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In 2018, according to Oxfam, 26 billionaires had as much money as the poorest half of the world. If that's true, what do you think will be the future consequences?

11 Comments

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Anger

7 ( +8 / -1 )

Imbalance. But here's the catch, money is only as good as the people and the government that recognize it. Imagine if one day the world decides that those paper bills you've been amassing isn't worth the paper its been printed on.

2 ( +3 / -1 )

A long overdue worldwide revolution.

5 ( +7 / -2 )

Makes me understand how they had social revolutions in the past in such countries as France, Russia, China, etc. This is very unstable and the rich are setting themselves up for a huge fall.

4 ( +6 / -2 )

Revolution, fighting for what you don't have.

0 ( +2 / -2 )

But here's the catch, money is only as good as the people and the government that recognize it. Imagine if one day the world decides that those paper bills you've been amassing isn't worth the paper its been printed on.

That wouldn't hurt the wealthy much, as little of their wealth is in cash, but it would wipe out the middle class people who carefully saved for their retirement or to start a business.

The wealth gap is going to bring some serious repercussions that most likely will make things worse for everyone. The wealthy know this better than anyone, and most have already taken steps to ensure they will still come out on top when the whole system collapses.

0 ( +0 / -0 )

Revolution is coming. That is why we read these reports about the ultra-rich building bunkers.

0 ( +1 / -1 )

Here's another statistic: I'm one person, and I have more money than 52% of Americans combined. How is this possible? Because 52% of Americans have more debt than they have savings. I could have $1000 saved and no debt, and I'm wealthier on paper than more than half of America combined.

Oxfam frequently measures poverty in skewed ways that make people who are far from destitute appear poor. In America, as one example, over half of people have less than $1000 in their savings accounts. Many of those people have decent jobs, homes, cars, cell phones, big-screen TVs, gaming systems, etc. They simply don't have a lot saved. If we have 100 million people with less than $1000 dollars saved, their combined net savings of $100 billion is still going to be far less than the combined net wealth of the 26 top billionaires. But are those 57% of Americans with less than $1000 in the bank destitute? No. They are mostly living comfortable, even opulent, lives by most historical and international standards.

The reality is that extreme poverty globally has recently fallen below 10 percent of the world's population for the first time. Over 60 percent of the world's population was in that category six or seven decades ago. Oxfam obsesses about what a few very rich people have, but they ignore the real and substantial gains that the poor have made around the world.

Broadcasting that the free market system has pulled billions of people out of poverty in recent decades is a lot less alarmist and would not get Oxfam nearly as many donations so that Oxfam execs can live their jet-set lives. (Do a quick web search on the perverted ways that wealthy Oxfam execs have used Oxfam money in Haiti and elsewhere in recent years. Hint: Jeffery Epstein didn't kill himself.) Oxfam has zero credibility.

-1 ( +0 / -1 )

Oxfam say and do a lot of things that are either untrue or immoral.

T'was ever thus - the rich get richer and the poor suffer.

The fever of money printing and the continued entrenchment of crony capitalism have both fuelled this trend.

0 ( +0 / -0 )

History tells us the result is members of the elite being frogmarched into courtyards and lined up in front of brick walls by the downtrodden. What comes next isn't a pretty site. Today's Davos Divas need to learn from history if they know what's good for them.

1 ( +1 / -0 )

I don't take Oxfam's PR for gospel. But clearly, a few persons have incredible fortunes. They already have too much political influence thanks to it.

members of the elite being frogmarched into courtyards and lined up in front of brick walls by the downtrodden

Use to be. Now, they can fly to Beyrouth before that happens.

0 ( +0 / -0 )

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