Tag Archives | Inequality

Free $10 Million Loans For All!

Madoff JokerIf you work on Wall Street it’s time to take Bill’s Hicks’ advice for advertising and marketers … because this will never happen. Sheila Bair writes in the Washington Post:

Are you concerned about growing income inequality in America? Are you resentful of all that wealth concentrated in the 1 percent? I’ve got the perfect solution, a modest proposal that involves just a small adjustment in the Federal Reserve’s easy monetary policy. Best of all, it will mean that none of us have to work for a living anymore.

For several years now, the Fed has been making money available to the financial sector at near-zero interest rates. Big banks and hedge funds, among others, have taken this cheap money and invested it in securities with high yields. This type of profit-making, called the “carry trade,” has been enormously profitable for them.

So why not let everyone participate? Under my plan, each American household could borrow $10 million from the Fed at zero interest.

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The Neuroscience of Adam Smith’s ‘Theories of Morality’

Adam Smith“Adam Smith contended that moral sentiments like egalitarianism derived from a ‘fellow-feeling’ that would increase with our level of sympathy for others, predicting not merely aversion to inequity, but also our propensity to engage in egalitarian behaviors,” the researchers wrote. Via ScienceDaily:

The part of the brain we use when engaging in egalitarian behavior may also be linked to a larger sense of morality, researchers have found. Their conclusions, which offer scientific support for Adam Smith’s theories of morality, are based on experimental research published in the latest issue of the Proceedings of the National Academy of Sciences.

The study, coming seven months after the start of the Occupy Wall Street Movement, which has been aimed at addressing income inequality, was conducted by researchers from: New York University’s Wilf Family Department of Politics; the University of Toronto; the University of California, San Diego; the University of California, Davis; and the University of Nebraska, Lincoln.

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How Does The 1% Exploit America? Find Out In 1 Minute

Even in an Occupy world, most Americans don't know exactly how the 1% does what it does. The mainstream media hasn't explained it, and the 1% likes things that way. That's why we've created a new video series unmasking those in the 1% who are exploiting the 99%--name by name, fact by fact. Each short video--one minute apiece--lays out the truth about a different tycoon. These aren't opinions; these are facts, condensed into bite-sized chunks. Occupy has already revealed the country's widespread outrage at the 1%; now it's time for the plutocracy's dirty deeds to be common knowledge. The best part? Brave New Foundation's audience chose the people we're highlighting. We solicited suggestions on nominees, narrowed them down to 30, and let our audience vote on which ones they thought deserved to be exposed. The new videos represent five of the top vote-getters, with more videos on the way for the rest. Here's one: Of course, the 1% would like to keep its activities shrouded in secrecy...
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Student Protests For A New Society In Chile

Al Jazeera's Fault Lines visits Chile to look at the student uprisings that have been going on for months. Students have taken over and occupied schools and universities -- in opposition to the prohibitively expensive, poor-quality education system and politicians who say that their main priority is to provide "certainty for investors". Does Chile's extremely privatized, class-segregated education system provide a warning of where the United States could be headed?
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The Citigroup Plutonomy Memos: Bombshell Documents That Detail the Rule of the 1 Percent

Plutonomy MemosVia Politicalgates:

“Are they real?” That’s the question people usually ask when they hear for the first time of the “Citigroup Plutonomy Memos.” The sad truth is: Yes, they are real, and instead of being discussed on mainstream media outlets all over America and beyond, Citigroup was surprisingly successful so far in suppressing these memos, using their lawyers to issue takedown-notices whenever these memos were being made available for download on the internet.

So what are we talking about? In 2005 and 2006, several analysts at Citigroup took a very, very close look at the economic inequalities within the USA and other countries and wrote two memos which were addressed to their very wealthy customers. If there is one group of people who need to know the truth about what is really going on within the society and the economy, minus the propaganda, then it’s businesspeople who have a lot of money to invest, and who want to invest wisely.

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Why Do People Defend Unjust, Inept, and Corrupt Systems?

Corrupt Legislation

Detail from Corrupt Legislation. Mural by Elihu Vedder (1896).

Via ScienceDaily:

Why do we stick up for a system or institution we live in — a government, company, or marriage — even when anyone else can see it is failing miserably? Why do we resist change even when the system is corrupt or unjust?

A new article in Current Directions in Psychological Science, a journal published by the Association for Psychological Science, illuminates the conditions under which we’re motivated to defend the status quo — a process called “system justification.”System justification isn’t the same as acquiescence, explains Aaron C. Kay, a psychologist at Duke University’s Fuqua School of Business and the Department of Psychology & Neuroscience, who co-authored the paper with University of Waterloo graduate student Justin Friesen. “It’s pro-active. When someone comes to justify the status quo, they also come to see it as what should be.”

Reviewing laboratory and cross-national studies, the paper illuminates four situations that foster system justification: system threat, system dependence, system inescapability, and low personal control …

Read more here.… Read the rest

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The First Major Electoral Victory For The Occupy Wall Street Movement?

p10b…In South Korea, not the United States. The newly elected mayor of Seoul is Park Won Soon, a longtime activist and human rights lawyer who ran on an explicit “Occupy Wall Street platform” of challenging social inequality. Could this happen here as well? Via New Left Project:

Park Won Soon, the newly elected mayor of Seoul, is “perhaps the first politician to win with an Occupy Wall Street platform”.

Park Won Soon ran on a platform of social justice. The previous mayor of Seoul had resigned over the issue of school lunches, Park pushed for the universal provision of lunches to all Seoul school children. He also promised to direct social services to helping the poor and disadvantaged. Korea has become increasingly divided in terms of rich and poor, and Seoul has some of the richest and some of the poorest people in the country. Park pledged to be the mayor of all of Seoul and not just the wealthy.

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Income Disparity Threatens to “Unravel Social Contract”

Aaron Cynic writes at Diatribe Media:

The gulf between the rich and the poor continues to grow exponentially and stands to “unravel the social contract in many countries,” according to a report released Monday by the Organization for Economic Cooperation and Development. In 17 out of 22 countries the OECD measured, income inequality has risen steadily for more than three decades and now sits at the highest levels in recent history. The study found the average income of the richest 10% of a population is nine times that of the poorest 10%. The income gap in “traditionally egalitarian countries” like Demark and Sweden rose from 5 to 1 in the 80’s to 6 to 1 today, and in America, the income gap is a staggering 14 to 1.

Inequality in wages and salaries is the largest contributing factor to the rise in income disparity. Other factors include an increase in part time work and declining collective bargaining agreements between workers and employers; disparity between workers with higher technological skills and those without; and regulatory reforms that created mainly low wage jobs.… Read the rest

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Weeding Out the Psychopathic 1%

HannibalMitchell Anderson writes in the Toronto Star:
Given the state of the global economy, it might not surprise you to learn that psychopaths may be controlling the world. Not violent criminals, but corporate psychopaths who nonetheless have a genetically inherited biochemical condition that prevents them from feeling normal human empathy. Scientific research is revealing that 21st century financial institutions with a high rate of turnover and expanding global power have become highly attractive to psychopathic individuals to enrich themselves at the expense of others, and the companies they work for. A peer-reviewed theoretical paper titled “The Corporate Psychopaths Theory of the Global Financial Crisis” details how highly placed psychopaths in the banking sector may have nearly brought down the world economy through their own inherent inability to care about the consequences of their actions ...
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