Piketty’s prophecy comes true: The planet’s middle class is rapidly going extinct

Lynn Stuart Parramore writes for AlterNet:

Piketty's prophecy comes true: The planet's middle class is rapidly going extinct ‘According to a new report, the richest one percent have got their mitts on almost half the world’s assets. Think that’s the end of the story? Think again. This is only the beginning.

The “Global Annual Wealth Report,” freshly released by investment giant Credit Suisse, analyzes the shocking trend of growing wealth inequality around the world. What the researchers find is that global wealth has increased every year since 2008, and that personal wealth seems to be rising at the fastest rate ever recorded, much of it driven by strong equity markets. But the benefits of this growth have largely been channeled to those who are already affluent. While the restaurant workers in America struggled to achieve wages of $10 an hour for their labor, those invested in equities saw their wealth soar without lifting a finger. So it goes around the world.’

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One response

  1. […] Oh. I get it. You’re referring to the Koch brothers, Congressional lobbyists, the military-industrial complex, Monsanto, Citibank, Morgan Stanley and those guys. Like what that French guy Piketty said, that the richest one percent are currently in possession of half the world’s assets — and the top 10% now own 87% of the world’s assets. And boy are the rest of us 99% gonna be pissed off when there is nothing left for us. Or, to quote Lynn Stuart Parramore, “In that case, fasten your seatbelts. This ride could get very rough.” https://stopmakingsense.org/2014/10/23/pikettys-prophecy-comes-true-the-planets-middle-class-is-rapid… […]

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