory of evolution. But the philosophy arose as a conscious attempt to reshape human life and shift the locus of power.
Neoliberalism sees competition as the defining characteristic of human relations. It redefines citizens as consumers, whose democratic choices are best exercised by buying and selling, a process that rewards merit and punishes inefficiency. It maintains that “the market” delivers benefits that could never be achieved by planning.
Attempts to limit competition are treated as inimical to liberty. Tax and regulation should be minimised, public services should be privatised. The organisation of labour and collective bargaining by trade unions are portrayed as market distortions that impede the formation of a natural hierarchy of winners and losers. Inequality is recast as virtuous: a reward for utility and a generator of wealth, which trickles down to enrich everyone. Efforts to create a more equal society are both counterproductive and morally corrosive. The market ensures that everyone gets what they deserve.
We internalise and reproduce its creeds. The rich persuade themselves that they acquired their wealth through merit, ignoring the advantages – such as education, inheritance and class – that may have helped to secure it. The poor begin to blame themselves for their failures, even when they can do little to change their circumstances.
Never mind structural unemployment: if you don’t have a job it’s because you are unenterprising. Never mind the impossible costs of housing: if your credit card is maxed out, you’re feckless and improvident. Never mind that your children no longer have a school playing field: if they get fat, it’s your fault. In a world governed by competition, those who fall behind become defined and self-defined as losers.
Among the results, as Paul Verhaeghe documents in his book What About Me? in which he describes his main concern how social change has led to this psychic crisis and altered the way we think about ourselves.re :epidemics of self-harm, eating disorders, depression, loneliness, performance anxiety and social phobia. Perhaps it’s unsurprising that Britain, in which neoliberal ideology has been most rigorously applied, is the loneliness capital of Europe. Unfortunately we are all neoliberals now.
The term neoliberalism was coined at a meeting in Paris in 1938. Among the delegates were two men who came to define the ideology, Ludwig von Mises and Friedrich Hayek. Both exiles from Austria, they saw social democracy, exemplified by Franklin Roosevelt’s New Deal and the gradual development of Britain’s welfare state, as manifestations of a collectivism that occupied the same spectrum as nazism and communism.
In The Road to Serfdom, published in 1944, Hayek argued that government planning, by crushing individualism, would lead inexorably to totalitarian control. Like Mises’s book Bureaucracy, The Road to Serfdom was widely read. It came to the attention of some very wealthy people, who saw in the philosophy an opportunity to free themselves from regulation and tax. When, in 1947, Hayek founded the first organisation that would spread the doctrine of neoliberalism – the Mont Pelerin Society – it was supported financially by millionaires and their foundations.
With their help, he began to create what Daniel Stedman Jones describes in Masters of the Universe as “a kind of neoliberal international”: a transatlantic network of academics, businessmen, journalists and activists. The movement’s rich backers funded a series of thinktanks which would refine and promote the ideology. Among them were the American Enterprise Institute, the Heritage Foundation, the Cato Institute, the Institute of Economic Affairs, the Centre for Policy Studies and the Adam Smith Institute. They also financed academic positions and departments, particularly at the universities of Chicago and Virginia.
s it evolved, neoliberalism became more strident. Hayek’s view that governments should regulate competition to prevent monopolies from forming gave way – among American apostles such as Milton Friedman – to the belief that monopoly power could be seen as a reward for efficiency.
Something else happened during this transition: the movement lost its name. In 1951, Friedman was happy to describe himself as a neoliberal. But soon after that, the term began to disappear. Stranger still, even as the ideology became crisper and the movement more coherent, the lost name was not replaced by any common alternative.
At first, despite its lavish funding, neoliberalism remained at the margins. The postwar consensus was almost universal: John Maynard Keynes’s economic prescriptions were widely applied, full employment and the relief of poverty were common goals in the US and much of western Europe, top rates of tax were high and governments sought social outcomes without embarrassment, developing new public services and safety nets.
