Eight billionaires 'as rich as world's poorest half'
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Re: Eight billionaires 'as rich as world's poorest half'
#2This kind of statistic is very deceptive and borderline dishonest. If you have no debt and one dollar to your name, congratulations, your are richer than the poorer half of the United States combined.
Also, by this logic, a homeless guy with no debt and a $10 bill in his pocket is better off than the Harvard Law grad at a prestigious law firm still paying off his student loans.
Re: Eight billionaires 'as rich as world's poorest half'
#3If we're worried about improving inequality, it would be helpful to have some historic data. I would assume if you went back 100 years it was far worse since much of the developing world (e.g. China, India) had far more poverty.
Re: Eight billionaires 'as rich as world's poorest half'
#4I like how these articles like to focus on the yacht and houses that represent at most 1% of their net worths, and don't focus on the 99% of it that is being put to use as investment capital.
Also, there's no doubt in my mind that the King of Saudi Arabia and Vladimir Putin have these 8 beat soundly in net worth, too.
Re: Eight billionaires 'as rich as world's poorest half'
#5I'm richer than the poorest two billion people in the world combined, and I'm an upper-middle-class programmer with some modest savings.
Please stop adding up the wealth of the poor: http://blogs.reuters.com/felix-salmon/2014/04/04/stop-adding...
Re: Eight billionaires 'as rich as world's poorest half'
#6This kind of statistic is very deceptive and borderline dishonest. If you have no debt and one dollar to your name, congratulations, your are richer than the poorer half of the United States combined. Also, by this logic, a homeless guy with no debt and a $10 bill in his pocket is better off than the Harvard Law grad at a prestigious law firm still paying off his student loans.
really? i always assumed most were just very poor, not net in debt.
Re: Eight billionaires 'as rich as world's poorest half'
#7I believe there's a fundamental assumption among many that with time, life is becoming better for all. Even if this is true right now, one day it will not be true.
Once no longer true, humanity is going to have to ask itself if the massive increases of inequality were worth it. Whether it's:
1. Global warming
2. Nuclear war
3. Mass unemployment
4. Resource depletion
Or something else, I suspect the effects of the "big event" in the future, once amortized to now will be so large, that all of the supposed progress we've made now is negligible, if not counterproductive.
The relevance to this particular article is that the eight billionaires "as rich as the world's poorest half" will have contributed 99.99% to what I refer to previously (compared to the poor half they're compared to), yet they and their descendants will be completely shielded from the worst of the effects.
How dystopian.
Re: Eight billionaires 'as rich as world's poorest half'
#8I like how these articles like to focus on the yacht and houses that represent at most 1% of their net worths, and don't focus on the 99% of it that is being put to use as investment capital. Also, there's no doubt in my mind that the King of Saudi Arabia and Vladimir Putin have these 8 beat soundly in net worth, too.
Vladimir Putin and King of Suadi Arabia will actually run for their lives if they are not in Power. They cling to power because that is the only way to enjoy their billions. All the money Putin or Sauds have put aside literally becomes void the day, they cede power to others.
Re: Eight billionaires 'as rich as world's poorest half'
#9This kind of statistic is very deceptive and borderline dishonest. If you have no debt and one dollar to your name, congratulations, your are richer than the poorer half of the United States combined. Also, by this logic, a homeless guy with no debt and a $10 bill in his pocket is better off than the Harvard Law grad at a prestigious law firm still paying off his student loans.
really? i always assumed most were just very poor, not net in debt.
I just looked it up and it's actually something like 20% of the US that has a negative net worth. Not half, but my point stands.
Re: Eight billionaires 'as rich as world's poorest half'
#10I believe there's a fundamental assumption among many that with time, life is becoming better for all. Even if this is true right now, one day it will not be true. Once no longer true, humanity is going to have to ask itself if the massive increases of inequality were worth it. Whether it's: 1. Global warming 2. Nuclear war 3. Mass unemployment 4. Resource depletion Or something else, I suspect the effects of the "bi…
You have to factor consumption into the 99.99% there. Bill Gates captured ~$100 billion in wealth. A phenomenal amount.
The US spent 30 times that amount on healthcare last year.