Why We Need to Confront the “Billionaires' Paradise”

(Photo: Charlie Schuck / Getty Images)

The concentrated wealth of the global plutocracy is the dark matter of the world economy: it is rarely glimpsed and difficult to measure, yet it reshapes everything around it. Two recent reports reveal ways corporations and the ultra-wealthy avoid taxes. In doing so, they offer a glimpse into this darkness. It’s time to “strike back” — not against wealthy individuals, but against oligarchy itself.

(Photo: Charlie Schuck / Getty Images)

The concentrated wealth of the global plutocracy is the dark matter of the world economy: it is rarely glimpsed and difficult to measure, yet it reshapes everything around it.

Two recent reports — the UBS/PwC report on the “new Gilded Age” of the international billionaire class, and the “Paradise Papers” released by the International Consortium of Investigative Journalists (ICIJ) reveal ways corporations and the ultra-wealthy avoid taxes. In doing so, they offer a glimpse into this darkness.

Together, these releases tell us a lot about the wealthy few who run the world.

We now know that the British royal family has been less than open with the people they rule, who preserve their dubious privilege to monarchy. And we have learned that, by investing in a Lithuanian shopping center as an end run around taxes, U2’s Bono may have finally found what he’s looking for.

But these reports also help us see how much we still don’t know about the powerful few. In an era when, according to the Institute for Policy Studies, only three Americans — Bill Gates, Jeff Bezos, and Warren Buffett — own more wealth than …read more

Via:: Truthout

      

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