The truth about "free markets"
This is one of the best articles I've read in a long time. It discusses the recent dramatic rise in the number of billionaires worldwide, as well as how they got their and what the effects have been.
http://www.infoshop.org/inews/article.php?story=2007032011321493
Some highlights below, but you really need to read the whole article to understand it:
"The total wealth of this global ruling class grew 35% year to year topping $3.5 trillion USD, while income levels for the lower 55% of the world’s six-billion-strong population declined or stagnated. Put another way, one hundred millionth of the world’s population (1/100,000,000) owns more than over three billion people. Over half of the current billionaires (523) came from just three countries: the US (415), Germany (55) and Russia (53). The 35% increase in wealth mostly came from speculation on equity markets, real estate and commodity trading, rather than from technical innovations, investments in job-creating industries or social services."
"Massive privatization led to the capitalist gang wars and the disarticulation of the Russian economy. As a result there was an 80% decline in living standards, a massive devaluation of the Ruble and the sell-off of invaluable oil, gas and other strategic resources at bargain prices to the rising class of predator billionaires and US-European oil and gas multinational corporations."
"Of the total $157.2 billion USD owned by the 38 Latin American billionaires, 30 are Brazilians or Mexicans with $120.3 billion USD. The wealth of 38 families and individuals exceeds that of 250 million Latin Americans; 0.000001% of the population exceeds that of the lowest 50%. In Mexico, the income of 0.000001% of the population exceeds the combined income of 40 million Mexicans."
"The period of greatest decline in living standards in Latin America and Russia coincide with the dismantling of the nationalist populist and communist economies. Between 1980-2004, Latin America -- more precisely Brazil, Argentina and Mexico -- stagnated at 0% to 1% per capita growth. Russia saw a 50% decline in GNP between 1990-1996 and living standards dropped 80% for everyone except the predators and their gangster entourage."
http://www.infoshop.org/inews/article.php?story=2007032011321493
Some highlights below, but you really need to read the whole article to understand it:
"The total wealth of this global ruling class grew 35% year to year topping $3.5 trillion USD, while income levels for the lower 55% of the world’s six-billion-strong population declined or stagnated. Put another way, one hundred millionth of the world’s population (1/100,000,000) owns more than over three billion people. Over half of the current billionaires (523) came from just three countries: the US (415), Germany (55) and Russia (53). The 35% increase in wealth mostly came from speculation on equity markets, real estate and commodity trading, rather than from technical innovations, investments in job-creating industries or social services."
"Massive privatization led to the capitalist gang wars and the disarticulation of the Russian economy. As a result there was an 80% decline in living standards, a massive devaluation of the Ruble and the sell-off of invaluable oil, gas and other strategic resources at bargain prices to the rising class of predator billionaires and US-European oil and gas multinational corporations."
"Of the total $157.2 billion USD owned by the 38 Latin American billionaires, 30 are Brazilians or Mexicans with $120.3 billion USD. The wealth of 38 families and individuals exceeds that of 250 million Latin Americans; 0.000001% of the population exceeds that of the lowest 50%. In Mexico, the income of 0.000001% of the population exceeds the combined income of 40 million Mexicans."
"The period of greatest decline in living standards in Latin America and Russia coincide with the dismantling of the nationalist populist and communist economies. Between 1980-2004, Latin America -- more precisely Brazil, Argentina and Mexico -- stagnated at 0% to 1% per capita growth. Russia saw a 50% decline in GNP between 1990-1996 and living standards dropped 80% for everyone except the predators and their gangster entourage."