Friday, May 27, 2011

Stiglitz – 1% Controls 40% of US Wealth

As the Middle East clamours to be like America, An American professor is warning that America too is on its way to becoming like the Middle East.
In the words of Joseph Stiglitz, “As we gaze out at the popular fervor in the [Middle East], one question to ask ourselves is this: When will it come to America? In important ways, our own country has become like one of these distant, troubled places.“
Stiglitz, who is a professor at Columbia University. was fired as chief economist of the World Bank in 2000 for criticizing its policies. The article begins: It’s no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. ….In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably. “
After a lengthy fact-laden economic analysis that many may agree or disagree with, he reaches an incontrovertible conclusion: America is losing its famed pragmatism - the understanding that: looking out for the other guy isn’t just good for the soul–it’s good for business! In closing Stiglitz writes: “ The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn’t seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn. Too late.”
One thing Prof Stiglitz seems unaware of though: The top layer of the top 1% are not too dumb not to understand the points Stigltz is making! Might it be they simply want to create similar problems all over the globe, so they can eventually come out with their global solution? Institution of Global governance is simply the next card on the table. As James Paul Warburg put it in a statement made before the US Senate on Feb 7, 1950: "We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent." (

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