A new Oxfam study shows that the 62 richest people own as much as the bottom half of the world’s population, some 3.6 billion people. It also shows that the top 1% own more wealth than the rest of the world combined. I take a look at the report and what’s causing this obscene level of inequality.
Capitalism fails the vast majority of people. The Global Financial Crisis of 2007 made this clear and the increasingly predatory and parasitic explosion of finance reaffirms this fact. We see this played out not just in Greece where the savagery of German finance capital crushes what little is left of the Greek social state, but also in the United States where President Obama’s “economic recovery” translates to wealth gains for the top 1% and increased economic precariousness for the rest. Average working class Americans see with unusual clarity the injustice in the current system. Continue reading