Tag Archives: 1

Oxfam says wealth of richest 1% equal to other 99%

The richest 1% now has as much wealth as the rest of the world combined, according to Oxfam.

It uses data from Credit Suisse from October for the report, which urges leaders meeting in Davos this week to take action on inequality.

Oxfam also calculated that the richest 62 people in the world had as much wealth as the poorest half of the global population.

It criticised the work of lobbyists and the amount of money kept in tax havens.

Oxfam predicted that the 1% would overtake the rest of the world this time last year.

Read more » BBC
See more » http://www.bbc.com/news/business-35339475

Half of world’s wealth now in hands of 1% of population – report

Inequality growing globally and in the UK, which has third most ‘ultra-high net worth individuals’, household wealth study finds

By 

Global inequality is growing, with half the world’s wealth now in the hands of just 1% of the population, according to a new report.

The middle classes have been squeezed at the expense of the very rich, according to research by Credit Suisse, which also finds that for the first time, there are more individuals in the middle classes in China – 109m – than the 92m in the US.

Tidjane Thiam, the chief executive of Credit Suisse, said: “Middle class wealth has grown at a slower pace than wealth at the top end. This has reversed the pre-crisis trend which saw the share of middle-class wealth remaining fairly stable over time.”

Read more » theguardian
See more » http://www.theguardian.com/money/2015/oct/13/half-world-wealth-in-hands-population-inequality-report

Richest 1% to own more than rest of world, Oxfam says

The wealthiest 1% will soon own more than the rest of the world’s population, according to a study by anti-poverty charity Oxfam.

The charity’s research shows that the share of the world’s wealth owned by the richest 1% increased from 44% in 2009 to 48% last year.

On current trends, Oxfam says it expects the wealthiest 1% to own more than 50% of the world’s wealth by 2016.

The research coincides with the start of the World Economic Forum in Davos.

The annual gathering attracts top political and business leaders from around the world.

Read more » BBC
Learn more » http://www.bbc.com/news/business-30875633

The New 1% isn’t just the Rich, it is the Spoiled Oligarch Heirs (Krugman)

Economist Paul Krugman explains how the United States is becoming an oligarchy – the very system our founders revolted against.

Bill Moyers interviews Paul Krugman

” Capital in the Twenty-First Century by Thomas Piketty, a 42-year-old who teaches at the Paris School of Economics, shows that two-thirds of America’s increase in income inequality over the past four decades is the result of steep raises given to the country’s highest earners.

This week, Bill talks with Nobel Prize-winning economist and New York Times columnist Paul Krugman, about Piketty’s “magnificent” new book.

“What Piketty’s really done now is he said, ‘Even those of you who talk about the 1 percent, you don’t really get what’s going on.’ He’s telling us that we are on the road not just to a highly unequal society, but to a society of an oligarchy. A society of inherited wealth.”

Krugman adds: “We’re seeing inequalities that will be transferred across generations. We are becoming very much the kind of society we imagined we’re nothing like.” ”

Courtesy: http://www.juancole.com/2014/04/spoiled-oligarch-krugman.html

Bill Maher’s excellent commentary on income inequality

by BruinKid

Last night, Bill Maher delivered an excellent final New Rule on how some of the 1% are whining about feeling persecuted.

Did you know that during World War II, FDR actually proposed a cap on income that in today’s dollars would mean that no person could ever take home more than about $300,000?  OK, that is a little low.  (audience laughter)  But wouldn’t it be great if there were Democrats out there like that now, who would say to billionaires, “Oh, you’re crying?  We’ll give you something to cry about.  You don’t want a minimum wage?  How about we not only have a minimum wage, we have a maximum wage?”  (audience applause)

That is not a new idea.  James Madison, who wrote our Constitution, said, “Government should prevent an immoderate accumulation of riches.”  Washington, Jefferson, Hamilton, they all agreed that too much money in the hands of too few would destroy democracy.

