World’s 100 richest earned enough in 2012 to end global poverty 4 times over
The world’s 100 richest people earned a stunning total of $240 billion in 2012 – enough money to end extreme poverty worldwide four times over, Oxfam has revealed, adding that the global economic crisis is further enriching the super-rich.
“The richest 1 percent has increased its income by 60 percent in the last 20 years with the financial crisis accelerating rather than slowing the process,” while the income of the top 0.01 percent has seen even greater growth, a new Oxfam report said.
For example, the luxury goods market has seen double-digit growth every year since the crisis hit, the report stated. And while the world’s 100 richest people earned $240 billion last year, people in “extreme poverty” lived on less than $1.25 a day.
Oxfam is a leading international philanthropy organization. Its new report, ‘The Cost of Inequality: How Wealth and Income Extremes Hurt us All,’ argues that the extreme concentration of wealth actually hinders the world’s ability to reduce poverty.
The report was published before the World Economic Forum in Davos next week, and calls on world leaders to “end extreme wealth by 2025, and reverse the rapid increase in inequality seen in the majority of countries in the last 20 years.”
Oxfam’s report argues that extreme wealth is unethical, economically inefficient, politically corrosive, socially divisive and environmentally destructive.
The report proposes a new global deal to world leaders to curb extreme poverty to 1990s levels by:
– closing tax havens, yielding $189bn in additional tax revenues
– reversing regressive forms of taxation
– introducing a global minimum corporation tax rate
– boosting wages proportional to capital returns
– increasing investment in free public services
The problem is a global one, Oxfam said: “In the UK inequality is rapidly returning to levels not seen since the time of Charles Dickens. In China the top 10 percent now take home nearly 60 percent of the income. Chinese inequality levels are now similar to those in South Africa, which is now the most unequal country on Earth and significantly more [inequality] than at the end of apartheid.”
In the US, the richest 1 percent’s share of income has doubled since 1980 from 10 to 20 percent, according to the report. For the top 0.01 percent, their share of national income quadrupled, reaching levels never seen before.
“We can no longer pretend that the creation of wealth for a few will inevitably benefit the many – too often the reverse is true,” Executive Director of Oxfam International Jeremy Hobbs said.
Hobbs explained that concentration of wealth in the hands of the top few minimizes economic activity, making it harder for others to participate: “From tax havens to weak employment laws, the richest benefit from a global economic system which is rigged in their favor.”
The report highlights that even politics has become controlled by the super-wealthy, which leads to policies “benefitting the richest few and not the poor majority, even in democracies.”
“It is time our leaders reformed the system so that it works in the interests of the whole of humanity rather than a global elite,” the report said.
The four-day World Economic Forum will be held in Davos starting next Wednesday. World financial leaders will gather for an annual meeting that will focus on reviving the global economy, the eurozone crisis and the conflicts in Syria and Mali.
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During her 4 years as Secretary of State of the United States (2009-2014), Hillary Clinton controlled US foreign policy. She had access to the most confidential information and state documents, numbering in the tens of thousands, from all of the major government departments and agencies, Intelligence, FBI, the Pentagon, Treasury and the office of the President. She had unfettered access to vital and secret information affecting US policy in all the key regions of the empire.
Today, Mme. Clinton’s critics have focused on the technical aspects of her violations of State Department procedures and guidelines regarding handling of official correspondences and her outright lies on the use of her own private e-mail server for official state business, including the handling of highly classified material in violation of Federal Records laws, as well as her hiding official documents from the Freedom of Information Act and concocting her own system exempt from the official oversight which all other government officials accept.
For many analysts, therefore, the issue is procedural, moral and ethical. Mme. Clinton had placed herself above and beyond the norms of State Department discipline. This evidence of her arrogance, dishonesty and blatant disregard for rules should disqualify her from becoming the President of the United States. While revelations of Clinton’s misuse of official documents, her private system of communication and correspondence and the shredding of tens of thousands of her official interchanges, including top secret documents, are important issues to investigate, these do not address the paramount political question: On whose behalf was Secretary Clinton carrying out the business of US foreign policy, out of the review of government oversight? … continue
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