The SuperRich Are Stealing from Us, Part II

The SUPER-RICH Create Imaginary Money

The world’s wealth has doubled in a little over ten years. The financial industry has, in effect, created a whole new share of global wealth and redistributed much of it to itself.

In the U.S., financial sector profits as a percentage of corporate profits have been rising steadily over the past 30 years. The speculative, non-productive, and fee-generating derivatives market has increased to an unfathomable level of over ONE QUADRILLION DOLLARS — a thousand trillion dollars, twenty times more than the world economy.

With the U.S. driving the expansion of this great bubble of wealth, our nation has become the fifth-most wealth-unequal country in the world, while global inequality (between rather than within countries) has become even worse than for any one country. Just 250 individuals have more money than the total annual living expenses of almost half the world — three billion people.

— Paul Buchreit http://www.commondreams.org/view/2013/12/09-2

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s