The Super Rich : We Are Their Slaves

By Chuck Collins
The Guardian

“At the back of every great fortune lies a great crime.”
—  Honoré de Balzac 

The wealth of America’s three richest families grew by 6,000% since 1982. Three US families have a combined wealth of $348.7bn. As their generations expand, we are are drifting toward a society governed by the rich. It hardly makes news any more that the US is becoming an extremely unequal country.

Each year new eye-popping statistics juxtapose the reality of decades of stagnant wages for half the country’s workers with today’s extreme concentrations of wealth and power.

The top three wealthiest billionaires in the US – Jeff Bezos, Bill Gates and Warren Buffett – now have as much wealth as the bottom half of the US population combined.

This is possible because the bottom fifth of US households are underwater, with zero or negative net worth. And the next fifth has so few assets to fall back on that they live in fear of destitution.

“We’re developing into a plutocracy,” said the former Federal Reservechairman Paul Volcker.

One troubling indicator that we are drifting toward a society governed by the wealthy is the expanding fortunes of multi-generational wealth dynasties.

The three wealthiest US families are the Waltons of Walmart, the Mars candy family and the Koch brothers, heirs to the country’s second largest private company, the energy conglomerate Koch Industries. These are all enterprises built by the grandparents and parents of today’s wealthy heirs and heiresses.

These three families own a combined fortune of $348.7bn, which is 4m times the median wealth of a US family.

Since 1982, these three families have seen their wealth increase nearly 6,000%, factoring in inflation. Meanwhile, the median household wealth went down 3% over the same period.

The dynastic wealth of the Walton family grew from $690m in 1982 (or $1.81bn in 2018 dollars) to $169.7bn in 2018, a mind-numbing increase of more than 9,000%.

This isn’t the normal physics of wealth in the US, where we’ve traditionally abhorred the idea of hereditary wealth and power. Since 1900, most grand fortunes have been dispersed by the time the great-grandchildren come around – hence the old adage: “Shirtsleeves to shirtsleeves in three generations.”

Usually wealth diminishes over multiple generations, as money is spent, passed down to heirs, given to charity and paid in taxes. Only when families aggressively intervene to arrest this cycle does wealth continue to expand over multiple generations, even as the number of heirs increases.

Several dynastic families have used their considerable clout to stage just such an intervention, spending millions to save themselves billions.

They’ve lobbied Congress to tip the rules in favor of dynastic wealth, including tax cuts and public policies that will further enrich their enterprises. In the early 2000s, the Mars, Walton and Gallo families actively lobbied to abolish the federal estate tax, a tax paid exclusively by multimillionaires and billionaires. The Koch brothers have since organized their famous donor network to lobby for tax cuts for the rich and to roll back regulations on the energy industry, the source of their wealth.

Others aggressively use dynasty protection techniques to hide wealth and transfer it to heirs. They hire armies of tax accountants, wealth managers and trust lawyers to create trusts, shell corporations and offshore accounts to move money around and dodge taxation and accountability.

For example, the casino magnate Sheldon Adelson, number 15 on the Forbes 400 list, has used complicated trust mechanisms to pass on $7.9bn to his children while avoiding $2.8bn in gift and estate taxation. Adelson recently broke spending recordson midterm elections, with more than $100m in campaign donations.

Not all the wealthy are focused on hoarding for the next generation. Warren Buffett, the third-wealthiest person on the Forbes list, decided not to give his children his immense wealth. Instead, he pledged his entire fortune to charity and contributing to the public good through paying taxes.

Instead of lobbying for tax cuts, Buffett testified before Congress in favor of expanded estate taxation. “Dynastic wealth, the enemy of a meritocracy, is on the rise,” Buffett told lawmakers years ago. “Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy.”

In the face of weakened tax laws and aggressive wealth hiding, we’re facing the emergence of widespread wealth dynasties. The French economist Thomas Piketty has warned that if we don’t intervene to reverse these dynamics, we’re moving toward a “patrimonial capitalism”, where the heirs of today’s billionaires will dominate our politics, culture, philanthropy and economy.

That’s a world none of us will want to be part of.

