Don't Blame Millionaires for Wealth Inequality

[Ross]

Opinion
Don't Blame Millionaires for Wealth Inequality

NEW YORK (TheStreet) -- One of the principal accomplishments (already) of the Occupy Wall Street protest movement is that is has correctly focused our attention on the real enemy: the top 1%. It is very important that readers remain focused upon that point, because (as usual) the media propaganda machine is not only seeking to twist the facts, but to distort the actual issue itself.

There are two ways in which the media has been distorting this problem. One of these methods is extremely obvious while the other is much more subtle. Beginning with the obvious, we see the media attempting to twist the backlash against the top 1% into a much more muted initiative of taxing millionaires.

To understand how this dilutes and undermines the process of reversing the most egregious wealth inequality in all of history, we first must understand the nature of this inequality. In an interview on the BBC news program "Hard Talk," a Wall Street insider in the credit default swap market reveals there is more than $200 trillion in debt saturating the global economy.

Let's put this into perspective. Even with interest rates artificially suppressed for much of the world (most notably the U.S.), annual interest on this debt is somewhere in excess of $10 trillion per year. Given a global economy with a total GDP of close to $60 trillion, this works out to more than one out of every $6 of global economic activity wasted in paying interest to the bond parasites. It is debt slavery.


>>Tax the Rich Now: OECD
This is such a crippling debt load that if the global economy was one, single economic entity it would be on the verge of declaring bankruptcy. It has caused some, including Australian economist Steve Keen to call for a "debt jubilee." Readers not familiar with that term may have less trouble understanding my own previous label for that solution: a "bond-burning party."
Keen points out that simply "wiping the slate clean" has been history's one and only solution to the serial debt-crises caused every time that bankers acquire too much political/economic power -- and then bury the world in debts. This solution becomes more obvious as soon as we identify precisely who are these shadowy bond-parasites.

The rest of the story at:

http://www.thestreet.com/story/11332796/1/dont-blame-millionaires-for-wealth-inequality.html