Wealth doesn’t trickle down – it just floods offshore, new research reveals
The world’s super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad – a sum larger than the entire American economy.
James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, has conducted groundbreaking new research for the Tax Justice Network campaign group – sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts to construct an alarming picture that shows capital flooding out of countries across the world and disappearing into the cracks in the financial system.
Duke Energy CEO will receive a $44 million payout despite resigning on his first day
Nice work if you can get it.
Lucy Eldine Gonzalez Parsons (born c. 1853 – March 7, 1942) was an American labor organizer and radical socialist. She is remembered as a powerful orator. Described by the Chicago Police Department as “more dangerous than a thousand rioters” in the 1920s, Parsons and her husband had become highly effective anarchist organizers primarily involved in the labor movement in the late 19th century, but also participating in revolutionary activism on behalf of political prisoners, people of color, the homeless and women.
“Out of Balance” (from Mother Jones)
As seen in Maddow! (Also there’s like a zillion* more charts where that came from.)
*We rounded up.
Source: thesmilingfish
Above all, capitalism wastes human life. The U.S. spends billions to warehouse 2 million people—many of them young Black and Latino men—in overcrowded prisons. It provides sub-par education to millions of poor students, sending a message that their lives will amount to nothing.
Are people homeless in America because there’s a shortage of homes? And if that’s the case, is there a shortage of homes because we don’t have the concrete, the wood and the steel to build them?
The truth is that under capitalism, there’s no incentive to build low-cost housing for the homeless—because it isn’t profitable to do so.
The same goes for the more than 800 million people in the world who go hungry. It isn’t profitable to feed them. So food is stockpiled or destroyed rather than distributed to them.
Source: jayaprada