 

Source

23 thoughts to “The Super Rich : We Are Their Slaves”

  1. Once an elite gives itself over to the Jewish money power, it’s over. There is no more saving that system.

    Look at what happened to Europe, to the British Empire. The Germans and Russians managed to save themselves at the last moment, but they suffered tremendously and ended up fighting a huge war. The Jews suffered too, but they were not out of the game, and look how they have gone from strength to strength since then, capturing Israel and America.

    I’m afraid it’s over for America, guys. Most Americans, including white Americans, are clueless. They are all addicted to entertainment, they have no idea how deep the rabbit hole goes, and how tough this is going to get as it falls apart. Absolutely continue your preparations. Prepare and prepare, fight until your last breath.

    America will go down, and it’s going to take many Jews with it, or vice versa. China is going to be the next major power, because, whatever you think of them, they do want to try to lift up their people, and they crackdown on hostile elites. Many of whom end up in America and Canada, incidentally.

  2. One of the Walton granddaughters has a farm near me. Her seemingly unending projects and improvements keep many local workers and contractors busy. That kind of wealth is good for any local economy, and it is hard to differentiate the good impact from the bad, on the whole. Really rich people I have known are much the same. Just giving away wealth to those who would simply consume it for immediate needs does little to help sustain a society. Ultimately, it’s a “Catch-22”.

  3. We are not the slaves of the rich. If you propose to take away their fortunes with the aim of creating equality they will leave and take their fortunes with them, and then you will have equality,,,,, of the poor.

    Look at the lists of Philanthropists and charitable foundations. I think that most of today’s rich are fine. There are a few bad eggs, but most of them are fine.

    I would add that that I am not rich.

  4. The three “Super Rich” mentioned are ‘new-rich’ and pale in comparison to the ‘Super-Duper Rich’ Bankers and Crowns… who allow these three to perform and run interference for them. 🙂

  5. i am a relatively rich man but the downside of it is terrible: i am bored to death…. so bored i am afraid i am gonna turn evil.
    sigh.
    i miss the days when i enjoyed a homemade soup and having a beer or two with relatives who werent after me or my money like they are now.-

  6. There are many blacks that are wealthy including Oprah, JayZ, and hundreds of sports figures. They have multiple mansions and most have blond white wives. None live in the black ghettos, but choose lily white areas to build their homes. Wealthy blacks keep their distance from black high crime neighborhoods, and hire white employees. There are hundreds of black high society functions where beautiful white women serve the drinks. Its fun for all.

  7. Based on the lead picture, I would say nearly all — if not indeed all — have very fine front teeth and, by extension, very nice smiles. Where do they hide their respective castles, in the sky? I’d happily take up residence with any of them, perhaps eat and sleep in a closet, house size just fine. I’d also take out their trash for inspection, ever curious am i! None probably produces hardly any worth mentioning, except in whispers when staff and I meet later in one of their extravagant kitchens, munching on celery sticks and chewing luscious pieces of leftover filet mignon. Ah! To live the life of Riley — and not the one who blew his mind out in a car!

    1. They do not keep their money in a treasure chest, they invest it. I doubt if any of them have even 1% of their worth in cash. Those investments drive the economy, and we can only hope that these people, (who know how to make money) continue to do so; that rather than politicians squandering it on vanity projects such as Britain’s HS2 railway. $70 billion to reduce a journey by 20 minutes. God help us.

  8. I do believe the uber-rich masters feel much the same way about their ultra-rich masters as us hoi polloi feel about them. The old vicious cycle that never ends, trick.
    The more masterly the masters get, the more complete their insanity gets. Hot one, innit!

    And just look at who the ubers and ultras live and work and play with. Each other! (ouch)
    Not to mention their common and uncommon bidness associations.
    Their Hoodoo by any other name, that they do.

    No thanks, but thanks for asking..

  9. Dinero……..aaaah yes. Money. In the old days folks kept it in safes in their homes. Nowadays gotta entrust it with others……..banks, etc. Donaldo doesnt envy these mega-rich people. KEEPING that money…..cough, cough….is the (no pun intended)…..”million dollar” question. Money can allow luxury. But it can also creates lots of stress. High blood pressure. Heart disease. Donaldos Mexican wife can testify. She made her fortune throughout 40 years of running a successful shoe company in México. There have been countless occassions when Mexican banks have tried to cheat her. She has always had to monitor the banks as well as her investments. Very stressful. Anyway, Donaldos point is…….protecting your money is like protecting the virginity of your beautiful teenage daughter. Aint easy. Open a bank account. Go ahead. Later, does the money legally still belong to you or the bank? Señor Pat. Can you tell us? Gracias.

