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Saturday, May 11, 2013

Capitalism is working... for some

The capitalists have never been richer. There’s never been greater productivity. Stock market prices are higher than at any time in history. So are corporate profits. There have never been so many rich individuals finding ways to minimize the tax they pay. $21-trillion a “conservative estimate” is held in offshore accounts in 2012, that’s about the size of the American and Japanese economies combined. There have never been so many corporations sitting on incomprehensibly vast sums of cash.


There are now 1,426 billionaires, 210 of them joining the club just in the last year. According to Forbe’s magazine, the mega- rich collectively own an estimated $5.4-trillion, equal to more than a third of the annual output of the American economy.

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