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Monday, November 1, 2010

USA: Top Heavy and Fallin

Hey Barry:

So, exactly where are we as a country today? It's a big question. And, the answer is not good Barry.

Basically we are a two class society, Barry.

The top 20% of RICH folks own 93% of the USA's financial wealth - total wealth less value of the house.

Read it here: http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

Let me repeat that: the RICHEST 20% own 93% of total wealth.

Barry, most of the time 93% means ALL OF IT.

You an me - we aint got squat.

Let's look ahead and see what is likely to happen.

This condition cannot continue as it is.

Something's gotta give. We gonna tip over.

Where will we be after we fall, Barry? That's the question.

As an indication, I'm going to quote Kevin Phillips from his book WEALTH AND DEMOCRACY, 2002. Let's see if you can guess what country and time he is describing. Oh, I will change a few words here and there:

The country had "...come to be an extreme contrast of rich and poor...Our condition is one in which we have rich who loll at ease, or poor who beg, and we a lack middle class whom neither wealth nor poverty prevents their pursuing the rightful kind of business...."

This could describe San Francisco yesterday. Or England in the 1900's.

But it actually describes Spain in 1600 [Martin Gonzalez de Cellorigio]. Shortly after that was written Spain ceased to be an international power and was relegated to second class status as a country.

That's our future Barry.

The only way out is to change the income and wealth distribution so that we have a middle class.

Your pal,

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