Read more » DAILY KOS
http://www.dailykos.com/story/2014/03/01/1281312/-Bill-Maher-s-excellent-commentary-on-income-inequality

85 People Hold As Much Wealth As Poorest 3.5 Billion

Oxfam: Richest 1% own nearly half of world’s wealth

The richest 1% own 46% of global wealth

Almost half of the world’s wealth is owned by just 1% of the world’s population, according to a report published just days before the start of the World Economic Forum’s annual meeting, where the topic of rapidly increasing income disparities will be a major focus.

In its study titled “Working for the Few,” the British-founded development charity Oxfam concludes that the $110 trillion wealth of the 1% richest people on the planet is some 65 times the total wealth of those floundering at the “bottom half” of the world’s population.

Further, this poorer “bottom half” now has about the same amount of money as the richest 85 people in the world, and the wealthiest grew their share of bounty in 24 out of 26 countries surveyed between 1980 and 2012, the study says. The research was compiled using data from Credit Suisse’s World Wealth report and the Forbes’ billionaires list.

“In the last 30 thirty years seven out of 10 people have been living in countries where economic inequality has increased,” Nick Galasso, one of the co-authors of the study, told USA TODAY. “This is a trend that has been unfolding globally for the last two or three decades. What we’ve not seen is any political will toward curbing it.”

Read more » USA Today
http://www.usatoday.com/story/news/world/2014/01/20/davos-2014-oxfam-85-richest-people-half-world/4655337/

Millionaires Are Now the Majority in Congress: The 1% Literally Rule Us

By: MARK KARLIN, EDITOR AT BUZZFLASH.COM

According to a new analysis by OpenSecretsBlog, “Millionaires’ Club: For First Time, Most Lawmakers are Worth $1 Million-Plus”:

Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to disclosures filed last year by all members of Congress and candidates. The median net worth for the 530 current lawmakers who were in Congress as of the May filing deadline was $1,008,767 — an increase from last year when it was $966,000. In addition, at least one of the members elected since then, Rep. Katherine Clark (D-Mass.), is a millionaire, according to forms she filed as a candidate. (There is currently one vacancy in Congress.)

Last year only 257 members, or about 48 percent of lawmakers, had a median net worth of at least $1 million.

Remember, of course, those in Congress who aren’t millionaires have a very good chance of becoming ones after leaving office — particularly senators — by becoming lobbyists or working for corporations.

Read more » http://www.truth-out.org/buzzflash/commentary/item/18411-millionaires-are-now-the-majority-in-congress-the-1-literally-rule-us

Pope Francis Calls Unfettered Capitalism ‘Tyranny’

by Joshua Holland

Earlier this month, Laurie Goodstein reported for The New York Times that Pope Francis’ softer rhetoric on hot-button social issues like abortion and same-sex marriage were causing conservative Catholics no small amount of chagrin.

It looks like they can expect more cognitive dissonance, according to this report in The Guardian

Pope Francis has attacked unfettered capitalism as “a new tyranny”, urging global leaders to fight poverty and growing inequality in the first major work he has authored alone as pontiff.

The 84-page document, known as an apostolic exhortation, amounted to an official platform for his papacy, building on views he has aired in sermons and remarks since he became the first non-European pontiff in 1,300 years in March.

In it, Francis went further than previous comments criticizing the global economic system, attacking the “idolatry of money” and beseeching politicians to guarantee all citizens “dignified work, education and healthcare”.

He also called on rich people to share their wealth. “Just as the commandment ‘Thou shalt not kill’ sets a clear limit in order to safeguard the value of human life, today we also have to say ‘thou shalt not’ to an economy of exclusion and inequality. Such an economy kills,” Francis wrote in the document issued on Tuesday.

“How can it be that it is not a news item when an elderly homeless person dies of exposure but it is news when the stock market loses two points?”

In a sense, the new pope is just grappling with the reality he faces. Polls show that American Catholics, at least, agree with the pontiff’s position that the church focuses too much on social issues. And Francis recently commissioned a survey of Catholics around the world to see where they fall on these questions.

