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Apparently, all right-minded people want the "if-you-want-your-taxes-raised-why-don't-you-send-the-IRS-a-bigger-cheque" meme finally dead and buried. All right, but before we bury it let's see if we can understand it. I think it's childishly simple once you recognize that two separate questions are involved. Would IRS donations by Warren Buffett and Stephen King make the tax code fairer? No. Would IRS donations by Warren Buffett and Stephen King help to remedy the inequity they say the tax code causes? Yes. In other words, Warren Buffett and Stephen King should write generous checks to the IRS and not shut up, but keep demanding the fairer system they say they want.

Obama plays a “long game.” The defining element of his global strategy is that it reflects the totality of U.S. interests — foreign and domestic — to project leadership in an era of finite resources and seemingly infinite demands.

For too many critics, the answer is almost always for the United States to do more of something and show “strength” by acting “tough,” though usually what that something is remains very vague. And doing more of everything is not a strategy.

The foreign policy debate, on the other hand, tends to be dominated by policy day traders — or flashy real estate developers — whose incentives are the opposite: achieving quick results by making a big splash, getting rewarded with instant judgments and reacting to every blip in the market.

He has spent the last four years writing a book that he hopes will forever change the way we view the superrich’s role in our society. “Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong,” to be published in hardcover next month by Portfolio, aggressively argues that the enormous and growing income inequality in the United States is not a sign that the system is rigged. On the contrary, Conard writes, it is a sign that our economy is working. And if we had a little more of it, then everyone, particularly the 99 percent, would be better off.

most Americans don’t know how the economy really works — that the superrich spend only a small portion of their wealth on personal comforts; most of their money is invested in productive businesses that make life better for everyone. “Most citizens are consumers, not investors,” he told me during one of our long, occasionally contentious conversations. “They don’t recognize the benefits to consumers that come from investment.”

Dean Baker, a prominent progressive economist with the Center for Economic and Policy Research, says that most economists believe society often benefits from investments by the wealthy. Baker estimates the ratio is 5 to 1, meaning that for every dollar an investor earns, the public receives the equivalent of $5 of value

Watson Institute published an estimate of the taxpayer dollars that will have gone into America’s war on terror from September 12, 2001, through fiscal year 2018. That figure: a cool $5.6 trillion (including the future costs of caring for our war vets)

On average, that’s at least $23,386 per taxpayer.

how could you even begin to put a dollars-and-cents value on the larger human costs of those wars

“The hero of my story,” Georgescu said to me “is America.” Over and over, he said, people who didn’t have any obvious reason to care about him helped him: the congresswoman who didn’t represent his parents’ district; the headmaster who’d never met him; the ad executives who mentored him.

All of them, he believes, were influenced by a post-World War II culture that (while deeply flawed in some ways) fostered a sense of community over individuality. Corporate executives didn’t pay themselves outlandish salaries. Workers enjoyed consistently rising wages.

Things began to change after the 1970s. Stakeholder capitalism — which, Georgescu says, optimized the well-being of customers, employees, shareholders and the nation — gave way to short-term shareholder-only capitalism

“Some ideas about how to make the world better require careful, nuanced thinking about how best to balance competing interests,” he began. “Others don’t: Billionaires are bad. We should presumptively get rid of billionaires. All of them.”

A billion dollars is wildly more than anyone needs, even accounting for life’s most excessive lavishes. It’s far more than anyone might reasonably claim to deserve, however much he believes he has contributed to society.

At some level of extreme wealth, money inevitably corrupts. On the left and the right, it buys political power, it silences dissent, it serves primarily to perpetuate ever-greater wealth, often unrelated to any reciprocal social good. For Mr. Scocca, that level is self-evidently somewhere around one billion dollars; beyond that, you’re irredeemable.

Companies, including grocery chains Trader Joe’s and Whole Foods, airport concession operators, local authorities and even a furniture company owned by the billionaire Warren Buffett have moved to control efforts to unionize as workers become increasingly concerned about workplace safety during the emergency.

“It’s a blatant anti-union letter,” said a Trader Joe’s employee in New Jersey who requested to remain anonymous for fear of retaliation. “It’s in bad taste and shows the greed this company has instead of taking proactive measures to keep the crew and customers safe.” A Trader Joe’s spokesperson told the Guardi

As workers on the frontlines of the coronavirus pandemic have organized protests and strikes, several employers have responded by stepping up attempts to oppose unionization, repeal workers’ rights won in bargaining, and fire workers en masse who had recently publicized intent to organize a union in their workplace.

