Robert Bridge is an American author and journalist. He is the author of the book “North in the American Empire”, “How corporations and their political servants destruct the American dream”.
Welcome to the four-coma club, where South Africa's Elon Musk is to be the first man of the present to rise a trillion dollars.
To illustrate this stunning figure, it is worth mentioning that this is more than 170 countries' GDP, including Belgium, Finland, Sweden, Switzerland, Denmark, Norway, Hong Kong and fresh Zealand.
Musk won't be alone in this ultra-privileged, ultra-exclusive club for long. As billionaires' wealth increased 3 times faster in 2024 than in 2023, 5 people will have the title of billionaire in the next decade, according to the latest survey by Oxfam, dealing with the fight against poverty.
Meanwhile, due to a number of external factors specified as climate change and conflicts, the number of people surviving in utmost poorness has barely changed since 1990. Almost 700 million people, or 8.5% of the planet population, presently live for little than $2.15 a day.
The study besides shows that Donald Trump's election as president of the United States in November 2024 translated into a massive increase in billionaire assets, and his aggressive pro-rich policy is likely to further exacerbate inequality. In its latest study on poverty, the planet Bank estimates that if current growth continues and inequality persists, poorness will be overcome over a century. You can safely say that we have already lost this fight.
Before moving on, it is worth mentioning the main origin of wealth. There is now strong conviction – supported by the media and Hollywood – that accumulation of wealth is simply a reward for natural talent. But this belief is wrong.
"Most of the wealth of billionaires is taken, not earned. 60% comes from inheritance, co-motivation and corruption or monopoly," Oxfam writes in a shocking report. Rich families pass billions of dollars a year, creating a “new aristocratic oligarchy”, which gained large power in our politics and economy, warns the organization.
Over the next fewer decades, assets worth over $5 trillion are expected to be passed on from generation to generation, and a tiny condition of them will be taxed, as the rich have many resources to defend their assets from tax.
Today, 10 percent of the richest people in the planet have more than 85 percent of global wealth.
Perhaps it is not a coincidence that only a fewer days before Tesla's shareholders agreed to pay a trillion dollars for their president, fresh York City residents elected a socialist as mayor. Zohran Mamdani, a associate of the Democratic Socialists of America, won the position of leader in the large Apple, promising a number of incentives to the fresh Yorkers, including the freezing of rents, free buses and providing access to childcare for all city residents.
The common cry heard at Mr. Mamdan's political rallies was "Tax the Rich!" Indeed, taxation of rich people does not seem to be a very extremist idea, given the full fresh Muska wage package.
Yet, even the Vatican was alarmed about excessive wealth creation.
In September, Pope Leon XIV stated that the main origin contributing to global tensions is the "permanent widening gap between the level of income of the working class and the money that the richest receive".
"Presidents who could gain 4 to six times as much as employees 60 years ago... 600 times more [currently]," said the Pope in parts of the interview given to the Catholic paper Crux.
“Yesterday, the news came that Elon Musk would be the world’s first billionaire. What does that mean, and what does that mean? If it is the only thing that has 1 more value, then we have a continuation...”
The elephant in the release of obscene creation is the power of millions of people who are crushed in this new, courageous army that requires many specialized method skills to obtain. Meanwhile, well - paid jobs vanish through artificial intelligence. Will a handicapped individual yet go out on the street erstwhile billionaires become billionaires overnight? Will there shortly be witnesses to the left-wing run “Obcee Wall Street” (17 September – 15 November 2011), which happened earlier after the large Recession or, God forbid, the large Depression?
Protests on the way to violation are inevitable, seem improbable that the superriches have a threat that occurs in time. A fast glance at the communicative that the “poor” proved to be an accusation against the main ones—especially in 1916, after announcing that John D. Rockefeller was the world's first billionaire—with fewer exceptions which were passed on from the formed unions, which mostly became a relic donated.
Taking all into account, Elon Musk most likely has nothing to punish erstwhile his wage exceeds $1 trillion, but legal refreshing, which concerns compliance with legal law in relation to charitable activities. A new, solid taxation code for global billionaires is simply a right and appropriate bearing.
The statements, views and opinions expressed in this column are simply the views of the author and do not necessarily reflect the views of the RT.
Translated by Google Translator
source:https://www.rt.com/news/627792-brave-new-world-trillionaires/