Meanwhile, Dominic Barton, the Managing Director of McKinsey & Co., writes in today’s Wall Street Journal: ”In 2012, the top 1% of earners in the US collected 19.3% of the country’s total household income–an all-time high… The disparity is growing rapidly as well. Incomes of the top 1% grew by 31.4% from 2009 to 2012, compared to just 0.4% for the remaining 99%.

Continue reading Pope Francis Calls Unfettered Capitalism ‘Tyranny’

PETITION: Stand Behind President Obama’s Budget

By Iqbal Tareen

President Obama just sent his budget plan to Congress. It would ensure that the top 1% pays their fair share.

As President Obama said in his State of the Union:

“Tax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30 percent in taxes… In fact, if you’re earning a million dollars a year, you shouldn’t get special tax subsidies or deductions…

Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”

Sign our petition to stand behind President Obama’s budget  to end special tax breaks for millionaires and billionaires.

SIGN THE PETITION: http://dccc.org/Budget

How Swedes and Norwegians Broke the Power of the ‘1 Percent’

By George Lakey

While many of us are working to ensure that the Occupy movement will have a lasting impact, it’s worthwhile to consider other countries where masses of people succeeded in nonviolently bringing about a high degree of democracy and economic justice. Sweden and Norway, for example, both experienced a major power shift in the 1930s after prolonged nonviolent struggle. They “fired” the top 1 percent of people who set the direction for society and created the basis for something different.

Both countries had a history of horrendous poverty. When the 1 percent was in charge, hundreds of thousands of people emigrated to avoid starvation. Under the leadership of the working class, however, both countries built robust and successful economies that nearly eliminated poverty, expanded free university education, abolished slums, provided excellent health care available to all as a matter of right and created a system of full employment. Unlike the Norwegians, the Swedes didn’t find oil, but that didn’t stop them from building what the latest CIA World Factbook calls “an enviable standard of living.”

Neither country is a utopia, as readers of the crime novels by Stieg Larsson, Kurt Wallender and Jo Nesbro will know. Critical left-wing authors such as these try to push Sweden and Norway to continue on the path toward more fully just societies. However, as an American activist who first encountered Norway as a student in 1959 and learned some of its language and culture, the achievements I found amazed me. I remember, for example, bicycling for hours through a small industrial city, looking in vain for substandard housing. Sometimes resisting the evidence of my eyes, I made up stories that “accounted for” the differences I saw: “small country,” “homogeneous,” “a value consensus.” I finally gave up imposing my frameworks on these countries and learned the real reason: their own histories.

Continue reading How Swedes and Norwegians Broke the Power of the ‘1 Percent’

Impact of OWS

– Finally, Higher Taxes for the 1% — Is Occupy Behind Governors’ Moves to Make the Wealthy Pay Their Share?

By Sarah Jaffe

Is the narrative around taxes finally shifting? Thanks to heavy public pressure, Governors Cuomo and Brown propose taxing their states’ ultrarich. …

Read more » AlterNet

1st December night was a horrific night for President Zardari, he was certain that he would get arrested!

To read the story in urdu, CLICK HERE.

Courtesy» AHWAAL.COM via » Siasat.pk

Source » http://ahwaal.com/index.php?option=com_content&view=article&id=2302%3A2011-12-06-01-38-02&catid=31%3A2011-08-25-09-52-49&Itemid=35&lang=ur#.Tt50zWu8Yek.facebook

 

A massive demonstration of Occupy Toronto and all its supporters will take place Saturday at 2 pm, starting from St. James Park (Jarvis and King)

We are asking everyone to come out and demonstrate Saturday, to bring friends, relatives, workmates, and everyone who cares about democracy and the objectives of the Occupy Movement, which is to oppose the gross wealth being accumulated by the rich and powerful 1% at the expense of the 99% – the rest of the population whose wages and incomes have fallen dramatically, many of whom are unemployed and under-employed, many of whom are poor and very poor, and many more who are youth and whose lives and futures have been dramatically altered by the insatiable greed of the most powerful corporations and the richest people in the world.

Join the rally at the corner of Jarvis and King at 1:30 pm, Saturday, to march & distribute People’s Voice, and our statement in support of the Occupy movement.

