Press-Republican

FYI...

January 26, 2014

World's richest 85 people now worth same amount as poorest 3.5 billion

NEW YORK — Global capitalism, we have a problem.

We've long known that life isn't fair and that the world's wealth is unevenly distributed. But the latest factoid from Oxfam on global poverty and inequality is breathtaking. In a new report, the nonprofit reports that just 85 people - the richest of the world's rich - hold as much wealth as the poorest 3.5 billion. That's half the world's population.

In other words, the top 0.00000001 percent are worth as much as the bottom 50 percent combined. The top 1 percent, meanwhile, control nearly half the world's wealth, or 65 times as much as the world's less-fortunate half.

On a country-by-country basis, the filthy rich have only been getting richer. Between 1980 and 2012, the wealthiest 1 percent increased their share of the spoils in 24 of the 26 countries Oxfam surveyed. This includes the United States, where the wealthiest 1 percent have captured 95 percent of all economic growth since the financial crisis of 2009, while the bottom 90 percent have gotten poorer.

Oxfam's concern is not just that half the world's population could be bought and sold by a group of individuals who could fit in a single large boardroom. It's that this staggering disparity creates a vicious cycle. From the nonprofit's report:

Oxfam is concerned that, left unchecked, the effects are potentially immutable, and will lead to "opportunity capture" - in which the lowest tax rates, the best education, and the best healthcare are claimed by the children of the rich. This creates dynamic and mutually reinforcing cycles of advantage that are transmitted across generations.

Good luck, you half of the world's people who hold less than 1 percent of its wealth. May the odds be ever in your favor!

 

 

1
Text Only | Photo Reprints
FYI...
  • Facebook tests button to let people shop from its website

    Members on desktop computers or mobile devices can click a "buy" button to make purchases through advertisements or other posts on the world's largest social network, the Menlo Park, California-based company said Thursday in a blog post.

    July 27, 2014

  • Wal-Mart to cut prices more aggressively in back-to-school push

    Wal-Mart Stores plans to cut prices more aggressively during this year's back-to-school season and will add inventory to its online store as the chain battles retailers for student spending.

    July 26, 2014

  • An oncologist uses scorpion venom to locate cancer cells

    Olson, a pediatric oncologist and research scientist in Seattle, has developed a compound he calls Tumor Paint. When injected into a cancer patient, it seems to light up all the malignant cells so surgeons can easily locate and excise them.

    July 25, 2014

  • An alternative diagnosis to ADHD: Schoolchildren need more time to move

    The Centers for Disease Control and Prevention tells us that in recent years, there has been a jump in the percentage of young people diagnosed with attention deficit and hyperactivity disorder, commonly known as ADHD: 7.8 percent in 2003 to 9.5 percent in 2007 to 11 percent in 2011.

    July 24, 2014

  • Hospitals let patients schedule ER visits

    Three times within a week, 34-year-old Michael Granillo went to the emergency room at Northridge Hospital Medical Center in Los Angeles because of intense back pain. Each time, Granillo, who didn't have insurance, stayed for less than an hour before leaving without being seen by a doctor.

    July 23, 2014

  • Why it's basically impossible to delete those naked selfies you text

    If you're selling an old Android smartphone on an online auction site, you could be giving away rather more than you intend to, according to a recent investigation by anti-malware company Avast.

    July 21, 2014

  • Why does the Vatican need a bank?

    The Vatican Bank's history reads more like Dan Brown than the financial pages, but its worst -- and weirdest -- days may be behind it.

    July 18, 2014

  • Almost half of the world actually prefers instant coffee

    Americans' taste in coffee might be getting more high-end _with a growing fixation on perfectly roasted beans, pricier caffeinated concoctions, and artisan coffee brewers - but it turns out a surprisingly big part of the world is going in the opposite direction: toward instant coffee.

    July 17, 2014

  • ent_taylorswift.jpg There's less good music now — here's why

    Taylor Swift, the seven-time Grammy winner, is known for her articulate lyrics, so there was nothing surprising about her writing a long column for The Wall Street Journal about the future of the music industry. Yet there's reason to doubt the optimism of what she had to say.

    July 14, 2014 1 Photo

  • Can plants hear? Study finds that vibrations prompt some to boost their defenses

    They have no specialized structure to perceive sound as we do, but a new study has found that plants can discern the sound of predators through tiny vibrations of their leaves - and beef up their defenses in response.

    July 12, 2014