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The Golden Rule: Those Who Have the “Gold” Rule By Michael Ferguson
The rich are getting richer, and the poor, poorer, what else is new? The top 1 percenters now own over 50 percent of the goodies:
“The wealthiest one percent owned 42.5 percent of global wealth in 2008, the bank reports.
“The downward trend reversed after 2008 and the share of the top one percent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter. According to our latest estimates, the top one percent own 50.1 percent of all household wealth in the world,” the report said.
“Global wealth inequality has certainly been high and rising in the post-crisis period,” according to the bank.
While the bottom half of adults collectively own less than one percent of total wealth, the richest ten percent owns 88 percent of global assets.
Last year saw 2.3 million people becoming new dollar millionaires. The total number of millionaires has increased to 36 million. “The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure,” Credit Suisse said.
The poorest 3.5 billion people, who account for 70 percent of the working age population, each earn less than $10,000 and account for just 2.7 percent of global wealth.
Global wealth now stands at $280 trillion, and this figure is likely to be over $340 trillion in five years. On average, each adult owns $56,540.”
Thus, Gates, Buffett and Bezos are richer than the poorest half of America combined. I imagine that this trend will continue until the 1 percenters own 100 percent of the wealth. Then, they will complain that that is not enough and want, more, more, give me more:
But, wait! Next to this article was this link:
AI on this line of thought will soon reach the singularity and surpass human intelligence, then multiple at infinite speed to become “machine god.” Ok, but will machine god be interested in financial accumulation, or even in life? Maybe super-advanced maths will be its thing, and it will want a quiet planet to do so? It may find the 1 percenters and us all irritating, and decide to clean away the human insects with human insecticide. That would be an ironic ending, wouldn’t it?
Of course, I jest, God would not allow the super-intellect to evolve and would be likely to roll in the long overdue Second Coming, that I notice some people are starting to get excited about. I certainly am, and hope to have a front row seat, as the way things are, it can’t be soon enough: