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UK’s Richest Worth More Now Than in 2008 April 29, 2012

Posted by Garibaldy in Britain, Capitalism.
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The BBC reports the news that the Sunday Times rich list of the 1,000 richest people in the UK reveals that they are worth more now than their predecessors in 2008. Their wealth has climbed 4.7% over the past year, and now stands at £414bn. I wonder how much tax they pay.

Remember, we’re all in this together. And trickle down economics works.

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1. que - April 29, 2012

This is good news because these innovators who amass wealth through old fashioned hard work will drive us onwards to achive even more.

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2. CL - April 29, 2012

More good news on the billionaire front:

Bloomberg reports that since the beginning of this year,-in just slightly less than 4 months-the wealth of the world’s richest 40 people has increased by a total of more than $88 billion.

“Since the beginning of the year, the 40 billionaires have gained a combined $88.2 billion. The combined wealth of the index is $1.1 trillion.”
http://inside.bloomberg.com/blog/2012/04/bloomberg-billionaires-index-doubles.html

This clearly shows that even in a time of austerity (made necessary by excessive government spending on social programs) individuals who increase work effort can enjoy increased rewards equal to their enhanced marginal productivity,-just as scientific, academic economics predicts.
Unions clamoring for more should take note.

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3. que - April 29, 2012

Was reading an article about various policies EU must follow to keep growth at potential.

Couldnt but think whats the purpose of keeping growth at potential if its rewards only ever go up.

There is a famous diagram of productivitg growth in the US and wage growth. the discrepancy is striking and for decades.

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4. EamonnCork - April 29, 2012

Gutted to have missed out again.

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Roasted Snow - April 29, 2012

I was thinking the same!

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5. Garibaldy - April 29, 2012

At this rate, we’ll all be billionaires this time next year.

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Jack Jameson - April 29, 2012

Of course, after all, doesn’t ‘a rising tide lift all boats’?

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6. CL - April 29, 2012

James K. Galbraith new book, ‘Inequality and Stability’

” the book shows that there are powerful, common, global forces behind the rise of inequalities worldwide.

Those forces are largely financial. And since the US is the seat of financial power, we have much responsibility for what happened during the great run-up of inequalities worldwide, especially from 1980 to 2000. Controlling those forces is therefore a first step.

But it’s also possible for countries to build institutions that restrain inequality at the national level: unions, social insurance, and minimum wages are key institutions of this kind. Countries that had those institutions in the first place, and kept them — or that have been building them in recent years, which is happening in South America, have done better.”
http://fdlbooksalon.com/2012/04/07/fdl-book-salon-welcomes-james-k-galbraith-inequality-and-instability-a-study-of-the-world-economy-just-before-the-great-crisis/

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7. makedoanmend - April 30, 2012

Enda can stick a meter on my trickle down spout. Feck all comin outa it these days.

On a more serious note, I’m sick and tired of yeese havin a go at them old poor billionaires and their political pals. I mean, what more do you want them to do for yeese? They’ve destroyed millions of good paying, productive jobs; made sure the labour markets are saturated; and literally stole 100s of billions of people’s pension money.

They did this outa of the kindness of their hearts so that yeese all would become laterday entreypenwhores. They create incentives and all yeese do is grouse. Where’s you’re fecking animal spirits?

Call that gratitude, cause I don’t.

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