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January 22, 2019 | ‘Winners Take All’ Author on Monopolies and Rigged Systems

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel ( Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog:

This is an important discussion that is taking place all over the world today.  In the decade of central bank supported financial engineering since the 2008 crisis, the number of billionaires has nearly doubled while wages have stagnated and deficits compounded for the rest.  Thinking people are understanding that corporatocracy has become the dominant economic and political system on earth at great cost to everything else. Change is inevitable because the current system is not only destructive and unsustainable, but indefensible.

Anand Giridharadas, fellow at Aspen Institute and author of the book “Winners Take All,” examines populism and the history of a “winners take all” global structure and explains why Davos should be cancelled this year.  Here is a direct video link.

See some stats on wealth concentration in the latest Oxfam report here,  The world’s 26 richest people own as much as the poorest 50%, says Oxfam:

“…the wealth of more than 2,200 billionaires across the globe had increased by $900bn in 2018 – or $2.5bn a day. The 12% increase in the wealth of the very richest contrasted with a fall of 11% in the wealth of the poorest half of the world’s population.

As a result, the report concluded, the number of billionaires owning as much wealth as half the world’s population fell from 43 in 2017 to 26 last year. In 2016 the number was 61…

In the 10 years since the financial crisis, the number of billionaires has nearly doubled.

Between 2017 and 2018 a new billionaire was created every two days.

The world’s richest man, Jeff Bezos, the owner of Amazon, saw his fortune increase to $112bn. Just 1% of his fortune is equivalent to the whole health budget for Ethiopia, a country of 105 million people.

The poorest 10% of Britons are paying a higher effective tax rate than the richest 10% (49% compared with 34%) once taxes on consumption such as VAT are taken into account.

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January 22nd, 2019

Posted In: Juggling Dynamite

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