Jack Bogle is ready to declare victory. Four decades ago, a mutual-fund industry graybeard warned him that he would “destroy the industry.” Mr. Bogle’s plan was to create a new mutual-fund company owned not by the founding entrepreneur and his partners but by the shareholders of the funds themselves. This would keep overhead low for investors, as would a second part of his plan: an index fund that would mimic the performance of the overall stock market rather than pay genius managers to guess which stocks might go up or down.

Not even Warren Buffett has minted more millionaires than Jack Bogle has—and he did so not by helping them get lucky, but by teaching them how to earn the market’s long-run, average return without paying big fees to Wall Street.

The mutual-fund industry is slowly liquidating itself—except for Vanguard. Mr. Bogle happily supplies the numbers: During the 12 months that ended May 31, “the fund industry took in $87 billion . . . of which $224 billion came into Vanguard.” In other words, “in the aggregate, our competitors experienced capital outflows of $137 billion.”

The world’s eight richest billionaires control the same wealth between them as the poorest half of the globe’s population

, Oxfam said it was “beyond grotesque” that a handful of rich men headed by the Microsoft founder Bill Gates are worth $426bn (£350bn), equivalent to the wealth of 3.6 billion people.

The development charity called for a new economic model to reverse an inequality trend that it said helped to explain Brexit and Donald Trump’s victory in the US presidential election.

Michael Cembalest, the chief investment officer of JPMorgan Chase, wrote in July of this year (in a clients-only newsletter obtained by Washington Post columnist Harold Meyerson) that “profit margins have reached levels not seen in decades,” and “reductions in wages and benefits explain the majority of the net improvement.” (Cembalest printed the latter quote in boldfaced lettering.) “US labor compensation,” he explained, “is now at a 50-year low relative to both company sales and US GDP.”

Citigroup analysts see the American postindustrial economy’s abandonment of fair play as an interesting fact to consider in formulating future investment strategies

“The upper classes of this country raped this country” is one of the more polite things that Morgan Stanley money manager Steve Eisman has to say on the eve of the 2008 sub-prime fiasco.

With more than 2 million Syrians already living outside their war-torn country and 1 million more expected to flee in the coming months, there is a growing protection gap. Indeed, a report (PDF) released in November by Harvard University shows that even Canada, which prides itself on being hospitable to refugees, has been systematically closing its borders to asylum seekers. Without a doubt, development-related aid is an important incentive to host countries, and providing sanctuary for vulnerable populations is just as vital, but what refugees need most is a legal status, which can be achieved only through a regional framework of protection and national asylum policies. The Bangkok Principles are a good start because they highlight the commitment among these states to develop a regional framework and national solutions to protect refugees, with the support of the international community. The U.S. must do its part and encourage the Middle East to build on these principles. Syrians deserve an organized and effective framework, and the risk of turning our backs is that Syrians, along with the Palestinians, will be wandering without a homeland. Galya Benarieh Ruffer is the founding director of the Center for Forced Migration Studies at the Buffett Center for International and Area Studies at Northwestern University and a public voices faculty fellow with the OpEd Project.  The views expressed in this article are the author's own and do not necessarily reflect Al Jazeera America's editorial policy. 180401 Join the Conversation Post a new commentLogin   c

Although the cause of Syrians fleeing their homeland today differs fundamentally from the flight of Palestinians in 1948, one crucial similarity is the harsh reception they are experiencing in neighboring countries. The tragedy of the Syrian refugee crisis is palpable in news stories and in the images of those risking their lives in rickety boats on Europe’s shores. More than one-third of Syria’s population has been displaced, and its effects are rippling across the Middle East. For months, more than 1,500 Syrians (including 250 children) have been detained in Egypt. Hundreds of adults are protesting grotesque conditions there with a hunger strike. Lebanon absorbed the most refugees but now charges toward economic collapse, while Turkey will house 1 million Syrians by the year’s end.

The surge of Syrians arriving in urban centers has brought sectarian violence, economic pressure and social tensions. As a result, these bordering countries, having already spent billions of dollars, are feeling less hospitable and are starting to close their borders to Syrians.

