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Thread: There Are 85 People Who Are As Wealthy As Half The WORLD, Oxfam Reports

  1. #1

    There Are 85 People Who Are As Wealthy As Half The WORLD, Oxfam Reports

    Worldwide economic inequality is looking rather bleak these days, according to a new report by relief organization Oxfam. Oxfam's "Working For The Few" report looked at Credit Suisse's "Global Wealth Report 2013" and Forbes' list of the world's billionaires from 2013 to conclude that 1 percent of the global population controls half of the world's wealth.
    The report also found that the world's 85 richest people own the same amount as the bottom half of the entire global population.
    The ramifications of such inequality may be dire, the report suggests:
    This massive concentration of economic resources in the hands of fewer people presents a significant threat to inclusive political and economic systems. Instead of moving forward together, people are increasingly separated by economic and political power, inevitably heightening social tensions and increasing the risk of societal breakdown.
    Oxfam calls on leaders gathered at the 2014 World Economic Forum in Davos, Switzerland, to tackle the growing inequality through multiple pledges, such as insisting on a living wage for companies they control, and by supporting progressive taxation.
    Last Thursday, the World Economic Forum stated in a risk assessment that income disparity was one of the "Ten Global Risks of Highest Concern in 2014."
    There Are 85 People Who Are As Wealthy As Half The WORLD, Oxfam Reports

    What a great progress for the humanity!
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  2. #2


    I just laugh watching this video when you know that this Canadian guy had his mama giving him money to start his first company (not earned form hard work by himself).

    How many people started their companies from daddy, mama, family money and not from scratch? These people have always great advises for others but they never applied them for themselves. I am not jealous of their success, I think that's great, but they should keep their advises and pejorative comments for themselves because they never said the whole story about how they were helped to start their businesses.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  3. #3
    I have to disagree with all of the income inequality BS.

    Other than the royalty and dictators on the list, those 85 people have created a very large number of jobs and drive the economies for several countries.

    So what if a family member gave a successful person money to start their own business? That has been the Jewish Bar Mitzvah tradition for hundreds of years. If it wasn't family, it may have been a venture capitalist or other investor. The richest people in the world are the investors that drive the creation of most of the businesses and jobs.

    I have worked for several multimillionaires and learned a long time ago that they are wealthy because they do not think like the rest of us. They do not put money in the bank, but rather constantly take risks and invest the money. If you give the average person $10,000, he or she will pay off bills or put it in the bank. The wealthy will immediately start looking for a way to turn the $10,000 into $15,000 or more by investing it in something, which in turn creates jobs.

    Resolving income inequality is a progressive socialist concept that does not work anywhere. If you take the money away from the wealthy, as FDR did in the Great Depression with a 94% top marginal tax rate, it just further stifles the creation of jobs. The US stayed in the Great Depression as long as it did due to the same Keynesian economics hogwash that Obama is now touting. There is no such thing as a thriving communist economy.

    If you take money away from productive job creators and give it to non-productive people who will never create jobs, how does that get the world out of the current economic mess? Redistributing wealth by giving it to people who create nothing in return for the money does not produce anything.

    I could not find the list of the 85 wealthiest people, but here is the Forbes list of the world's billionaires. Read the list. They are mostly leaders of major corporation who are the major employers of the world.

    The World's Billionaires List - Forbes
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  4. #4
    Quote Originally Posted by TopDogger View Post
    So what if a family member gave a successful person money to start their own business?
    That's not the point of this topic, I guess you misunderstood or I wasn't clear enough. The point I am trying to make is that people like the guy in the video said that it is fantastic that 85 people own the equivalent of 3.5 billion people just because HE THINK that it will inspire poor people when he was himself helped by his mama who gave money, and perhaps helped by who knows...Also, he said that people working hard would make money. I can tell you that it is false, some entrepreneurs work very hard and will never be successful, not because they aren't smart, but because they lack of capital, advises and experience, or they simply get washed away by the economic collapse, look the statistics on the percentage of successful start up companies, it is obvious.

    Just a note that to be at this level of fortune and belong to the richest people on the planet, I really doubt that they climbed the ladder from the bottom, most of them are aristocrat families or dictators around the world (check China top leaders for instance, they are far from communism, they abused their power to get rich).

    As far as the families, or else helping the young entrepreneurs, I don't mind if they are successful. I really think that's great, but when they are bragging on the TV that the world should follow their example it is different, because they usually don't tell the whole story, and they won't tell the kind of help and how they received it.

