Herland Report: Billionaire wealth exploded during Covid-19: On May 23, Oxfam International released the latest study “Profiting from Pain.
The urgency of taxing the rich amid a surge in billionaire wealth and a global cost-of-living crisis,” examining how the COVID-19 pandemic affected the distribution of wealth worldwide.
The results were alarming, and for people with any sense of fairness, out and out infuriating:
Billionaires increased their wealth as much in the last 24 months as it normally does in 23 years.
As many as 263 million people could be pushed into extreme poverty this year.
The world’s billionaires saw their collective wealth increase by $12.7 trillion (42%) during the pandemic.
The richest 10 men possess more wealth than the poorest 40% of humanity combined.
Elon Musk could lose 99% of his wealth and would still be among the top 0.0001% of the world’s richest people. Since 2019, his wealth increased by 699%.
The incomes of 99% of humanity fell because of the pandemic, with 125 full-time jobs lost in 2021.
Total billionaire wealth currently stands at 13.9% of Global Gross Domestic Product, up from 4.4% in 2020, writes Global Research referring to the Oxfam report “Profiting from Pain”.
Billionaire wealth exploded during Covid-19: The Oxfam report states: “As billionaires gather in Davos, Switzerland, in person for the first time in over two years, they have a lot to celebrate.
During the COVID-19 pandemic their mountain of wealth has reached unprecedented and dizzying heights.
The pandemic – full of sorrow and disruption for most of humanity – has been one of the best times in recorded history for the billionaire class.
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Billionaire wealth has soared during the COVID-19 pandemic as companies in the food, pharma, energy, and tech sectors have cashed in.
Meanwhile millions of people around the world are facing a cost-of living crisis due to the continuing effects of the pandemic and the rapidly rising costs of essentials, including food and energy.
Inequality, already extreme before COVID-19, has reached new levels. There is an urgent need for governments to implement highly progressive taxation measures that in turn must be used to invest in powerful and proven measures to reduce inequalities.”
Billionaire wealth exploded during Covid-19: In a March 2021 Global Research News Hour interview, Catherine Austin Fitts explained how the decision by the G7 banks to re-organize the financial systems under the plan ‘Going Direct Reset’ allowed COVID to be a cover for a major thrust of wealth toward the wealthy and allow new technologies to once again return to them control of the mass population.
In a statement on what labour would be facing she said the following:
“If I can insert things into your body, if I can mind-control you, if I can turn off your ability to transact, that’s a slavery system…and you’re looking at a leadership who thinks they can do almost everything with software and AI and robotics, and they don’t need people.”
These threats are no longer science fiction.
For any serious person with a quest for worker solidarity, it is imperative that we not only remember with fondness the past glories of our collective triumphs, but muster like there’s no tomorrow against the scourge of the clear and present threat to our gains and possibly even our existence.
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Led by Scandinavian bestselling author, Hanne Nabintu Herland, The Herland Report news and opinion website provides independent analysis from leading Western intellectuals and ground breaking YouTube interviews, cutting through the mainstream media rhetoric. It is a great place to watch interviews and read the articles of leading intellectuals, thought leaders, authors and activists from across the political spectrum. The Herland Report believes in freedom of speech and its editorial policy resides above the traditional Left vs Right paradigm which we believe has lost its relevance and ability to describe the current driving forces in Western politics.
