Moving from wealth inequality to WEALTH IN EQUALITY
“A fairer distribution of European wealth through structural financial market change.”
The dichotomy of our current European state of affairs, albeit, global state of affairs. On the one hand we have higher literacy rates than ever before in human history and access to information that before was reserved to university and municipal libraries is now at the touch of our fingertips. Whatever a person would like to know or learn is immediately accessible, no longer is information restricted to a certain privileged class. And yet, the vast majority of the world’s population is satisfied with “Bread and circuses”.
In 1944, German psychologist Theodor Adorno and sociologist Max Horkheimer (the Frankfurt School) spoke clearly about the social commercial deterioration that we are currently experiencing. How can constructive innovation, that is, value-based productive change, be possible if entertainment is not only a business but has become an all-consuming industry and culture has become a cheap commodity?
Can we really expect economic growth in such a climate?
In ancient Rome the poet Juvenal, spoke exactly about our current predicament stating that to govern people all you need is to give them “Bread and circuses”. That is to say, don’t let them go hungry because they will riot and give them entertainment because this gives the illusion that all is well, the perfect pacifier.
The underlying values of our society have shifted and with it we have lost the capacity for economic growth.
With the onset of the 2007 recession, the answer to the crisis was to “increase household spending”! The thought process of it’s advocates was the following, “if everyone continues to buy consumer products we will have the demand to continue to produce and therefore continue to keep the economy going.”
This “perpetual treadmill” that was devised by big business, fueled by greed, did not take into consideration that the health and well-being of the economy is a reflection of the financial health and well-being of the average consumer (interesting to note how we do not refer to people as citizens anymore but as consumers). We have brought ourselves as a society into a situation where the economy is viewed through the interests and well-being of big business not the average citizen. Therefore, legislation, regulation, oversight and governance, which is mandated to take care of the economy, is directed to serve the interest of big business and not the people because big business is the New Economy.
Governments have become stakeholders of big business. Large companies have become bigger and more powerful than entire countries. The yearly revenue, income statements and balance sheets of large global companies are better than the gross domestic product of most countries. These very same companies, in order to maintain their financial rating and improve profitability decrease their expenses by automating (sometimes called innovation) which means laying off people, the very people who make up the households that are supposed to increase their spending on consumer products to keep the economy/big business alive!!
The health and well-being of companies listed on our stock exchanges has become of primary concern to law makers and politicians because the power differential has changed. Mass global privatization that commenced in the 1980’s moved public assets and resources into private company hands, creating the mega-industry of finance where the accumulation of wealth is the primary daily objective. Utilizing the network of global stock exchanges, bankers began the process of “centralizing wealth” through mergers, acquisitions and IPO’s. This is why 10% of the world’s adults control 90% of it’s wealth.
So, what is the solution?
a network of decentralized interdependent regional publicly owned exchange facilities.
Where local and regional investors and traders provide the financing requirements for local and regional businesses.
The interdependent nature and structure of these regional exchanges provides for cross-border and inter-regional investment in addition to providing for the free-flow of capital from one regional exchange to another.
Each local and regional exchange is owned by the local citizens, making each exchange a public asset.
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