But
in the 1970s, when Keynesian policies began to fall apart and economic
crises struck on both sides of the Atlantic, neoliberal ideas began to
enter the mainstream. As Friedman remarked, “when the time came that you
had to change ... there was an alternative ready there to be picked
up”. With the help of sympathetic journalists and political advisers,
elements of neoliberalism, especially its prescriptions for monetary
policy, were adopted by Jimmy Carter’s administration in the US and Jim
Callaghan’s government in Britain.After Margaret Thatcher and Ronald Reagan took power, the rest of the
package soon followed: massive tax cuts for the rich, the crushing of
trade unions, deregulation, privatisation, outsourcing and competition
in public services. Through the IMF, the World Bank, the Maastricht
treaty and the World Trade Organisation, neoliberal policies were
imposed – often without democratic consent – on much of the world. Most
remarkable was its adoption among parties that once belonged to the
left: Labour and the Democrats, for example. As Stedman Jones notes, “it
is hard to think of another utopia to have been as fully realised.”
It may seem strange that a doctrine promising choice and freedom
should have been promoted with the slogan “there is no alternative”.
But, as Hayek remarked
on a visit to Pinochet’s Chile – one of the first nations in which the
programme was comprehensively applied – “my personal preference leans
toward a liberal dictatorship rather than toward a democratic government
devoid of liberalism”. The freedom that neoliberalism offers, which
sounds so beguiling when expressed in general terms, turns out to mean
freedom for the pike, not for the minnows.
Freedom from trade unions and collective bargaining means the freedom to suppress wages. Freedom from regulation means the freedom to poison rivers, endanger workers, charge iniquitous rates of interest and design exotic financial instruments. Freedom from tax means freedom from the distribution of wealth that lifts people out of poverty.
As Naomi Klein documents in The Shock Doctrine, neoliberal theorists advocated the use of crises to impose unpopular policies while people were distracted: for example, in the aftermath of Pinochet’s coup, the Iraq war and Hurricane Katrina, which Friedman described as “an opportunity to radically reform the educational system” in New Orleans.
Where neoliberal policies cannot be imposed domestically, they are imposed internationally, through trade treaties incorporating “investor-state dispute settlement”: offshore tribunals in which corporations can press for the removal of social and environmental protections. When parliaments have voted to restrict sales of cigarettes, protect water supplies from mining companies, freeze energy bills or prevent pharmaceutical firms from ripping off the state, corporations have sued, often successfully. Democracy is reduced to theatre.
Another paradox of neoliberalism is that universal competition relies upon universal quantification and comparison. The result is that workers, job-seekers and public services of every kind are subject to a pettifogging, stifling regime of assessment and monitoring, designed to identify the winners and punish the losers. The doctrine that Von Mises proposed would free us from the bureaucratic nightmare of central planning has instead created one.
Neoliberalism was not conceived as a self-serving racket, but it rapidly became one. Economic growth has been markedly slower in the neoliberal era (since 1980 in Britain and the US) than it was in the preceding decades; but not for the very rich. Inequality in the distribution of both income and wealth, after 60 years of decline, rose rapidly in this era, due to the smashing of trade unions, tax reductions, rising rents, privatisation and deregulation.
The privatisation or marketisation of public services such as energy, water, trains, health, education, roads and prisons has enabled corporations to set up tollbooths in front of essential assets and charge rent, either to citizens or to government, for their use. Rent is another term for unearned income. When you pay an inflated price for a train ticket, only part of the fare compensates the operators for the money they spend on fuel, wages, rolling stock and other outlays. The rest reflects the fact that they have you over a barrel.
Those who own and run the UK’s privatised or semi-privatised services make stupendous fortunes by investing little and charging much. In Russia and India, oligarchs acquired state assets through firesales. In Mexico, Carlos Slim was granted control of almost all landline and mobile phone services and soon became the world’s richest man.
Financialisation, as Andrew Sayer notes in Why We Can’t Afford the Rich, has had a similar impact. “Like rent,” he argues, “interest is ... unearned income that accrues without any effort”. As the poor become poorer and the rich become richer, the rich acquire increasing control over another crucial asset: money. Interest payments, overwhelmingly, are a transfer of money from the poor to the rich. As property prices and the withdrawal of state funding load people with debt (think of the switch from student grants to student loans), the banks and their executives clean up.
Sayer argues that the past four decades have been characterised by a transfer of wealth not only from the poor to the rich, but within the ranks of the wealthy: from those who make their money by producing new goods or services to those who make their money by controlling existing assets and harvesting rent, interest or capital gains. Earned income has been supplanted by unearned income.
