Thursday, March 12, 2009 ... Deutsch/Español/Related posts from blogosphere

Billionaires' bloodshed

Forbes has published the new

list of dollar billionaires.
See also Wikipedia. The mainstream media love to write piles of flagrantly untrue populist crap. For example, Forbes writes
The richest people in the world have gotten poorer, just like the rest of us.
Like the rest of us: really? The reality is that most average people haven't been affected by the crisis at all. Aside from a few exceptions, it is only the rich people who suffer. Of course, this suffering is the billionaires' type of suffering, but relatively speaking, it is much more intense suffering than what any group of average people has experienced.

Petr Kellner of Czechia became the richest person in the post-socialist world, jumping by 13 stairs roughly to the 75th spot with his USD 6 billion. He has lost money but others have lost much more. Globally, the richest three people right now are:
  1. Bill Gates: G$40 (2008: G$58)
  2. Warren Buffett G$37 (2008: G$62)
  3. Carlos Slim Helú G$35 (2008: G$60)
All these three guys have seen their wealth above 60 gigadollars but now they stand at most at 40 gigadollars. The average billionaires in 2008 have lost about 50% and the figure is higher for people in India and elsewhere, including Mittal and Ambani. The gap between the rich and the poor has shrunk: that's what the leftists want to do. In this sense and in many others, leftist policies and ideals are equivalent to an economic depression.

Thirty percent of billionaires from 2008 have starved to death and have been entirely exterminated: OK, so far, I only mean that they've been dropped from the table of billionaires. :-)

This is a bloodshed. To make things even worse, the only two people among the top 30 who got richer in the last 12 months are Michael Bloomberg and ... George Soros.

The media should stop the disgusting populist lies about ordinary people who suffer. Some very ordinary people have seriously contributed to the birth of this mess and it is the innocent billionaires who are being punished for that. Also, the economy will return to its proper rhythm when such rich people get much of their lost wealth and self-confidence back.

Obama's socialist policy trying to steal even more money from those who have been impoverished, i.e. the still relatively rich people, and give it to those who haven't, is the worst possible policy one can adopt at this point. It's because the wealthy people are those who actually create jobs and stimulate the economic activity - they lead many other people to do something that is at least statistically useful and productive. In average, it is much more productive than what any government can ever invent.

Stealing additional money from the (formerly?) rich and giving it to the middle and poor class has exactly the opposite effect. The wealthy people won't be able or willing to stimulate the economic activity, and the middle class won't be motivated to work, either, because it will get be supported even in the state of unemployment.

The more correct policy to revive the economy would be just the opposite thing than what is being done: to partially compensate the entrepreneurs' losses and to temporarily abolish things like the unemployment support, so that everyone is motivated to create jobs and/or accept them.

The socialist governments in many countries are doing the opposite thing than what would be helpful but they still want to be flattered by the electorate and the stupid journalists often do so, indeed. My message to those populist politicians is very different: screw you, dishonest commies.

And that's the memo.

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snail feedback (2) :

reader LucienNicholson said...

Wouldn't George Soros count as a post-communist billionaire? He is from Hungary.

reader Luboš Motl said...

Well, he was born in Hungary but he is an American speculator, based on citizenship and coordinates. Petr Kellner is a full-fledged Czech citizen.

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