Tuna and Moskovitz were in their mid-20s in 2010 when they became the youngest couple ever to sign on to the Giving Pledge, the campaign started by Bill Gates and Warren E. Buffett to encourage the world’s billionaires to commit to giving away most of their wealth.

They had little experience with philanthropy, but they believed that the bulk of the money Moskovitz had made — estimated to be $8.1 billion by Forbes — should be returned to society in their lifetimes.

they have narrowed their interests to four major “buckets”: U.S. policy, global catastrophic risks, international aid and science. They plan to announce their first major gifts in early 2015 and eventually hope to scale up to give away hundreds of millions of dollars a year.

Beijing overtakes New York as new 'billionaire capital'

Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says.

Hurun found that Beijing had welcomed 32 new billionaires since last year, allowing it to vault past New York which it calculated only saw four new billionaires.

The country is ruled by the Chinese Communist Party, in a one-party system, making whoever occupies the highest positions in the party among the most powerful.

Power isn't just held by the politicians either -- influential businessmen and entrepreneurs, the pioneers of China's economic rise, are also fighting for a seat at the table.

the 19th National Congress of the Communist Party on October 18,

it is clear that human societies do not progress inevitably toward greater wealth. Creating the conditions in which self-interest will foster economic development is harder than optimistic Enlightenment thinkers believed. Economic growth is not predestined: Many countries have seen long-term declines in standards of living, as did Argentina in the twentieth century. Others, such as large parts of Africa, seem mired in strife and poverty. With even the United States and Western Europe facing economic stagnation, burdensome debt levels, unfavorable demographics, and rising global competition, it seems that sustained stability and prosperity may be the historical exception rather than the rule.

Why some societies stagnate while others thrive is the question addressed by economist Daron Acemoglu and political scientist James Robinson in Why Nations Fail: The Origins of Power, Prosperity, and Poverty.

differences, Acemoglu and Robinson argue, can all be explained by institutions. Long-lasting institutions, not short-term government policies, are the key determinant of societal outcomes. Development is not as simple as adopting a smarter set of economic policies: Instead, "the main obstacle to the adoption of policies that would reduce market failures and encourage economic growth is not the ignorance of politicians but the incentives and constraints they face from the political and economic institutions in their societies."

in 2018, the average pay of CEOs at America’s 350 top firms hit $17.2 million―an increase, when adjusted for inflation, of 1,007.5 percent since 1978.  By contrast, the typical worker’s wage, adjusted for inflation, grew by only 11.9 percent over this 40-year period.

In 1965, the ratio of CEO-to-worker’s pay stood at 20-to-1; by 2018 (when CEOs received another hefty pay raise and workers received a 0.2 percent pay cut), it had reached 278-to-1.  

average CEO pay in 2018 had increased by $5.2 million over the preceding 10 years.  This resulted in an average CEO-to-worker pay ratio of 287-to-1.

1,1831183Chuck Feeney has achieved his lifetime ambition: giving away his $8bn (£6bn) fortune while he is still around to see the impact it has made.

For the past 38 years, Feeney, an Irish American who made billions from a duty-free shopping empire, has been making endowments to charities and universities across the world with the goal of “striving for zero … to give it all away”

This week Feeney, 89, achieved his goal.

It’s 2022, and the coronavirus has at long last been defeated. After a miserable year-and-a-half, alternating between lockdowns and new outbreaks, life can finally begin returning to normal.

But it will not be the old normal. It will be a new world, with a reshaped economy, much as war and depression reordered life for previous generations.

Thousands of stores and companies that were vulnerable before the virus arrived have disappeared. Dozens of colleges are shutting down, in the first wave of closures in the history of American higher education. People have also changed long-held patterns of behavior: Outdoor socializing is in, business trips are out.

there’s something different about today’s tech titans, as evidenced by a rash of recent books. Reading about their apocalypse bunkers, vampiric longevity strategies, outlandish social media pronouncements, private space programmes and virtual world-building ambitions, it’s hard to remember they’re not actors in a reality series or characters from a new Avengers movie.

Unlike their forebears, contemporary billionaires do not hope to build the biggest house in town, but the biggest colony on the moon. In contrast, however avaricious, the titans of past gilded eras still saw themselves as human members of civil society.

The ChatGPT impresario Sam Altman, whose board of directors sacked him as CEO before he made a dramatic comeback this week, wants to upload his consciousness to the cloud (if the AIs he helped build and now fears will permit him).