Capitalism's Dirty Little Secret


	Capitalism's Dirty Little Secret

baydawg

7-2-2009 5:01 PM

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tags:

capitalism, failure, income inequality, gini coefficient, wages, income

baydawg says:

income inequality as the source of our over-indebtedness

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/6b5b3aa3-3b7b-40ed-80c5-bb89c63f69d7/DA9033E0-7D85-4A02-921A-5CB0C4E45286/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://globalguerrillas.typepad.com/globalguerrillas/2009/07/journal-capitalisms-dirty-little-secret.html" href="http://globalguerrillas.typepad.com/globalguerrillas/2009/07/journal-capitalisms-dirty-little-secret.html" style="font-size: 11px;">globalguerrillas.typepad.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://globalguerrillas.typepad.com/globalguerrillas/2009/07/journal-capitalisms-dirty-little-secret.html">Just why is there so much debt in the Anglo-Saxon world? </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://globalguerrillas.typepad.com/globalguerrillas/2009/07/journal-capitalisms-dirty-little-secret.html">The answer is capitalism’s dirty little secret: <STRONG>excessive lending was the only way to maintain the living standards of the vast bulk of the population at a time when wealth was being concentrated in the hands of an elite</STRONG>. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://globalguerrillas.typepad.com/globalguerrillas/2009/07/journal-capitalisms-dirty-little-secret.html">According to Société Générale economists, <STRONG>the inflation-adjusted income of the highest-paid fifth of US earners has risen by 60 per cent since 1970, while it has fallen by more than 10 per cent for the rest</STRONG>. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://globalguerrillas.typepad.com/globalguerrillas/2009/07/journal-capitalisms-dirty-little-secret.html">the Walton family, of Wal-Mart fame, is wealthier than the bottom third of the US population put together – about 100m people.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://globalguerrillas.typepad.com/globalguerrillas/2009/07/journal-capitalisms-dirty-little-secret.html">These are staggering statistics, confirmed by measures such as the US and UK’s ever-rising Gini coefficients, which estimate income disparity.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/DA9033E0-7D85-4A02-921A-5CB0C4E45286/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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