Inequality and instability are becoming a norm

in #economics5 months ago (edited)

We have a capitalism, that has the capacity to alleviate poverty here and now. And chooses not to do it! From my view, that is the most immoral act imaginable.


image source:theparadigmproject

The level of inequality in the United States is off the chart (at going back to the 19th century) and the level of inequality inside most other countries, from China to Britain - you name it... are likewise off the charts.

Some economists and politicians have called for a universal basic income (UBI) to provide a safety net to prevent poverty, although such schemes could prove expensive, while others argue that more targeted spending on the most needy would be more effective. There are also calls to improve funding for education and services instead.
source: theguardian

svet income poverty.JPG
image source:oecd

So we got capitalism producing an inequality and instability.It's pretty tuff to defend a system that works this poorly for the vast majority of people. Defenders say, it has reduced extreme poverty??

So what is treated as a poverty?

I have checked, and "extreme poverty" is a very fuzzy concept. the World Bank who keeps records of this stuff, has a definition of extreme poverty: that's when a human being lives on one dollar and ninety cents a day ....or less :)
More on link below.

source:worldbank

So if your income is more that $1.90 per day, seems like you are doing pretty ok. Looks like you can pay all your bills, credits, loans. Specially in cities like New York, Paris, London, Singapore, Zurich, Geneva, Osaka...

So... western countries have "no poverty" because of calculation that fits their own agenda. And even at that absurd level, it is admitted by the World Bank that today in the world, 700 million people live on $1.90 cents a day per person (or less).

Oh, and minimum wages should be always risen by the amount of real inflation. Every year. If that's not happening, that means the worker is losing financial power. In other words, worker is getting robbed.

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The thing we so often see is "creeping" inflation, which is never recorded anywhere. For example, my wife and I have homeowner's insurance. It went up 3% this year... fair enough.

But what's new is that paying it in installments... which was always free, before... now costs an additional $5.00 a month "convenience fee." But of course since this is not actually insurance premiums, and we DO have the option to pay cash, that extra $60 a year doesn't actually "exist." Except... it very much has to come out of our pocketbooks...

And that's just one small example.

Oh yeah , sure. Little bit here little bit there. I'm from south-central Europe, and we have 0 or negative interest rates. What that means is...more money you keep in your bank account, more money you lose. But Europe has around 7% consumer inflation. Little bit lower than US, but high non the less. If you look at my bank account,I give around 20 € per year to the bank because of negative interest rates. On the other side fees are going up and salaries stay the same most of the time. You can see it from far, what is happening....

Good thing we have Shadow Stats, not perfect but a better benchmark than the fake stats that get fed to the public.

Posted using Partiko Android

I really like it, because these graphs give you real view on the situation. And it gives you clear answer why and how.

Meanwhile, government and banks use inflation to steal from the public.

Meanwhile, government
And banks use inflation to
Steal from the public.

                 - kerrislravenhill


I'm a bot. I detect haiku.

Sure. Mostly banks. Governments are just the middlemen who are saying to the people what they are told to say from central banks. You may listen to people like Gregory Mannarino, Greg Hunter, Kim Iversen or sometimes even Mike Maloney. They all had detailed videos about how things actually work.

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You have good point here, must say. !BEER

Thanks for your comment. Means a lot.

You're welcome. But I'm in doubt that we can do something here.

One thing everyone could do (and I think still can for at least few months) , is "ride the wave" (while it still exists). What that means is, trade the stocks or indexes, because that's where all the money is going. The one that is disappearing from middle class, is going into stocks, big companies (for a decade now).

ha, jaz nimam kej prodat k nimam nobenih delnic/obveznic/whatever...no nekaj mam v kriptu...

gre se o dnevnem trgovanju, in ne rabiš jih že držat. Ob določenem času jih kupiš in ob določenem času jih prodaš. Poznam enega profi trejderja ki ti pove kdaj kaj naredit. Ti javim. Zdaj nimam časa. spomni me...


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