Abby Martin breaks down off-shore tax havens for multinational corporations and the 1%, citing the $21 trillion missing from the global economy and the lack of progress made to get that money back.
Tag Archives | One Percent
Abby Martin calls out TV show host Kevin O’Leary, for his callous celebration of the latest Oxfam statistics on the widening gap between the world’s rich and poor.
Although World Post is being touted as the website that billionaires will patronize, I have a feeling that unless it’s made as exclusive (as in keeping the 99% out) as powerbroker meetings like the World Economic Forum in Davos where it will officially launch, then it may not actually be intended for the so-called one percent. From The Guardian:
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The 1% are about to get their own publication. The digital media titan Arianna Huffington and the billionaire investor Nicolas Berggruen on Wednesday announced the launch of World Post, a comment and news website that looks set to become a platform for some of the most powerful people on the planet.
Inevitably, the World Post will be launched at the World Economic Forum in Davos, Switzerland, this month. Many of its contributors including former British prime minister Tony Blair, Microsoft’s Bill Gates and Google’s Eric Schmidt are regulars at the annual jamboree for the world’s most connected people.
Are the rich intentionally trying to make the rest of us poor, thus preserving their own power? Anthony W. Orlando writes at Informed Comment:
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We all know that inequality has been rising and the average American household has been suffering. There is a myth that says all this suffering is necessary, that extreme inequality is the by-product of a rapidly growing economy—or worse, that it’s a good thing because it motivates everyone to work hard and climb the long ladder to the One Percent.
Even a brief glance at the historical record reveals just how perverted this hypothesis is.
For one thing, the economy has not been growing rapidly since inequality started climbing. From 1950 to 1980, “real gross domestic product (GDP)”—the output of the economy, adjusted for inflation—grew by 3.8 percent per year. From 1980 to 2010, it grew by 2.7 percent per year. (Since then, it’s been even worse.)
So income inequality hasn’t been “growth-enhancing” at all.
Thomas Frank compares and contrasts Occupy Wall Street and the Tea Party in the latest Baffler:
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There is a scene I always recall when I try to remember the exhilarating effect that Occupy Wall Street had on me when it was first getting going. I was on a subway train in Washington, D.C., reading an article about the protests in Zuccotti Park in Manhattan. It was three years after the Wall Street bailouts. It was two years after everyone I knew had given up hope in the creativity of Barack Obama. It was two months after the bankers’ friends in the Republican Party had pushed the country right to the brink of default in order to underscore their hallucinatory economic theories. Like everyone else, I had had enough.
Anyhow, the subway car was boarded by some perfectly dressed, perfectly polished corporate executive, clearly on the way back from some trade show, carrying a tote bag that bore some jaunty slogan about maximizing shareholder value or what a fine thing luxury is or how glorious it is to be a winner—the kind of sentiment that had been commonplace a short while before but that the American public had now turned bitterly against.
Anti-capitalist agitprop has always lagged behind in producing the raw empirical support for the range of macro-economic theories deployed to oppose mainstream capitalist economics. As such, it often exhibits some of the same weaknesses inherent in freshwater capitalist macroeconomics. This may be because of the idealism and preferred style of argument inherited by the 19th Century First International cohort from their cultural surroundings. However, this traditional weakness is starting to be broken down. Some of the empirical work on the sociology of class, capital and power is now starting to emerge in popular form from the niche, highly specialized academic and policy journals that previously were the only places this sort of data was ever published.
As an example, one new research program has set out to assign names and faces to the abstract notion of the transnational capitalist class. Project Censored reports:
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[W]e ask: Who are the the world’s 1 percent power elite?
Having just finished producing an investigative TV series on “Who Rules America?”, inspired, in part, by the argument that sociologist C. Wright Mills made 50 years ago about how a small group of the rich and powerful run things, I was wondering how I would feel spending a night with the 1 percent of the 1 percent
An Indonesian friend had invited me to join her at an annual event called “University for a Night” sponsored by an NGO named Synergos created twenty five years ago by Peggy Dulaney, the daughter of David Rockefeller, the now 97-year-old patriarch of what was once the richest and most powerful family in America.
This event concludes with dinner discussions that bring participants together with invited faculty — experts from around the world — for an exchange of ideas on specific topics. The organizers say they want “to provide opportunities for networking, brainstorming and inspiration.”
Rockefeller Sr., one-time head of the Chase Bank was there, in a wheel chair now, beaming as an award in his name for bridging and leadership was presented to former President Bill Clinton, who runs a foundation of his own, as well as a “global initiative.”
Clinton was also effusive in praising Peggy and her dad for the good works they do as philanthropists and problem solvers.… Read the rest