Neoliberal policies are everywhere beset by market failures. Not only are the banks too big to fail, but so are the corporations now charged with delivering public services. As Tony Judt pointed out in Ill Fares the Land, Hayek forgot that vital national services cannot be allowed to collapse, which means that competition cannot run its course. Business takes the profits, the state keeps the risk.
The greater the failure, the more extreme the ideology becomes. Governments use neoliberal crises as both excuse and opportunity to cut taxes, privatise remaining public services, rip holes in the social safety net, deregulate corporations and re-regulate citizens. The self-hating state now sinks its teeth into every organ of the public sector.
Perhaps the most dangerous impact of neoliberalism is not the economic crises it has caused, but the political crisis. As the domain of the state is reduced, our ability to change the course of our lives through voting also contracts. Instead, neoliberal theory asserts, people can exercise choice through spending. But some have more to spend than others: in the great consumer or shareholder democracy, votes are not equally distributed. The result is a disempowerment of the poor and middle. As parties of the right and former left adopt similar neoliberal policies, disempowerment turns to disenfranchisement. Large numbers of people have been shed from politics.
Chris Hedges remarks that “fascist movements build their base not from the politically active but the politically inactive, the ‘losers’ who feel, often correctly, they have no voice or role to play in the political establishment”. When political debate no longer speaks to us, people become responsive instead to slogans, symbols and sensation. To the admirers of Trump, for example, facts and arguments appear irrelevant.
Judt explained that when the thick mesh of interactions between people and the state has been reduced to nothing but authority and obedience, the only remaining force that binds us is state power. The totalitarianism Hayek feared is more likely to emerge when governments, having lost the moral authority that arises from the delivery of public services, are reduced to “cajoling, threatening and ultimately coercing people to obey them”.
Like communism, neoliberalism is the God that failed. But the zombie doctrine staggers on, and one of the reasons is its anonymity. Or rather, a cluster of anonymities.
The invisible doctrine of the invisible hand is promoted by invisible backers. Slowly, very slowly, we have begun to discover the names of a few of them. We find that the Institute of Economic Affairs, which has argued forcefully in the media against the further regulation of the tobacco industry, has been secretly funded by British American Tobacco since 1963. We discover that Charles and David Koch, two of the richest men in the world, founded the institute that set up the Tea Party movement. We find that Charles Koch, in establishing one of his thinktanks, noted that “in order to avoid undesirable criticism, how the organisation is controlled and directed should not be widely advertised.
The words used by neoliberalism often conceal more than they elucidate. “The market” sounds like a natural system that might bear upon us equally, like gravity or atmospheric pressure. But it is fraught with power relations. What “the market wants” tends to mean what corporations and their bosses want. “Investment”, as Sayer notes, means two quite different things. One is the funding of productive and socially useful activities, the other is the purchase of existing assets to milk them for rent, interest, dividends and capital gains. Using the same word for different activities “camouflages the sources of wealth”, leading us to confuse wealth extraction with wealth creation.
A century ago, the nouveau riche were disparaged by those who had inherited their money. Entrepreneurs sought social acceptance by passing themselves off as rentiers. Today, the relationship has been reversed: the rentiers and inheritors style themselves entre preneurs. They claim to have earned their unearned income.
These anonymities and confusions mesh with the namelessness and placelessness of modern capitalism: the franchise model which ensures that workers do not know for whom they toil; the companies registered through a network of offshore secrecy regimes so complex that even the police cannot discover the beneficial owners; the tax arrangements that bamboozle governments; the financial products no one understands.
The anonymity of neoliberalism is fiercely guarded. Those who are influenced by Hayek, Mises and Friedman tend to reject the term, maintaining – with some justice – that it is used today only pejoratively. But they offer us no substitute. Some describe themselves as classical liberals or libertarians, but these descriptions are both misleading and curiously self-effacing, as they suggest that there is nothing novel about The Road to Serfdom, Bureaucracy or Friedman’s classic work, Capitalism and Freedom.
For all that, there is something admirable about the neoliberal project, at least in its early stages. It was a distinctive, innovative philosophy promoted by a coherent network of thinkers and activists with a clear plan of action. It was patient and persistent. The Road to Serfdom became the path to power.
Neoliberalism’s triumph also reflects the failure of the left. When laissez-faire economics led to catastrophe in 1929, Keynes devised a comprehensive economic theory to replace it. When Keynesian demand management hit the buffers in the 70s, there was an alternative ready. But when neoliberalism fell apart in 2008 there was ... nothing. This is why the zombie walks. The left and centre have produced no new general framework of economic thought for 80 years.