    I remember someone from Australia in a different forum who told a story about that on a radio show: A super rich person in Australia was ranting against poor people that always complaining about money, cost of living, etc She said, that they were very lazy and they must work hard to get successful, same BS you can hear here and there. A journalist investigated the rich person to discover that her fortune was an inheritance from her family and she never worked in her life. So it depends of your perspective to see the hocus-pocus, but I will never accept lessons from this kind of people.

    Now inequality always existed, don't make me wrong, but how many times poor people were exploited and revolted in history? I don't know one country without any of this social issue, interesting huh?

    {off topic} The most funny is the argument of this kind of people: "redistribution of wealth" ahahha it was so great to hear that you may believe it Now, when people asked to be paid decently to make a normal living, it is not redistribution of wealth, it is paying the right wage, not slavery wage!
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  5. #5
    I get your point. But being successful is not a matter of working hard. Working hard is part of it, but working smart (developing great ideas) and relentlessly (never giving up) are much more important success factors. Those factors are never part of the thought process for the majority of people who have been trained to be worker bees rather than innovators. The successful people are those who break away from the worker bee mentality and have good ideas that they pursue relentlessly.

    Income inequality has always existed and will always exist. Even in pure Communist societies the leaders are in an entirely different income and social class than everyone else. It is a part of human nature that will never go away. For example, the Democrats are getting together for a conference that will discuss income inequality issues. The room rates for the hotel start at $700 per night. That's the way to set a great example and what I would expect from any Communist regime.

    The only extremely wealthy people I know of who do not create hundreds or thousands of jobs are the Hollywood elitists who make millions of dollars per movie. Even the stars of a popular TV show can make up to $1 million per episode. They may have unique talents that get them there, but no one can say that they work hard for their millions. We never hear the media complain about the income inequality between Hollywood stars and the general population because 99% of the Hollywood pukes are liberals. But we do hear constant complaints about corporate CEOs who do work both smart (mostly) and hard to build successful companies. They have special skills that most people do not have.

    {off topic response} The fundamental problem with paying someone who works at McDonalds $15 per hour is that some jobs are intended to be entry level jobs. They are not and never were intended to be careers. They are designed to train people how to become part of the workforce by building "people skills." When you raise the wage for entry level jobs, people are more likely to stay in those jobs rather than move up to jobs with higher skill levels. They never gain the new skills that are required for them to advance. The system works well when people are always improving their skills and moving up. There is a wage ladder that is intended to be climbed. I do not feel sorry at all for people who never learn any new skills and therefore can never dig themselves out of entry level positions. I feel like I've been in constant training mode since I was 12 years old.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  6. #6
    Quote Originally Posted by TopDogger View Post
    I get your point. But being successful is not a matter of working hard. Working hard is part of it, but working smart (developing great ideas) and relentlessly (never giving up) are much more important success factors. Those factors are never part of the thought process for the majority of people who have been trained to be worker bees rather than innovators.
    I understand perfectly, but once again that's what the guy in the video said that you have to work hard if you want to be successful, he omitted and like you said, it is only a part of it. It is a kind of misleading to base his argument only from this part in my opinion.

    The successful people are those who break away from the worker bee mentality and have good ideas that they pursue relentlessly.
    I have to disagree with this, and it is not your fault because you have an American mind set. For example in France, many worker bees like you said, decide to save the companies from bankruptcy they worked for, by investing their own money or borrow it into their company. They build some "Sociétés coopératives et participatives" which is based on a special French legal status: "Scic (Société coopérative d’intérêt collectif)". They don't have a boss, they work together, share the company shares, dividends like any investor and company profits. And in general they are much more motivated and efficient than working for a boss


    {off topic response} The fundamental problem with paying someone who works at McDonalds $15 per hour is that some jobs are intended to be entry level jobs. They are not and never were intended to be careers. They are designed to train people how to become part of the workforce by building "people skills." When you raise the wage for entry level jobs, people are more likely to stay in those jobs rather than move up to jobs with higher skill levels. They never gain the new skills that are required for them to advance. The system works well when people are always improving their skills and moving up. There is a wage ladder that is intended to be climbed. I do not feel sorry at all for people who never learn any new skills and therefore can never dig themselves out of entry level positions. I feel like I've been in constant training mode since I was 12 years old.
    I don't think minimum wage is for entry level jobs, I saw many specialized worker paid entry level, and many employers pay a long time entry level wage.

