January 26, 2014
Half of The World’s Wealth
now Owned by One Percent of the Population
Bottom Half of World Population
Own the Same as The Richest 85 People
in The World
While many bankers roll around in piles of digital million dollar bonuses for basically adding no value to the economy, the rest of the world struggles to enter this modern economic era. The perception is that this is only happening across the world in other nations.
Unfortunately the US has done an excellent job of exporting the middle class and creating a widening gap between rich and poor.
A report by Oxfam International (Working for the Few - Political Capture and Economic Inequality) highlighted the dramatic wealth inequality that now plagues the world. Half of the world’s wealth is now owned by the top one percent of the population. Interestingly enough this pattern is also unfolding here in the United States.
The global banking system has protected its own
interests and to what end? It appears that a modern day global Gilded Age
is now unfolding.
For most Americans, most of their wealth is tied up in their primary home of residence. This used to be a safe bet but now banks have co-opted this market and have purchased up roughly 30 percent of all single family homes as speculative vehicles going back to 2008.
So the purpose of circumventing accounting rules
and jacking up the Fed’s balance sheet was essentially to make it easy for
banks and hedge funds to swoop in and purchase properties on the cheap while
many Americans were booted out of their homes?
This helps to explain why food stamp usage is at
an all-time high while the stock market makes new records. People may
question where this growing poor is coming from and the answer comes from
the shrinking middle class.
The report had some startling details that many are living through including:
It would be one thing if wealth was actually shrinking but instead it is actually growing.
As the report mentioned, the top one percent control $110 trillion of actual wealth. This is multiple times larger than the annual GDP of the US. Of course the financier class would like to make it seem that this was all gotten fair and square instead of co-opting government officials to make laws that favor the connected and slam the working and middle class.