If Only Robert Reich Knew Anything

We’re told that American capitalism is fixed:

You might say the $110bn man deserves this because he founded and built Amazon. But Amazon is a monopolist with nearly 50% of all e-commerce retail sales in America, and e-commerce is one of the biggest sectors of retail sales. In addition, Amazon’s business is protected by a slew of patents granted by the US government.

50% does not make you a monopolist. Further, it’s about 38%.…

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Ignorant Stupidity About Billionaires

If only people actually understood the subject under discussion:

I never expected to go viral just for saying billionaires shouldn’t exist
Lloyd Russell-Moyle

One useful point is that if government hadn’t progressively devalued the currency then we wouldn’t have billionaires. No one would be at the value of money of 1900 now, would they?

But more:

A tiny percentage of people have become super rich at the expense of everyone else.

It’s not at the expense of.…

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When is 3% More Than 97%?

When Rex Nutting says so, apparently.

“My own view is that most billionaires do create some value, but they generally take more than their share of money and power. Their wealth far exceeds their economic contributions.”

He insists that cronyism alone is the reason billionaires don’t deserve their wealth, but then fails to identify government as the root cause of it.

To be fair, he has at least correctly diagnosed the disease we suffer in the West (which is beyond most lawmakers) but then he goes on to misidentify the major culprits, gives some examples of their behaviour without any reference to the key factors, and finally finishes with a gruesome flourish like a weightlifter suffering a rectal prolapse.…

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Ocasio Cortez – Billionaires Immoral Because Jock Itch

Alexandria Ocasio Cortez continues to excite here. She’s arguing that a system which allows billionaires to exist is immoral because of jock itch. Not that she quite said that even if that’s the meaning of what she did.

For this ringworm is indeed jock itch. An infection carried by some 20% of the population at any one time. It is this very thing which shows that the current socioeconomic order is immoral:

Ocasio-Cortez: System that allows billionaires is ‘immoral’

Gosh, why’s that?…

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The Billionaires Are Stealing The Wealth Of The Rest Of Us

So The Guardian would have us believe as they breathlessly report on a wealth study from UBS. What is actually being shown is that the world is becoming richer. Therefore there are more billionaires – just as that increasing wealth also produces fewer poor people. That being the way it goes, poverty being an absence of moolah, if there’s more moolah around there will be fewer poor and more rich people. This isn’t the most difficult concept in the world but it does seem to escape many:

Billionaires made more money in 2017 than in any year in recorded history.

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