Please RSVP to erowley@live.ca to help, or for more info.

Comradely and in Solidarity!

Liz Rowley

Occupy Islamabad!

For decades, we have heard, and chanted, slogans against the evils of capitalism. We have witnessed the monopolization of multinational corporates and intensifying ratio of starvation, growing side by side. We have seen so many wars, imposed in the name of peace. We have heard enough lies about the people’s struggle and their achievements of the past. We have watched the world transforming into a global village of miseries, poverty, bloodshed, hunger and oppression. Now, the masses, all over the world, seem to realize the root cause of all the miseries: exploitation of man’s labour by man. Capitalism is failing. The world is changing!

It is a historical moment for us. The advocates of free-market economy are shaken by the series of protests that, starting from the New York City, have captured the hundreds of cities all over the world. These protests represent the awakening class-consciousness of the masses that has culminated in the Occupy Wall Street Movement. These occupy activists have gathered to change the existing economic inequality of the system. They have always been taught that Marx was wrong in his critique of capitalism. They have realized the empirical evidence of the opposite.

Karl Marx, in the 19th century, had explained the inevitable presence of exploitation as an essential ingredient of capitalism. The German social scientist had proved that, in any society, the exploitation takes place when a few people own all the means of production and the majority, who doesn’t own anything, is bound to sell its labour to that minor class which accumulates private property. While, the state functions to protect that unequal distribution of wealth, assuring the widening class-differences.

The NY Post has referred the Occupy Movement as the New York’s ‘Marxist Epicenter’. It has countered the myth, propagated by the media, that the occupy activists are a breed of bored, hippie-like folks who are doing some adventurism to seek attention. According to their report, the flags depicting revolutionary icons can be seen everywhere, showing their ideological commitment. Moreover, the ‘occupiers’ openly refer to each other as ‘comrade’, a term used by the left-wing worldwide, meaning ‘friend’ or ‘ally’. Their literature openly declares Socialism as a cure of all the prevailing problems.

At this historical moment, the Pakistan’s left is reorganizing like their counterparts of the West. We have a long history of youth’s struggle against the dark military regimes. From the Democratic Students Federation’s front ‘Red Guards’ to the Lawyer’s movement, our young activists have always stood for the people’s cause. Continuing their legacy of internationalism, Pakistan’s left parties have decided to start anti-capitalist camps, initiating from Lahore, not only for the solidarity for the Occupy Wall Street movement, but also as a continuous struggle to change our indigenous problems. We need to realize the importance of this revolutionary wave. We need to be in the flow. For how long the people will continue to suffer and dream for a better society? The time has come to make those dreams an existing reality. The time has come to reject all the confused liberators. The time has come to chant, ‘Occupy Islamabad!’

But, unfortunately, the state is not the only thing to occupy, in our case. We are aware that Pakistan suffers from multiple complex issues. We don’t only have the corrupt feudal political families and their huge palaces to occupy; we have millions of minds to occupy which are burning in the flames of religious fanaticism. We have to occupy the rising sectarian mindset of the people. We have to occupy the religious rage to assure peaceful coexistence of everyone. We have to occupy the narcissistic prism and replace it with rationality and realism. We have to occupy the filth of the society and the filth within. And we, the people, can do that! We can do that because we are the 99 percent!

Courtesy» The Express Tribune

It’s not a Recession, it’s a corporate Robbery – New spirit across the world

– Laurie Penny: Across the world, a new spirit took hold – power was taken back by the people

More than city squares are being occupied. What is being reoccupied is a sense of collective possibility

Something enormous happened on Saturday night. In over a thousand towns and cities around the world, people from all walks of life took to the streets and occupied the squares in an international “day of action” against austerity and corporate greed. In Madrid, I watched 60,000 stamp and cheer in Puerta del Sol as protesters took over a nearby building and dropped a banner reading “Somos El 99%” (“we are the 99 per cent”), a slogan from the Occupy Wall Street movement which has become a mantra for new global resistance.