    1. “Later, does the money legally still belong to you or the bank? Señor Pat. Can you tell us? Gracias.”

      The currency – debt notes in BIS countries – belong to the named entity on the face of the notes.

      In US = Federal Reserve – Federal Reserve Notes printed on face. 🙂

  10. somebody tell this guy the plutocracy’s been in effect forever already…
    has he ever heard of monarchy?
    it makes you wonder, if the whole thing isn’t fake…
    the dems and their semi-commie sham equality-of-outcomes slave state…
    nobody with any grit is ever going to buy the baloney about the economy being the problem…
    when it comes to making a living, there’s never anything wrong with the economy…
    only things wrong with people too stupid and lazy and full of propaganda to go do it…
    but the fact is – the waltons and he rothschilds aren’t worried about the poor rising up, taking control and redistributing the wealth, not as long as they have the fake democrats, and well compensated, keeping them glued to their stupid asses…
    not that it couldn’t happen… but it won’t, not with the corporate slugs we have for congressmen and senators now… the rich will continue to get even richer, while the poor get smellier…
    i’ve seen people with ruined health suffer a lousey life for decades…
    from what i hear most of the money made in the usa now is ‘earned’ by capital…
    it’s all one big debt-mongering hedge-fund gouge-arama…
    and the debt-to-equity ration went upside down years ago…
    humanity will either figure out how to control capitalism for the best for everyone, or capitalism will mature into whatever it will naturally make of itself.. and it don’t look too good…
    “Not all the wealthy are focused on hoarding for the next generation. Warren Buffett, the third-wealthiest person on the Forbes list, decided not to give his children his immense wealth. Instead, he pledged his entire fortune to charity and contributing to the public good through paying taxes.”
    seriously bro – you believe that? what kind of charity has a million dollars?
    estate taxes? there shouldn’t be any estate taxes… you tax people’s wealth because they did the right thing with it, and want to leave it to their children? sounds like more bolsheviki commie bullshit to me…
    there’s not really a lot automatically wrong with aristocracy, which is what you get when some people have the brains to make fortunes and are able to pass their fortunes on to their offspring for generations without anybody blowing it along the line, splitting it up and selling it.. i call it mighty commendable…
    the fact is – the working class produces enough wealth every year that they could all take six months off…
    but it all gets sucked up by taxes to pay for the national debt owed as interest to the privately owned central jew bank, corporate welfare and bad government, war, crime, planned obsolescence, poverty, disease, dope, illegal immigrants….

    1. Never met a human who wasn’t a sellout given the opportunity. The Godfather had slaves that sold out their Goombahs for the opportunity to advance one notch up the gangster chain. Jake the Bull sold out John Gotti for a get out of jail card. Even the Pope jumped ship leaving his Argentine padres in the lurch. The list goes on and on eternally.

    2. The problem is that many, if not most, of these people got rich by trickery and insider dealing that would get normal people thrown in prison.
      They get protection fromnthe government and banks EXACTLY like the British tea company got from england.
      This type of elitist monopoly and “empire” that extorted everybody not connected at the top was EXACTLY what our founders fought a revolution to get rid of.
      And they won it.
      Then the glorious Confederates lost it when the snake reared its head again, but soon we will have to fight that perpetually bloodthirsty satanic cult of elitist globalists again.
      We better prepare and start networking like they do.

  11. Fred Trump, The father of Donald. He was a better savior to the Jews than Moses. Jew were being murdered and mugged in East New York, and Brownsville, Brooklyn, when along came Fred Trump to save them. He built Trump village in Brooklyn and sold thousands of apartments to Jews. The murders and muggings ended. Who needs a mythical Moses when you have a real Fred Trump.

  12. Isn’t death a wonderful thing? These stupid bastards accumulate all this wealth and after a few years croak and leave the world as spiritual bankrupts. No thanks!
    James Chapter 5 says it best
    “Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
    2. Your riches are corrupted, and your garments are motheaten.
    3. Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

  13. I noticed the Bush Pic in the article. So….

    Prince Charles, Queen Elizabeth and Pappy Bush Are Leaders in Child Trafficking

    (BY GOV’T SLAVES ON 11/02/2018)

    https://govtslaves.info/2018/11/02/prince-charles-queen-elizabeth-and-pappy-bush-are-leaders-in-child-trafficking/

    How Quickly We Forget!