Every invocation of Lord Keynes is an admission of failure. To propose Keynesian solutions to the crises of the 21st century is to ignore three obvious problems. It is hard to mobilise people around old ideas; the flaws exposed in the 70s have not gone away; and, most importantly, they have nothing to say about our gravest predicament: the environmental crisis. Keynesianism works by stimulating consumer demand to promote economic growth. Consumer demand and economic growth are the motors of environmental destruction.
What the history of both Keynesianism and neoliberalism show is that it’s not enough to oppose a broken system. A coherent alternative has to be proposed. For Labour, the Democrats and the wider left, the central task should be to develop an economic Apollo programme, a conscious attempt to design a new system, tailored to the demands of the 21st century.
EU-Digest - Neoliberalism : "The health of a democratic society may be measured by the quality of functions performed by its private citizens"
Freedom from trade unions and collective bargaining means the freedom to suppress wages. Freedom from regulation means the freedom to poison rivers, endanger workers, charge iniquitous rates of interest and design exotic financial instruments. Freedom from tax means freedom from the distribution of wealth that lifts people out of poverty.
As Naomi Klein documents in The Shock Doctrine, neoliberal theorists advocated the use of crises to impose unpopular policies while people were distracted: for example, in the aftermath of Pinochet’s coup, the Iraq war and Hurricane Katrina, which Friedman described as “an opportunity to radically reform the educational system” in New Orleans.
Where neoliberal policies cannot be imposed domestically, they are imposed internationally, through trade treaties incorporating “investor-state dispute settlement”: offshore tribunals in which corporations can press for the removal of social and environmental protections. When parliaments have voted to restrict sales of cigarettes, protect water supplies from mining companies, freeze energy bills or prevent pharmaceutical firms from ripping off the state, corporations have sued, often successfully. Democracy is reduced to theatre.
Another paradox of neoliberalism is that universal competition relies upon universal quantification and comparison. The result is that workers, job-seekers and public services of every kind are subject to a pettifogging, stifling regime of assessment and monitoring, designed to identify the winners and punish the losers. The doctrine that Von Mises proposed would free us from the bureaucratic nightmare of central planning has instead created one.
Neoliberalism was not conceived as a self-serving racket, but it rapidly became one. Economic growth has been markedly slower in the neoliberal era (since 1980 in Britain and the US) than it was in the preceding decades; but not for the very rich. Inequality in the distribution of both income and wealth, after 60 years of decline, rose rapidly in this era, due to the smashing of trade unions, tax reductions, rising rents, privatisation and deregulation.
The privatisation or marketisation of public services such as energy, water, trains, health, education, roads and prisons has enabled corporations to set up tollbooths in front of essential assets and charge rent, either to citizens or to government, for their use. Rent is another term for unearned income. When you pay an inflated price for a train ticket, only part of the fare compensates the operators for the money they spend on fuel, wages, rolling stock and other outlays. The rest reflects the fact that they have you over a barrel.
Those who own and run the UK’s privatised or semi-privatised services make stupendous fortunes by investing little and charging much. In Russia and India, oligarchs acquired state assets through firesales. In Mexico, Carlos Slim was granted control of almost all landline and mobile phone services and soon became the world’s richest man.
Financialisation, as Andrew Sayer notes in Why We Can’t Afford the Rich, has had a similar impact. “Like rent,” he argues, “interest is ... unearned income that accrues without any effort”. As the poor become poorer and the rich become richer, the rich acquire increasing control over another crucial asset: money. Interest payments, overwhelmingly, are a transfer of money from the poor to the rich. As property prices and the withdrawal of state funding load people with debt (think of the switch from student grants to student loans), the banks and their executives clean up.
Sayer argues that the past four decades have been characterised by a transfer of wealth not only from the poor to the rich, but within the ranks of the wealthy: from those who make their money by producing new goods or services to those who make their money by controlling existing assets and harvesting rent, interest or capital gains. Earned income has been supplanted by unearned income.
Neoliberal policies are everywhere beset by market failures. Not only are the banks too big to fail, but so are the corporations now charged with delivering public services. As Tony Judt pointed out in Ill Fares the Land, Hayek forgot that vital national services cannot be allowed to collapse, which means that competition cannot run its course. Business takes the profits, the state keeps the risk.
