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Sun May 27, 2012, 09:29 PM

The Poverty of Nations [View all]

There is plenty of wealth to go around in the world, but itís tied up in too few hands for democratic capitalism to operate efficiently for society at large. Thus, in order to maintain civil order, totalitarianism increasingly becomes a byproduct of this conundrum.

According to Forbes 2011 survey of billionaires, they hit all-time new records for total wealth and numbers (the total count of billionaires is 1,210), thanks to reverse Robin Hood taxation policies that impoverish government coffers, i.e., Federal Tax Receipts, whilst transferring those dollars, via a doctored tax code, into the pockets of tens of thousands of millionaires and billionaires. The total count of what Forbes refers to as High Net Worth Individuals is 871,000 people worldwide worth over $30 million each, implying total wealth of $26-to>$50 trillion; $26 trillion is nearly twice the size of the U.S. economy.

Wealth creation has increasingly become the key measurement of capitalismís efficacy ever since Adam Smithís magnum opus An Inquiry into the Nature and Causes of the Wealth of Nations (1776) aka: The Wealth of Nations, wherein he expounds upon how rational self-interest and competition lead to economic prosperity for society at large, American industry and government have been guided by these free-market principles. For over 200 years, with bumps & lumps along the way, prosperity reigned, and Adam Smith would be smiling. But, for reasons he describes within his own treatise, Adam Smith would be frowning today because of the sorry state of capitalistic nation-states.

Again and again, Smith warned the general public that a true laissez-faire economy could become a conspiracy of business and industry scheming to influence politics and legislation against the best interests of the consuming public.
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complete piece: http://www.ukprogressive.co.uk/the-poverty-of-nations/article18920.html

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limpyhobbler May 2012 OP
hrmjustin May 2012 #1
limpyhobbler May 2012 #3
devany May 2012 #2