The Global Super-Rich Stash: Now $25 Trillion

[marmar]

from Too Much: A Commentary on Excess and Inequality:



The Global Super-Rich Stash: Now $25 Trillion
November 12, 2011

Still another global financial analysis firm has just tallied how much net worth is sloshing around in the pockets of the world’s most spectacularly wealthy. So when will the time finally come to stop the counting — and start the taxing?

By Sam Pizzigati


In today’s astoundingly unequal global economy, banks can go either of two routes — or both — to bag ever bigger returns. They can squeeze the 99 percent with nuisance fees and penalties. Or they can cater to the richest of the rich.

But both routes have bumps. The 99 percent can squeeze back, as they did earlier this month when Americans by the tens of thousands shut down their Bank of America accounts to protest the bank’s $5 debit card greed grab. And the richest of the rich? To cater to these fortunates, you have to first find them.

That can be difficult. Fortunately, financial industry consulting firms have stepped up to help. These firms have started publishing annual global wealth surveys that pinpoint where banks — and luxury retailers and anyone else who wants in on top 1 percent action — can find “high” and “ultra high” net-worth individuals.

Last week, a new global firm — the Singapore-based Wealth-X — entered the global wealth survey fray, joining a crowded field that already includes Capgemini and Merrill Lynch, the Boston Consulting Group, Credit Suisse, and Deloitte LLP. ..........(more)

The complete piece is at: http://toomuchonline.org/the-global-super-rich-stash-now-25-trillion/

[fasttense]

1. This as obscene as the bushes bragging about authorizing the torture of US held POWs.

The whole F**king thing has got to come down.

[Turbineguy]

2. OK. I think I got it.

They only have to get three times as rich and they can cover the derivatives held by the Bank of America.

[saras]

3. If a depression would make THAT money worthless, it would be worth it

That money needs to either be taken from them by force, or divested of its value. Even if the value is utterly destroyed, 99% of us would be better off than we are with them in control of the wealth.

[bhikkhu]

6. The hitch is that the money is largely invested, rather than stuffed in mattresses

So the value of the money is not represented by stacks of paper that might be lost or destroyed, but by operating corporations, by real estate, and by economic activity. To destroy it you would have to collapse the value of property, shut down a good proportion of businesses, halt much of the country's economic activity, and wind up with a depression that would make today's hardships look like a blip.

I think an incremental approach is much more workable, such as you get with the progressive tax system and good social policies like the Europeans have. The first step might be protest and waking people up to the problem, but the next step is electing people to office who will do the right thing.

[PETRUS]

4. Kick. A nice observation in this article:

"The 12 lawmakers on this congressional super committee — six Republicans and six Democrats — are trying to trim $1.2 trillion off federal red ink over the next ten years. On their chopping block: Medicare, Social Security, and assorted other programs essential to the well-being of America’s 99 percent.

The super committee reporting-out deadline comes next week. No one knows how much budget-cutting pain the panel will be recommending. But panel members could actually avoid all that pain — and raise over $1 trillion in new money for investing in America — simply by subjecting all U.S. individual net worth over $30 million to a modest wealth tax."

[The Wizard]

7. The people with the excessive wealth

own key members of Congress and as such, legislation to level the playing field is impossible.
It may come down to pitchforks torches and rope. Let's hope reason can trump unmitigated greed.

[Magoo48]

5. Hope the 99 percent can find a way to greatly devalue their $ an revalue what we do.

[txlibdem]

8. $25 Trillion... ripe for the taking

Whose money do you suppose that is??? Do you think the Super Rich came by it through "hard work???" If you do then you are a bigger fool than I am.

Those moneys are yours. And mine and everyone else's on the planet. With $25 Trillion we could immediately begin to end fossil fuel use that is killing us and our planet; we could rebuild our cities with high tech public transportation and walkable, livable city plans; we could give Universal Healthcare to every human on the planet. Or we could launch a few lucky men to Mars and let them play golf and take pictures... the choice is yours.

The fact remains: that is our money and we should confiscate it as evidence in the trials of these super thieves, super con artists, super murderers. Period.