"The 1% are the very best destroyers of wealth the world has ever seen"?

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authentic8's picture
authentic8
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"The 1% are the very best destroyers of wealth the world has ever seen"?

From yesterday's Guardian UK, George Monbiot says,

The 1% are the very best destroyers of wealth the world has ever seen.

Our common treasury in the last 30 years has been captured by industrial psychopaths. That's why we're nearly bankrupt.

If wealth was the inevitable result of hard work and enterprise, every woman in Africa would be a millionaire. The claims that the ultra-rich 1% make for themselves – that they are possessed of unique intelligence or creativity or drive – are examples of the self-attribution fallacy. This means crediting yourself with outcomes for which you weren't responsible. Many of those who are rich today got there because they were able to capture certain jobs. This capture owes less to talent and intelligence than to a combination of the ruthless exploitation of others and accidents of birth, as such jobs are taken disproportionately by people born in certain places and into certain classes.

The findings of the psychologist Daniel Kahneman, winner of a Nobel economics prize, are devastating to the beliefs that financial high-fliers entertain about themselves.

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Fair assessment or knee-jerk reaction politics?

No_Fiat's picture
No_Fiat
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Joined: Oct 20 2011
Posts: 104
 Agree 100%

 Agree 100%

osb272646's picture
osb272646
Status: Silver Member (Offline)
Joined: Mar 14 2010
Posts: 120
Agree 10%

Actually, there are two kinds of 1 percenters. 

Some are as described in the Guardian.  They operate in the neo-liberal economy, using their networks and influence to build walls against competition, insulating themselves against risks of innovation, buying politicians, and blatant theft of customer and taxpayer money.  They are a small group, but their disgusting behaviours, loud mouth antics and overblown sense of self make them appear to be a substantial majority of the wealthy.  Examples would be Corzine, Geithner, Trump, and all of the highly overpaid CEO's of public corporations.  I put this group at around 10% of the population of 1 percenters.

The other 90% are hard working, innovative visionaries who have the fortitude to take on overwhelming odds.  Many of them do this not for the money, but for the satisfaction of seeing their dreams come to fruition.  Some establish businesses in their garages and grow them into legendary corporations.  Others take the helms of failing business, turn them around, thus saving jobs and adding to the economy's resilience.  Some examples are Steve Jobs and Steve Wozniak, Hewlett and Packard, Ted Turner and many of the guys in your own home town who started from scratch and are now pillars of the community.

I believe that this class warfare thing is going too far.  If anybody is to blame, it is our political system which allows the 10% bad apples to get away with their shenanigans.   Why Corzine has not been charged with Securities fraud is a mystery.  Every day, ordinary people are charged for much less then what he did.  The only scenario that I can find for the authorities not charging him is that the PTPB want to fan the flames of class warfare.

 

 

 

 

docmims's picture
docmims
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Joined: Jun 17 2009
Posts: 644
The wealth was an illusion

The wealth was an illusion in the first place.  It is debt instruments and derivatives that dwarf the true productivity of the people 40 to 1 (Rough in my head calculation based on 1200 Trillion in derivatives to the Gross world product of around 25 trillion -- feel free to quible a few trillion here or there).

So really: they created it, but now they have lost control of it, and we will all suffer.

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