So much of the world remains relatively poor that it has taken a net worth of just $US3210 (NZ$4702) this year to be among the wealthiest half of all world citizens, according to Credit Suisse’s Global Wealth Report 2015.
But it doesn’t take obscene amounts of money to be among the wealthiest of the world’s 7 billion citizens. Once debts are subtracted, you need $US759,900 ($NZ1,113,325) to be in the top 1 per cent, the report found.
So what is the future?
At the current 1% p.a. increase the top 1% are increasing their wealth by, we will eventually run out of a practical level of money to use in daily life by about 2030-35. No point accepting dollars if nobody can give change or accept the dollars proffered.
How will mortgages be paid? – Bushels of goods or credit notes for lattes?
How do you get paid?
The announcement of a bank version of Bitcoin came last week. Perhaps an answer?
I think not.
If the citizenry decides to expand the ‘Green dollar’ or ‘Barter dollar’ then no tax gets paid, no hospitals built and no public services provided.
If we are all forced to use the new fangled electronic currency then the Government gets it’s share and we are trapped in a system run by banksters, ostensibly for the Government but, as per the Federal Reserve, all benefit will be to the owners, not the clients. This would be an ideal time to nationalise the monetary system to avoid the banksters creaming off a large share – not going to happen.
Bill Gates returning his money to society is happening but he is a rare example of the 75 million in the ‘Top 1%’ and they have fought tooth and nail to acquire the wealth and will never relinquish it. These are generationally rich, not recent rich like Buffett and Gates, so don’t expect a trend to altruism.
A revolution? – Didn’t work well for the French economy last time.
We could revert to ‘Municipal’ currencies for a while – Money created and traded only in localised economies. It makes sense to have money created, taxed and used in the same area. The vox populi will reign supreme and money spent according to the wishes of the people. Trouble is, no ability to leverage the currency through borrowing which limits growth and consigns the municipality to a ‘Third World’ existence. Errr, not an easy idea for those with satellite dishes.
The most likely is the ever increasing issuance of credit as per the USA’s recent example of lifting the debt ceiling every 6 months. It needs a PR makeover to become as acceptable as Halloween.
The 1% use this income to fund their lifestyle whilst grabbing every asset possible. Water, land, telecoms, food – All ‘rented’ eternally. The modern day serf is born again.
You receive a subsistence lifestyle in exchange for eternal loyalty to the landowner and the charade of tithing, taxation and wages continues. When you work it all out, we, the 99% spend 40 hours working for faceless companies in exchange for a house, car, food and a little spending money which goes back to the 1%.
Sadly, the majority of the 99% are oblivious to the loss and kept happy with episodes of garbage tv.
After all – Debt is just a concept dreamed up by the 1% to bring on enslavement of the 99%.