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thinkahol *

The Blog : How Rich is Too Rich? : Sam Harris - 0 views

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    I've written before about the crisis of inequality in the United States and about the quasi-religious abhorrence of "wealth redistribution" that causes many Americans to oppose tax increases, even on the ultra rich. The conviction that taxation is intrinsically evil has achieved a sadomasochistic fervor in conservative circles-producing the Tea Party, their Republican zombies, and increasingly terrifying failures of governance. Happily, not all billionaires are content to hoard their money in silence. Earlier this week, Warren Buffett published an op-ed in the New York Times in which he criticized our current approach to raising revenue. As he has lamented many times before, he is taxed at a lower rate than his secretary is. Many conservatives pretend not to find this embarrassing. Conservatives view taxation as a species of theft-and to raise taxes, on anyone for any reason, is simply to steal more. Conservatives also believe that people become rich by creating value for others. Once rich, they cannot help but create more value by investing their wealth and spawning new jobs in the process. We should not punish our best and brightest for their success, and stealing their money is a form of punishment. Of course, this is just an economic cartoon. We don't have perfectly efficient markets, and many wealthy people don't create much in the way of value for others. In fact, as our recent financial crisis has shown, it is possible for a few people to become extraordinarily rich by wrecking the global economy. Nevertheless, the basic argument often holds: Many people have amassed fortunes because they (or their parent's, parent's, parents) created value. Steve Jobs resurrected Apple Computer and has since produced one gorgeous product after another. It isn't an accident that millions of us are happy to give him our money. But even in the ideal case, where obvious value has been created, how much wealth can one person be allowed to keep? A trillion doll
thinkahol *

Economic Expansion and Proper Redistribution of Wealth - Associated Content from Yahoo!... - 0 views

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    The forest was in chaos. Parts of it were burning and the food was scarce. Remembering how wonderful the forest used to be, various animal groups sent ambassadors to a very ancient owl. The wise owl remembered historical cycles and hopefully had clues on how to reset the forest so it could be productive again. They gathered by the gargantuan oak tree where the owl lived.
thinkahol *

Is Capitalism Doomed? - Nouriel Roubini - Project Syndicate - 0 views

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    Karl Marx was right, it seems, in arguing that globalization, financial intermediation run amok, and redistribution of income and wealth from labor to capital could lead capitalism to self-destruct. So what can be done to prevent that outcome?
thinkahol *

The Xtremes: Subversive Recipes for Catastrophic Times | Common Dreams - 0 views

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    "In just a few short months, we've witnessed people power in action. From the Middle East to the Midwest, movements have risen up to overturn tired dogma and challenge entrenched power. Many of us were inspired by these events. And many of us were surprised. Perhaps we were growing skeptical that people power could still work. Maybe we had forgotten a vital fact about our world: that bold citizens, united around a common mission, can still come together to create major change against enormous odds." - 350.org (April 7, 2011) "Even when people are willing to take action in concert to redistribute the pie, whether by Gandhian mobilization or use of force, this may resonate falsely, for the pie is disintegrating. Its recipe and ingredients are obsolete. And freedom attained in harsh austerity, characterized by intense competition for food, will be doubtful or of little comfort." - Jan Lundberg ("Social Justice Activists Must Take Into Account Ecological, Cultural, and Economic Transformation")
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