The greater the failure, the more extreme the ideology becomes. Governments use neoliberal crises as both excuse and opportunity to cut taxes, privatise remaining public services, rip holes in the social safety net, deregulate corporations and re-regulate citizens. The self-hating state now sinks its teeth into every organ of the public sector.
Perhaps the most dangerous impact of neoliberalism is not the economic crises it has caused, but the political crisis. As the domain of the state is reduced, our ability to change the course of our lives through voting also contracts. Instead, neoliberal theory asserts, people can exercise choice through spending. But some have more to spend than others: in the great consumer or shareholder democracy, votes are not equally distributed. The result is a disempowerment of the poor and middle. As parties of the right and former left adopt similar neoliberal policies, disempowerment turns to disenfranchisement. Large numbers of people have been shed from politics.
Chris Hedges remarks that “fascist movements build their base not from the politically active but the politically inactive, the ‘losers’ who feel, often correctly, they have no voice or role to play in the political establishment”. When political debate no longer speaks to us, people become responsive instead to slogans, symbols and sensation. To the admirers of Trump, for example, facts and arguments appear irrelevant.
Judt explained that when the thick mesh of interactions between people and the state has been reduced to nothing but authority and obedience, the only remaining force that binds us is state power. The totalitarianism Hayek feared is more likely to emerge when governments, having lost the moral authority that arises from the delivery of public services, are reduced to “cajoling, threatening and ultimately coercing people to obey them”.
Like communism, neoliberalism is the God that failed. But the zombie doctrine staggers on, and one of the reasons is its anonymity. Or rather, a cluster of anonymities.
The invisible doctrine of the invisible hand is promoted by invisible backers. Slowly, very slowly, we have begun to discover the names of a few of them. We find that the Institute of Economic Affairs, which has argued forcefully in the media against the further regulation of the tobacco industry, has been secretly funded by British American Tobacco since 1963. We discover that Charles and David Koch, two of the richest men in the world, founded the institute that set up the Tea Party movement. We find that Charles Koch, in establishing one of his thinktanks, noted that “in order to avoid undesirable criticism, how the organisation is controlled and directed should not be widely advertised.
The words used by neoliberalism often conceal more than they elucidate. “The market” sounds like a natural system that might bear upon us equally, like gravity or atmospheric pressure. But it is fraught with power relations. What “the market wants” tends to mean what corporations and their bosses want. “Investment”, as Sayer notes, means two quite different things. One is the funding of productive and socially useful activities, the other is the purchase of existing assets to milk them for rent, interest, dividends and capital gains. Using the same word for different activities “camouflages the sources of wealth”, leading us to confuse wealth extraction with wealth creation.
A century ago, the nouveau riche were disparaged by those who had inherited their money. Entrepreneurs sought social acceptance by passing themselves off as rentiers. Today, the relationship has been reversed: the rentiers and inheritors style themselves entre preneurs. They claim to have earned their unearned income.
These anonymities and confusions mesh with the namelessness and placelessness of modern capitalism: the franchise model which ensures that workers do not know for whom they toil; the companies registered through a network of offshore secrecy regimes so complex that even the police cannot discover the beneficial owners; the tax arrangements that bamboozle governments; the financial products no one understands.
The anonymity of neoliberalism is fiercely guarded. Those who are influenced by Hayek, Mises and Friedman tend to reject the term, maintaining – with some justice – that it is used today only pejoratively. But they offer us no substitute. Some describe themselves as classical liberals or libertarians, but these descriptions are both misleading and curiously self-effacing, as they suggest that there is nothing novel about The Road to Serfdom, Bureaucracy or Friedman’s classic work, Capitalism and Freedom.
For all that, there is something admirable about the neoliberal project, at least in its early stages. It was a distinctive, innovative philosophy promoted by a coherent network of thinkers and activists with a clear plan of action. It was patient and persistent. The Road to Serfdom became the path to power.
Neoliberalism’s triumph also reflects the failure of the left. When laissez-faire economics led to catastrophe in 1929, Keynes devised a comprehensive economic theory to replace it. When Keynesian demand management hit the buffers in the 70s, there was an alternative ready. But when neoliberalism fell apart in 2008 there was ... nothing. This is why the zombie walks. The left and centre have produced no new general framework of economic thought for 80 years.
