“The number of billionaires, and their accumulated wealth, on display at the World Economic Forum in Davos, Switzerland represents nothing less than a celebration of crony capitalism.”
UBS and PwC Billionaires Insights reports show that global billionaire wealth has grown from $3.4 trillion in 2009 to $8.9 trillion in 2017.
Compensation for chief executive officers in America’s largest firms is now 312 times the annual average pay of the typical worker, compared with about 200 times in 2009, 58 times in 1989 and 20 times in 1965, according to a 2018 report by the Economic Policy Institute.
24 But woe unto you that are rich! for ye have received your consolation.
25 Woe unto you that are full! for ye shall hunger. Woe unto you that laugh now! for ye shall mourn and weep.
26 Woe unto you, when all men shall speak well of you! for so did their fathers to the false prophets.
Prophets and priests (pastors) judge not the CAUSE of the fatherless, and the RIGHT of the needy; yet they prosper
Monetary inflation is affected by who gets the money and credit first and who gets it last. As fiat money is created by central banks, private banks are in a position to expand the amount of loans they make. The wealthy have established relationships with the banks, and they have the real estate and assets to provide collateral for the loans. Large, established companies and wealthy individuals are in favorable positions relative to small businesses and people with low or average incomes. The loans allow big companies and wealthy individuals to invest in capital goods during the boom phase of the business cycle. Central banks thereby create artificial inequality and poverty. This is the primary Cantillon effect of redistributing wealth.”
Thornton shows that the biggest winners come from the Federal Reserve and the bank system’s creation of newly created currency and credit are the U.S. Government, its large contractors, such as weapons manufacturers, big banks, and Wall Street. The losers are also revealed: the labor class consisting of private-sector workers, those on pensions or fixed incomes.
Review by Richard Duke on the Mises Institute website of the book: The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Dr. Mark Thornton
Isaiah 58:1: Cry aloud, spare not, lift up thy voice like a trumpet,..show their transgression, and their sins