World's witnessing a new Gilded Age as billionaires wealth swells to $6tn

[muriel_volestrangler]

The world’s super-rich hold the greatest concentration of wealth since the US Gilded Age at the turn of the 20th century, when families like the Carnegies, Rockefellers and Vanderbilts controlled vast fortunes.

Billionaires increased their combined global wealth by almost a fifth last year to a record $6tn (£4.5tn) – more than twice the GDP of the UK. There are now 1,542 dollar billionaires across the world, after 145 multi-millionaires saw their wealth tick over into nine-zero fortunes last year, according to the UBS / PwC Billionaires report.

Josef Stadler, the lead author of the report and UBS’s head of global ultra high net worth, said his billionaire clients were concerned that growing inequality between rich and poor could lead to a “strike back”.

“We’re at an inflection point,” Stadler said. “Wealth concentration is as high as in 1905, this is something billionaires are concerned about. The problem is the power of interest on interest – that makes big money bigger and, the question is to what extent is that sustainable and at what point will society intervene and strike back?”

https://www.theguardian.com/business/2017/oct/26/worlds-witnessing-a-new-gilded-age-as-billionaires-wealth-swells-to-6tn

I don't know about American TV, but British TV (and radio) is broadcasting an awful lot of documentaries about the Russian Revolution at the moment. Sometimes, it looks quite inviting to "strike back" ...

[defacto7]

1. Ask Teddy Roosevelt.

the question is to what extent is that sustainable and at what point will society intervene and strike back?”

[KPN]

2. The last time wealth inequality became this great and still had the government's

support was Russia 1916.

[defacto7]

5. Yes, that is true.

Layer in the methods and machinery we have today and the outcome will probably take on considerably different purpotions. 1917 Russia can't equal our time, but our time can have its own devastating conclusion.
My TR reference was and american phenomenon where we started a different path before collapse could take place. It was the beginning of dismantling the trusts and government corruption. TR's square deal culminated in FDR's new deal. It wasn't too late to begin the change. Is it too late now? Is there a leading force that can pull us back to some sort of balance? I don't know.

[KPN]

9. The Democratic Party?

I'd like to think so but I'm not quite convinced. There are some good signs, but there's also some impediments -- GOP undermining of democracy not to mention Russian interference, and the constant clamor about Bernie/populism/democratic socialism being a barrier to party success. Where's Teddy and FDR when we need them? Who can be the present day Roosevelts?

[KPN]

3. Hmmm ... we are strikingly like Russia in 1916 wealth distribution-wise.

When was the last time wealth inequality was this drastic, promoted and preserved by the government? What happened?

But history means nothing ... like facts.

[Irish_Dem]

4. Interesting that the billionaires are "concerned" about the inequity.

About how it might hurt them at some point. I don't suppose they care about what their immense does to the rest of the planet.

[Initech]

7. When nobody has any money to buy their crap, they go broke too.

Funny how that works!

[Irish_Dem]

12. At some point they will have so much money they don't need us to buy anything.

Their wealth will totally independent of the market or corporations.

[Initech]

13. I feel like the movie Elysium is the most accurate description of the future.

Forget Terminator 2 or Star Trek or Star Wars. Elysium is the most accurate description of our impending future. The rich live on their own planet in their own dream world. While they leave the rest of us to suffer and die and work shit hours for shit wages and we could possibly be killed at any point on the job and be easily replaced, and live in our own filth.

[Irish_Dem]

14. Exactly. I think is one of the reasons the oligarchy is funding space travel. Only thing that makes

any sense.

We have a crumbling infrastructure. Seniors who cannot afford to retire. College kids cannot afford tuition. Health care is out of reach for many. Yet we are funding space travel and way to colonize other planets. I figure the 1% knows they have trashed this planet, they don't care about fixing it. They know that they are going to get off of it. That is one of the reasons they are hoarding $billions of dollars.

[Initech]

15. Maybe when they finally get off this planet we can keep them from coming back.

They are no longer welcome here.

[Irish_Dem]

16. I hadn't thought of that, excellent idea. If any of us are alive by then. The movie WALL*E

showed a part of our idea. Earth is a toxic trash heap and all humans have escaped on large space ships. I seriously doubt the 1% will fund any one's travel but their own. Most of us will be left behind but probably our life spans will be seriously compromised due to the high levels of toxicity.

This is where we are headed for sure.

[Initech]

6. Well when the revolution comes we know who to go after.

[KPN]

10. That is, those who live that long.

At the pace that Americans are waking up, it will more than likely be after my time here on this planet if at all. Hope not, but at almost 67 and the snails pace of wakening (relatively speaking anyway), I am discouraged. If it requires a revolution, then I would like to be part of it regardless of the unmeasurable tragedy it would no doubt entail. There will be some gratification in going after those responsible.

[Buns_of_Fire]

8. ...humming quietly to myself as I'm perfecting the recipe

for "Multi-Millionaire Marinades™" -- to be offered exclusively by my chain of "Pitchforks 'R' Us" outlets...

(Can't afford a tumbrel? Rent one! Reasonable rates by the day or by the hour! Contact your local Rent-A-Guillotine dealer! Combination packages available!)

[KPN]

11. Lol!!