Every invocation of Lord Keynes is an admission of failure. To propose Keynesian solutions to the crises of the 21st century is to ignore three obvious problems. It is hard to mobilise people around old ideas; the flaws exposed in the 70s have not gone away; and, most importantly, they have nothing to say about our gravest predicament: the environmental crisis. Keynesianism works by stimulating consumer demand to promote economic growth. Consumer demand and economic growth are the motors of environmental destruction.
What the history of both Keynesianism and neoliberalism show is that it’s not enough to oppose a broken system. A coherent alternative has to be proposed. For Labour, the Democrats and the wider left, the central task should be to develop an economic Apollo programme, a conscious attempt to design a new system, tailored to the demands of the 21st century.
EU-Digest - Neoliberalism : "The health of a democratic society may be measured by the quality of functions performed by its private citizens"
June 4, 2020
US Economy; Complete disconnect between Wall Street and Main Street - by RM
Question, who or what is behind the major disconnect between Wall
Street and reality, with stocks going up on the Dow for the past 4
days.Today by even more than 500 points, and this while economies are
tanking all around the world, and while as many as 30% of the US
workforce remains
unemployed ?
Some companies obviously are making excessive profits as a result of the present emergency situation, but in no way is Wall Street a reflection of the state of the US economy, as President Trump likes to brag about.
The above is, however another clear indication of the great disparity between "the have and have nots" in the US and has to be remedied by an aggressive and progressive new Democratic government, before it destroys the USA from within.
EU-Digest
unemployed ?
Some companies obviously are making excessive profits as a result of the present emergency situation, but in no way is Wall Street a reflection of the state of the US economy, as President Trump likes to brag about.
The above is, however another clear indication of the great disparity between "the have and have nots" in the US and has to be remedied by an aggressive and progressive new Democratic government, before it destroys the USA from within.
EU-Digest
December 24, 2016
Resolution 2017- Help Clean-up Global Plutocracy:: Breaking Through Power: It's Easier Than We Think
This has become the New Normal: Don't accept it |
This is basically the situation we have today in the US, Russia, China, EU and many other countries in the world.
From the standpoint of a democratic society, both oligarchy and plutocracy are inherently unjust and corrupt.
Of course there are variations in the degrees of authoritarianism and cruelty that each system exercises over the communities it relies upon for workers and wealth. Scholars have resorted to using phrases like “benign dictatorships” or “wise rulers” or “paternalistic hierarchies—“ to describe lighter touches by those few who impose their rule over the many.
Thomas Paine simply called them tyrannies. People, families, and communities can only take so much abuse before they rise up to resist. The job of the rulers is always to find that line and provide the lowest level of pay, security, housing, consumer protection, healthcare, and political access for society so that they can extract and hoard the greatest amount of wealth, power, and immunity from justice for themselves. In many ways, the majority of Americans live in a democracy of minimums, while the privileged few enjoy a plutocracy of maximums.
In a plutocracy, commercialism dominates far beyond the realm of economics and business; everything is for sale, and money is power. But in an authentic democracy, there must be commercial-free zones where the power of human rights, citizenship, community, equality, and justice are free from the corrupting influence of money. Our elections and our governments should be such commercial-free zones; our environment, air, and water should never fall under the control of corporations or private owners. Children should not be programmed by a huckstering economy where their vulnerable consciousness becomes the target of relentless corporate marketing and advertising.
American history demonstrates that whenever commerce dominates all aspects of national life, a host of ills and atrocities have not just festered and spread, but become normal—enslavement, land grabs, war, ethnic cleansing, serfdom, child labor, abusive working conditions, corrupt political systems, environmental contamination, and immunity from the law for the privileged few. History also shows that whenever there have been periods when enough of the country organizes and resists, we see movements of people and communities breaking through power. Progress is made. Rights are won.
Education and literacy increase. Oppression is diminished. It was in this manner that people of conscience abolished the living nightmare imposed by the laws and whips of white enslavers. The nation moved closer to promises of “Life, Liberty, and the Pursuit of Happiness” expressed in the Declaration of Independence. We won more control over our work, our food, our land, our air, and our water. Women secured the right to vote. Civil rights were elevated and enforced. Public schools, improved environments, workplace collective bargaining, and consumer protections did not spontaneously evolve; they were won by people demanding them and breaking through power.
