Pandemic creates new billionaire every 30 hours " now a million people could fall into extreme poverty at same rate in 2022
"Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes. The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them.
Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive," said Gabriela Bucher, Executive Director of Oxfam International.
The brief shows that 573 people became new billionaires during the pandemic, at the rate of one every 30 hours. We expect this year that 263 million more people will crash into extreme poverty, at a rate of a million people every 33 hours.
"Billionaires' fortunes have not increased because they are now smarter or working harder. Workers are working harder, for less pay and in worse conditions. The super-rich have rigged the system with impunity for decades and they are now reaping the benefits.
They have seized a shocking amount of the world's wealth as a result of privatization and monopolies, gutting regulation and workers' rights while stashing their cash in tax havens " all with the complicity of governments," said Bucher.
"Meanwhile, millions of others are skipping meals, turning off the heating, falling behind on bills and wondering what they can possibly do next to survive. Across East Africa, one person is likely dying every minute from hunger.
This grotesque inequality is breaking the bonds that hold us together as humanity. It is divisive, corrosive and dangerous. This is inequality that literally kills."
Before the usual suspects start screaming, "But, Sosh'lisms!", this is about Crony Capitalism vs a well-regulated Capitalism.... which has gone the way of a, "well-regulated militia".