As thousands streamed into the main square of the Spanish capital, a projector was showing hundreds facing down police to camp outside the London Stock Exchange. Protest, like profit, has become globalised.

The fact that politicians and pundits are asking what all these people want can be considered a victory for the “occupy everywhere” movement. It’s not a question many in public life have seemed much concerned with in the past decade.

What commentators fail to understand is that occupation is itself a demand. It’s a new, practical politics for those disillusioned with representative democracy, which demonstrators claim is a private club run by the rich, for the rich.

The recolonisation of public space, the forming of alternative communities based on direct democracy where people can meet and realise a common struggle, is an act of defiance with its own solution to the alienation and frustrations of life under capitalism. Those who attend occupations with individual grievances stay because they want to belong to a community built on mutual aid and shared values.

As political ambitions go, “occupy everywhere” is hardly modest. It is fitting that the most notable showdown of Saturday night took place in New York’s Times Square, where thousands of peaceful protesters clashed with mounted police under the glow of giant electric billboards in this temple to corporate power.

What is being occupied is far more than a few public squares for a few weeks. What’s being reoccupied is the collective political imagination, and a sense of collective possibility – beyond nationalism, beyond left and right – as millions of people lose faith in mainstream politics.

Power is not being petitioned here – it’s being reinvented. That’s what makes “occupy everywhere” so fascinating and also so exciting.

Courtesy » independent.co.uk

OWS spreads all over

– Occupy protests spread around the world; 70 injured in Rome

By Faith Karimi and Joe Sterling, CNN

(CNN) — Thousands of people across the world railed against corporate power, grinding poverty and government cuts Saturday as the Occupy Wall Street movement spread to the streets of Europe, Asia and Australia — and took a particularly violent turn in Rome.

Firefighters battled a blaze at an Interior Ministry building near Porta San Giovanni in Rome, the main gathering site of the Italian protesters taking part in the Occupy movement Saturday, said eyewitnesses who reported seeing a Molotov cocktail thrown near the building.

A spokesman for Mayor Gianni Alemanno, who condemned the violence, confirmed 70 people were injured, 40 of them police officers. No arrest numbers were available late Saturday. ….

Read more » CNN

Occupy Wall Street (OWS) movement

The Guys in the 1% Brought This On

By Barbara Ehrenreich

Excerpt;

…. So the “99% versus the 1%” theme is beginning to look like an acute class analysis after all, and it’s the guys in the 1% who made it so. Over the years, they have systematically hollowed out the space around them: destroying the industrial working class with the outsourcings and plant closures of the ’80s, turning on white collar managers in the downsizing wave of the ’90s, clearing large swathes of the middle class with the credit schemes of the ’00’s—the trick mortgages and till-death-do-we-part student loans.

In the ’60s we dreamed of uniting people of all races and collar colors into “one big working class.” But it took the billionaires to make it happen.

Read more » The Progressive

Millionaire’s March: Protesters Hit the Streets in NY and Visit the 1 Percent at Their Homes

by Lynn Parramore

The Upper East Side is where fatcats like Chase CEO Jamie Dimon, billionaire David Koch, media mogul Rupert Murdoch, and hedge funder John Paulsen hang their hats.

It was like an alien invasion. In fact, it was an alien invasion. Thousands of regular people — the kind without homes in the Hamptons, yachts or private planes — marching past some of the country’s most privileged addresses.

If there’s a neighborhood the 1 percent call home ….

Read more » AlterNet

Man robs bank for $1

By Gaby Leslie

A video has surfaced of an American man admitting how he robbed a bank for $1 (60p) so he could go to jail and receive free medical treatment.

James Verone, of Gastonia, North Carolina, was so desperate to get help for a bad back, foot and growths on his chest that he made the calculated decision to stage the unusual robbery.

The unemployed 59-year-old, who cannot afford health insurance, told a reporter how he walked up to the cashier and handed a bizarre note demanding just one dollar from her.

The note also said he was armed, but in fact he wasn’t. The suffering man then said that he purposely sat on the couch in the RBC bank to wait for the police to arrest him.

Read more: Yahoo News