    I don't know, perhaps a law will be much more efficient if the minimum wage was limited in time, for example the first three months in a company, than the law kick in for, let's see $4 more an hour and a possibility to climb the ladder or something like that. From my experience, I was hired with the lowest wage in our profession with the possibility to climb the ladder, it was the deal between the company and me. Than, I discovered that it was their way to attract people working for them with no intend to let you climb the ladder or be raised. Someway the carrot at the end of the stick to make a donkey go. It took me 3 days to learn that and I decided not to waste my time and left.

    The problem is like you said it is intended, but in practice they tend to let the workers at the entry level wage for a very long time and/or find tricks to attract workers.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  7. #7
    Like I said, entry level jobs, which includes minimum wage jobs, are not intended to be careers. The business model is based on providing reasonably priced products by keeping their costs down. When a company hires workers at minimum wage, they do not expect them to stick around very long. By raising the wages, you raise the costs of goods for consumers, which contributes to inflation.

    Ask most people if they think it is a good idea for McDonald's to raise the entry level wage to $15 and probably 70% will says yes.

    Ask the same people if they are willing to pay $10 for a Big Mac as a result of raising the wages and probably 70% will say no and most will not longer want to raise the wages. The other 30% probably do not eat at McDonald's or would not buy a $10 hamburger. In some of these situations, everyone loses except the guy or gal making $15 per hour. And once the demand falls for $10 hamburgers, there will be fewer $15 jobs at McDonald's.

    Most people don't think very far ahead and do not realize that there are consequences associated with all business costs. For most businesses, labor costs are their largest expense.

    By the way, I was a McDonald's manager at one time and do understand the entry level business model. Back in those days I managed 25 mostly 16-year-old kids who were all working their first job. It was like trying to manage a room full of monkeys because none came in the door with any job skills. We had to teach them how to do everything, including how not to argue with customers.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  8. #8
    Quote Originally Posted by TopDogger View Post
    Like I said, entry level jobs, which includes minimum wage jobs, are not intended to be careers. The business model is based on providing reasonably priced products by keeping their costs down. When a company hires workers at minimum wage, they do not expect them to stick around very long. By raising the wages, you raise the costs of goods for consumers, which contributes to inflation.
    Believe me, there are very important factors to which contributes to inflation. Money supply aka QE, market speculations, monopolies, taxes, prices, gasoline, etc In a few words, hundreds of thousands million dollars.

    I don't believe that a raise will create any noticed inflation. Look there is a raise only every 10 years! Did you see a CEO, or bureaucrat salary staying at the same amount for 10 years? I never see that in my life
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  9. #9
    Quote Originally Posted by Franc Tireur View Post
    Believe me, there are very important factors to which contributes to inflation. Money supply aka QE, market speculations, monopolies, taxes, prices, gasoline, etc In a few words, hundreds of thousands million dollars.
    It is inflationary if you like hamburgers and if it affects all fast food restaurants.

    Quote Originally Posted by Franc Tireur View Post
    I don't believe that a raise will create any noticed inflation. Look there is a raise only every 10 years! Did you see a CEO, or bureaucrat salary staying at the same amount for 10 years? I never see that in my life
    Very few businesses pay only the minimum wage. Wages are primarily determined by supply and demand. Even Walmart has always payed rates above the minimum wage. Waiters and waitresses frequently are paid minimum wage, but they make the bulk of their income from tips.

    It is not accurate to say that minimum wage is only raised every 10 years, and it is not a pay raise because it affects very few people. There was a 10-year gap between 1997 and 2007, but the minimum wage was raised in 2007, 2008 and 2009.

    http://www.dol.gov/whd/minwage/chart.htm

    Even if they raised it to $10, it would only affect a small number of jobs because most entry level jobs pay more than $10 per hour, except in restaurants and areas with traditionally low wages. Also, most small restaurants generating less than $500,000 in revenue are exempted and theoretical could legally pay workers $2 per hour, but that never happens.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  10. #10
    Quote Originally Posted by TopDogger View Post
    Very few businesses pay only the minimum wage. Wages are primarily determined by supply and demand.
    Really? Approximately 4.4 million Americans, or 6 percent of all hourly workers, earned wages at or below the federal minimum in 2010.
    How Well Can You Live on Minimum Wage? | The Fiscal Times

    I don't think that minimum wage is in a specific category of employers, and guess what, we find the same multi national corporations exploiting the system and the workers overseas, but also US workers too. Take a look at this article:

    America’s List of Companies With the Most Low-Wage Workers Will Piss You Off
    The Contributor | America’s List of Companies With the Most Low-Wage Workers Will Piss You Off

    That's not a very few businesses, is it?
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


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