    In July 1990, a Nebraska Grand Jury was convened to hear allegations that Lawrence King Jr., then manager of the Franklin Community Federal Credit Union and a rising Republican Party star, along with prominent Washington lobbyists, had set up a child prostitution ring in which minors were transported around the country and forced to have sex with King, other top officials, and according to victims who some allege they were later harassed into recanting the direct involvement of then-Vice-President Bush.

    On two occasions, I interviewed Nick Bryant, author of the book entitled The Franklin Scandal, in which he implicated Lawrence King Jr. in child sex trafficking. Bryant, too, implicated George H. W. Bush as being part of the network of the elite using child sex slaves. Amazingly, King was invited to sing the national anthem at the 1984 Republican convention in Dallas. The elder Bush repeatedly promoted King, throughout the ’80s was described as a GOP high-roller.

    The DC Madam Deborah Jeane Palfrey threatening to expose her client, after being arrested. Palfrey was found dead after being “suicided”, despite the fact that Palfrey had complained of a contract being put out on her life. Her “list” allegedly implicated George H. W. Bush.

    During the investigation, Ronald Reagan was implicated as well. These few accounts represents a much bigger set of allegations from over a dozen researchers which implicate the former President in his role related to child sex trafficking.

    Isn’t it interesting the Bill Clinton was tagged to run against, and later defeat, Pappy Bush. Is anyone else able to connect the dots?

    Hollywood

    Three weeks ago, Michael Egan III, a former Hollywood actor, accused Bryan Singer, the producer of X-Men, of repeatedly raping Egan when he was a child/. Egan alleges that the abuse took place at parties in which he states that several young boys were sexually abused and held against their will. Charges, such as these by child actors are commonplace, but because they are actors, few take their allegations seriously.

    To survive in the world of sex trafficking, most embrace drugs and alcohol as a way to numb the pain of being used as a sex object with no value. Trafficked children are brainwashed into believing that they are worthless and unworthy of love and that the gifts and twisted form of affection they receive are more than they deserve.

    Less then one percent of sex trafficked children escape and the average lifetime of a trafficked child is seven years. This gives Hollywood producers plausible deniability because their accusers are on drugs which makes the authorities question the authenticity of the chargers.

    Something that will never be discussed on Entertainment Tonight is where does the money come from to fund snuff films in which child actors are sexually abused and then murdered on camera.

  14. Right on Pat. Also Attorney John DeCamp in his book The Franklin Coverup, covered the Neb. phedophile net work where boys were procured out of Boy’s Town and girls from Girls town among other places, that reached all the way, as you say, to the White House. It was x-CIA director William Colby who advised DeCamp that as an attorney for the Neb. legislature investigating this child sex net work he should write a book if he expected to live. (DeCamp worked with Colby in operation Phoenix during the Vietman war. Colby himself was suicided while rowing his boat in the dead of night on the Potomac River.)
    The country of India historically has been a two-tiered society . India is a template to where the West seems to be headed: The super wealthy and the “untouchables.” The super wealthy in the West, for the most part, could give a crap for the what Hillary called the other 90 percent, the deplorables (sp), the American version of the Indian untouchables. India is a country where the masses of “untouchables” live in grinding poverty while the tiny wealthy elite live in a separate world of wealth. There is a growing middle class in India mainly off the backs of the shrinking American middle class while the American super wealthy rake in the profits.
    The same holds for the Walton family and their “China” marts via China slave workers.
    A rule of thumb is in order to have a middle class worthy of the status, 20% of the people will control 40% of the wealth and 80% of the people will control 60% in equal measure. In America today the 10 percent control 90% of the wealth, with 1% controlling 90% of that. The American “untouchables” get the crumbs from the table.
    If the super wealthy billionaires in America were to read the writings of Thomas Jefferson their eyes would glaze over not knowing where a bankrupt America is headed.

    1. TJ –

      Yep!!

      I have talked many times with John DeCamp(also a state representative) and his deceased partner, Ted Gunderson, FBI Special Agent In Charge and head of the Los Angeles FBI for decades.

      All true…. horrible.

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