These moments of great progress are expressed in terms of new legislation, regulations, and judicial decisions that directly benefit the life, liberties, and pursuit of happiness of most Americans. From the abolition of slavery to the introduction of seat belts, great social gains have been achieved when people mobilize, organize, and resist the power of the few. The problem is that these liberating periods of humanitarian and civilizational progress are of shorter duration than the relentless commercial counterforces that discourage and disrupt social movements and their networks of support. Some commentators have used the bizarre term “justice fatigue” to describe the pullback that often occurs when communities of resistance are faced with increased surveillance, infiltration, harassment, and arrest. A more accurate term is repression.
Concentrated power in the hands of the few really should matter to you. It matters to you if you are denied fulltime gainful employment or paid poverty wages and there are no unions to defend your interests. It matters to you if you’re denied affordable health care. It matters to you if you’re gouged by the drug industry and your medication is outrageously expensive. It matters to you if it takes a long time to get to and from work due to lack of good public transit or packed highways. It matters to you if you and your children live in impoverished areas and have to breathe dirtier air and drink polluted water and live in housing that is neglected by your landlord. It matters to you if your children are receiving a substandard education in understaffed schools where they are being taught to obey rather than to question, think and imagine, especially in regards to the nature of power.
If you’re a little better off, it matters to you when your home is unfairly threatened with foreclosure. It matters to you when the nation is economically destabilized due to Wall Street’s crimes, and your retirement account evaporates overnight. It matters to you if you can’t pay off your large student loans, or if you can’t get out from under crushing credit-card debt or enormous medical bills due to being under-insured. It matters to you if you are constantly worried about the security of your job, or the costly care of your children and elderly parents.
“We live in a beautiful country,” writes historian Howard Zinn. “But people who have no respect for human life, freedom, or justice have taken it over. It is now up to all of us to take it back.” To better assess what it specifically takes to do just that, it is important to understand how the people profiting from plutocratic forces strategically and regularly dominate old and new circumstances with powerful controlling processes".
With elections coming up in in Europe and other countries of the world in 2017- don't ever believe it is too difficult for you as one person to make a difference. Speak out, join an advocacy group, or even organize one yourself. Go to political meetings of your choice and ask questions.
Politicians need your vote and will listen to you, specially if their political career depends on it.Politicians will usually also tell you everything you want to hear, and will even lie through their teeth, as long as you give them your vote. Check their voting record and compare it to their promises. You will notice that most of what they told you before they never materialized. Question them about it in Public.
In Europe these questions could be : "why is Europe spending millions of euros fighting loosing wars in the Middle East. What is done to improve education, Why has the care for the elderly declined so dramatically?"
Or people in the US could ask: "why do we still have an outdated voting system, How come military spending figures are kept secret, etc etc".
Believe it or not, your future and that of your children stands or falls based on your involvement as a Citizen. Sitting at home and watching "pre-cooked" news by the corporate owned media or wondering what kind of dog food is better for your dog won't get you anywhere.
Most of the above quoted text comes from an easy-to-read compact book by Ralph Nader, called "Breaking Through Power" - You can order it on line and certainly will find it most fascinating as the world around you becomes more bizarre by the minute.
Wishing you a Merry Christmas and an active and involved 2017 - hope you will take-off those slippers and use them to start slapping your politicians into shape and making them listen more attentively to you and what your needs are.
EU-Digest
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October 29, 2014
Disparity: How Shadow Banking and Extreme Wealth Inequality Threaten Us - by David DeGraw
Hidden wealth estimates vary widely. Many of them only take a partial
look at the most basic methods of offshoring wealth. Given the
unprecedented growth of wealth over the past generation, the secretive
methods used to hide it have evolved far beyond well-known tax havens in
Switzerland and small-island jurisdictions such as the Bahamas. While
estimates based on banking secrecy and tax havens help to give us a more
accurate picture of overall wealth, they do not give a total view.
Research by Gabriel Zucman, which analyzed banking secrecy, estimated that “around 8% of the global financial wealth of households is held in tax havens.” If we correlate this 8% with the $82 trillion in accounted for wealth reported by the Federal Reserve, that would be an additional $6.6 trillion for the wealthy, bringing the richest 1% up to roughly $39 trillion in overall wealth.
