The average earnings as a percentage of turnover by oil companies over recent years are around 5%.
The average earnings as a percentage of turnover by the banks and the manufacturers of pharmaceuticals are around 20 %!
So if you’re in need of $100,000 annual treatments for treatment for breast cancer, or if you’re an African with AIDS earning $1 a day, I hope you’ll be pleased that the drug manufacturers are doing so well.
Capitalism is nourished by growth. Without growth it cannot survive. It’s a function of the debt-based monetary system which requires growth to cover future interest commitments.
We cannot easily address climate change without threatening the capitalist system’s very existence. It could be done, but the status quo has its head up its backside and won’t acknowledge the extent of the problem.
Eventually things will change, the sooner that happens the better for your children.
This Academy Award winning documentary film narrated by Matt Damon is really important. If you wish to understand the full extent of the financial crisis and the cynical lying bastards who created it, you must watch this film. It was made in 2010 but is just as relevant today. These people have escaped all consequences and continue to plunder your assets with ever increasing avarice and to set up the next crash.
The link below is the best online version I can find. If the link is broken, have a version in my Dropbox right here
‘Inside Job’ provides a comprehensive analysis of the global financial
crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore, and China.
If everyone in the Western world watched this film there would be bloody revolution. My wife isn’t easily moved by the continual stream of information that I plague her with about the awful state of the world, unlike me, she’s a committed Christian and believes that man is incapable of ruling himself and that God will sort us out fairly soon. However, this academy award winning film stopped her in her tracks. She was stunned, astonished, outraged and profoundly depressed by it. Just as I was.
Maybe the deity should pull Her Divine Finger out.
How the Masters of the Universe betrayed us, how we paid, and how we’re still paying
Richard Wilkinson’s TED talk is a must see, it should be shown in schools, it should be understood by every voter, and by every politician and economist.
Inequality is one of the most important causes of the woes of the 21st century world. Its roots are embedded in our pernicious debt-based monetary system which allows the banking system to steal the wealth of the rest of us by charging interest on debt. That debt is created by banks, at no cost, out of thin air.
It’s worth noting that in the developed world, the most unequal societies are generally those of the English-speaking world and the most equal and most contented are in Scandinavia.
A year ago, The New Zealand Listener editorial “On the Road Again” waxed sceptical on inequality.
…Much is made, for example, of the gap between rich and poor, even to the extent of it being the subject of a partisan documentary presented by the all-purpose television guru Nigel Latta…
Sorry Listener, and your multi-billion dollar corporate owner, but Nigel, as a psychologist, is as qualified as anyone to understand the effects of inequality. More qualified than the hordes of economists, commentators, and politicians who’ve flogged the neoliberal dream for the last few decades and turned it into a nightmare for many. His argument holds water, apart from the fact that he doesn’t seem to know that the banks create most of their mortgage lending money out of thin air.
…Thus Winston Peters proposes to help families by removing GST from essential food items (an idea previously abandoned by Labour) and assures us that the $3 billion in lost revenue can be recouped by targeting tax dodgers, as if pursuing evaders has never been tried before…
Hello? Yes, Winston has had the opportunity to deal to the tax-dodgers before and hasn’t fronted. Politicians of all stripes keep promising to deal to the thieves but—just like their mates in the rest of the OECD—when they gain power it seems to go on the back burner.