[P2P-F] Old Hat Thinking, and Understanding............................................

Mon Feb 4 14:31:27 CET 2013

Monday, 4 February 2013 

Profits of World's 100 
Wealthiest Could End Poverty Four Times Over: Report   

A short comment by the blogger preceeding the 
main article.

Re: Old Hat Thinking, and Understanding.

The old 
redistributionist argument for the gaining of financial wealth via taxation is 
laudable as far as it goes. However, it is often  very difficult to achieve 
especially in connection with tax "avoidance" by corporations. Morever, we need 
more intelligent, and visionary thinking which could become practical reality 
with the help of relevant experts. Here, one refers to the development of 
Transfinancial Economics. In such a "futuristic" system in its more advanced 
stage,  it would be possible to create new money electronically without fear of 
serious inflation, and currency devaluation. In present day  economics, interest 
rates, and tax rises are the basic means to try, and achieve "control" over 
inflation. With advanced stage TFE, direct electronic means would probably be 
more effective, and powerful to achieve this, and would not seriously damage the 
Free Market Price in the present capitalist system. The implications of this are 
far-reaching for the social, economic, and political development of the world. 
It could also end poverty as there would always be the funding at the ready. 
Using redistribution is the hard way to achieve all this. Whether we like it, or 
not the rich, and the super rich will fight to ensure that they can keep as much 
of their profits as possible. Advanced stage TFE ultimately  goes beyond the 
usual "obssession" of redistribution, and offers the possibility of financial 
easing for many socio-economic project without using earned money, and/or earned 
tax money all the time.

http://www.p2pfoundation.net/Transfinancial_Economics

The 
following text is on the subject matter of the main 
article

RS

Jon Queally's ZSpace Page / ZSpace

The profits of the world's one hundred most wealthy 
individuals last year would be enough to wipe out world poverty, says a new 
report. And not just once over, or twice over, but the vast amount of money that 
has flowed to the top of the world's financial food chain would be enough to 
eradicate the worst kind of poverty a full four times over. 
Such an explosion in extreme wealth and income 
inequality represented by these numbers is exacerbating and hindering the 
world’s ability to tackle poverty, warns international aid group Oxfam International 
in a new analysis published ahead of the World Economic Forum starting in Davos 
this week. 
According to the report, ‘The cost of 
inequality: how wealth and income extremes hurt us all,’ the $240 
billion net income in 2012 of the richest 100 billionaires would be enough to 
eliminate extreme poverty four times over. In releasing the report, Oxfam is 
calling on world leaders to curb today’s income extremes and commit to bringing 
back inequality levels to at least those experienced in the early 1990's. 
“Concentration of resources in the hands of the top 
one per cent depresses economic activity and makes life harder for everyone else 
– particularly those at the bottom of the economic ladder," said Jeremy Hobbs, 
Oxfam's executive director. 
“We can no longer pretend that the creation of 
wealth for a few will inevitably benefit the many – too often the reverse is 
true," he said. “In a world where even basic resources such as land and water 
are increasingly scarce, we cannot afford to concentrate assets in the hands of 
a few and leave the many to struggle over what’s left.” 
In addition, Barbara Stocking, Oxfam's chief 
executive, says the world's extremity of wealth inequality 
is "economically inefficient, politically corrosive, socially divisive and 
environmentally destructive". 
Oxfam is calling for a 'new global deal' which 
would stabilize the world's economic systems and bring equality back in way that 
would benefit all humanity. 
“From tax havens to weak employment laws, the 
richest benefit from a global economic system which is rigged in their favour. 
It is time our leaders reformed the system so that it works in the interests of 
the whole of humanity rather than a global elite.” 
The group estimates that closing tax havens – which 
hold as much as $32 trillion or a third of all global wealth – could yield an 
additional $189bn in additional tax revenues. In addition to a tax haven 
crackdown, elements of the "global new deal" Oxfam envisions would 
include: 
	* a reversal of the 
trend towards more regressive forms of taxation; 
	* a global minimum 
corporation tax rate; 
	* measures to boost 
wages compared with returns available to capital; 
	* increased 
investment in free public services and safety nets.  
According to Al-Jazeera: 
The group says that the world's richest one percent 
have seen their income increase by 60 percent in the last 20 years, with the 
latest world financial crisis only serving to hasten, rather than hinder, the 
process. 
"We sometimes talk about the 'have-nots' and the 
'haves' - well, we're talking about the 'have-lots'. [...] We're anti-poverty 
agency. We focus on poverty, we work with the poorest people around the world. 
You don't normally hear us talking about wealth. But it's gotten so out of 
control between rich and poor that one of the obstacles to solving extreme 
poverty is now extreme wealth," Ben Phillips, a campaign director at Oxfam, told 
Al Jazeera. 
________________________________

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