However, to get a more complete understanding of the reality of the situation, the most wide-ranging look into hidden wealth was done in 2012 by economist John Henry in partnership with the Tax Justice Network (TJN). They estimated that there was $21- $32 trillion hidden globally at the end of 2010. As shocking as that sounds, that estimate still did not give a complete view of hidden wealth. As they put it, “We consider these numbers to be conservative. This is only financial wealth and excludes a welter of real estate, yachts and other nonfinancial assets owned via offshore structures.”
We also need to consider that overall US household wealth is up 30% and has increased by $25 trillion since the end of 2010. Globally, High Net Worth Individual investible wealth has increased 19% since then, and has begun to accelerate at a record pace. In 2013, it increased globally by 14%, with a 17% increase in North America, which is now at an all-time high. Given these factors, and several others that will be explained below, the higher TJN estimation of $32 trillion in 2012 is conservative today.
Correlating TJN’s wealth estimates with US distribution percentages is not an exact science but it gives a much more accurate total of overall wealth than excluding it. Based on TJN’s estimation, Ultra High Net Worth Individuals (UHNWI) accounted for 48% of hidden wealth. If we correlate that to the overall estimate of $32 trillion, it equates to $15.4 trillion for the UHNWI population.
The US accounts for 35% of the UHNWI population, which correlates to $5.4 trillion. In the next tier, High Net Worth Individuals (HNWI) also accounted for 48% of hidden wealth. The US currently has 42% of the HNWI population, which correlates to $6.5 trillion. The additional 4% of hidden wealth is estimated to be held below the economic top 1% of the US population, which correlates to roughly $538 billion.
This brings the estimated total of hidden US wealth to $12.4 trillion, with $11.9 trillion of that held within the top 1%. We can now estimate that the top .01% has $14.5 trillion in wealth, the top .1% has $26.4 trillion and in total the top 1% has $44.5 trillion.
Read more: How Shadow Banking and Extreme Wealth Inequality Threaten Us | Alternet
Research by Gabriel Zucman, which analyzed banking secrecy, estimated that “around 8% of the global financial wealth of households is held in tax havens.” If we correlate this 8% with the $82 trillion in accounted for wealth reported by the Federal Reserve, that would be an additional $6.6 trillion for the wealthy, bringing the richest 1% up to roughly $39 trillion in overall wealth.
However, to get a more complete understanding of the reality of the situation, the most wide-ranging look into hidden wealth was done in 2012 by economist John Henry in partnership with the Tax Justice Network (TJN). They estimated that there was $21- $32 trillion hidden globally at the end of 2010. As shocking as that sounds, that estimate still did not give a complete view of hidden wealth. As they put it, “We consider these numbers to be conservative. This is only financial wealth and excludes a welter of real estate, yachts and other nonfinancial assets owned via offshore structures.”
We also need to consider that overall US household wealth is up 30% and has increased by $25 trillion since the end of 2010. Globally, High Net Worth Individual investible wealth has increased 19% since then, and has begun to accelerate at a record pace. In 2013, it increased globally by 14%, with a 17% increase in North America, which is now at an all-time high. Given these factors, and several others that will be explained below, the higher TJN estimation of $32 trillion in 2012 is conservative today.
Correlating TJN’s wealth estimates with US distribution percentages is not an exact science but it gives a much more accurate total of overall wealth than excluding it. Based on TJN’s estimation, Ultra High Net Worth Individuals (UHNWI) accounted for 48% of hidden wealth. If we correlate that to the overall estimate of $32 trillion, it equates to $15.4 trillion for the UHNWI population.
The US accounts for 35% of the UHNWI population, which correlates to $5.4 trillion. In the next tier, High Net Worth Individuals (HNWI) also accounted for 48% of hidden wealth. The US currently has 42% of the HNWI population, which correlates to $6.5 trillion. The additional 4% of hidden wealth is estimated to be held below the economic top 1% of the US population, which correlates to roughly $538 billion.
This brings the estimated total of hidden US wealth to $12.4 trillion, with $11.9 trillion of that held within the top 1%. We can now estimate that the top .01% has $14.5 trillion in wealth, the top .1% has $26.4 trillion and in total the top 1% has $44.5 trillion.
Read more: How Shadow Banking and Extreme Wealth Inequality Threaten Us | Alternet
Labels:
Banking Industry,
Disparity,
EU,
Financial Sector,
Shadow Banking,
USA
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