More than $70tn (£53tn) of inherited wealth will pass down the generations across the world over the next decade, widening inequality and highlighting the need for intervention by the G20 group of leading nations, a group of economists and campaigners have warned.
If three people inherit from the one person then that’s a reduction in inequality, not an increase. You need the one perso inheriting from three to increase inequality…
The rest of it is just the usual noncey stuff.
economists and campaigners
~At first go I read that as entertainers and the camp. Need to slow down.
It’s a report commissioned by the hopelessly corrupt government of South Africa and its leader, Cyril Ramaphosa, who is worth $450m from bilking poor South Africans. RSA remember, is a nation where they can’t keep the lights on because the ANC is so determined to rob the state power company.
This report will be cited in demands for the transfer of more money from rich nations to the pockets of thieves like Ramaphosa. And to justify the robbing of white South Africans.
Stiglitz must have finally gone senile if he’s prepared to put his name to it.
And thanks to inheritance and estate taxes, A.K.A. Legalised Robbery, maybe $10tn will either be pissed up the wall or used to further line the pockets of members of the Inner Party.
As any fule kno the only beef of the “group of economists and campaigners” is that the tax rate is lower than 100%.
All taxes are legalised theft. The question is whether you want it to happen when you are alive or dead.
Fixed it for them.
The Nobel prize-winning economist Joseph Stiglitz said the report, commissioned by the South African president, Cyril Ramaphosa, found inequality growing in more than eight in 10 of the world’s countries.
Cyril Ramaphosa, the guy who thinks white farmers should be killed and driven off their land?
Let them eat mud.
Apparently Joseph Stiglitz has a crying need for money for some reason. Since he is now willing to do absolutely anything for it.
Next up no doubt will be https://onlyfans.com/jstiglitz.
“If three people inherit from the one person then that’s a reduction in inequality“
But that’s not the counterfactual they are comparing against. Their counterfactual is that all money goes to the state.
Aside from the £25 a great-aunt left me in my twenties (inflation tends to cause very old people to lose a sense of the contemporary value of money) I have inherited from two people but gifted it all onwards to four. So was that a convergence of wealth or a divergence?
I suppose that “a group of economists and campaigners” contained some noticeably unreflective and innumerate economists. Oh, all right; downright dim.
I (old but nor very old) frequently find that that the contemporary value of money attributed to various items is ridiculous even after applying the Mars Bar ratio (it was 4d when I was a child).
I have given away far more than I have inherited, so the latter hasn’t increased inequality unless you wqant IHT at 100% *and* gifts to be taxed at the top income tax rates.
So? Inequality is good.
“Mao, Stalin, and Hitler didn’t come to power promoting tyranny. They came to power promoting equality.” – Rand Paul
“All men are born with different capabilities; if they are free, they are not equal; if they are equal, they are not free.” – Solzhenitsyn
Are the G20 rulers of the world? Just what sort of ‘intervention’ could they possibly do?
Oh, they are meeting in Johannesburg, so we’ll ask them while they are here to steal everyone’s money . Then we’ll kill them – they are white people.
Blah. Blah. Blah.
A focus group told the commies that inequality bad. So every thing is now inequality (they are moving toward calling it “affordability”) (used to be “an attack on democracy”). So, claim any damn thing you want to, then call it ‘inequality.’
The global government cabal isn’t interested in the poor. Their objective is to destroy prosperity. ‘Inequality’ is just a term to get people to accept the destruction of their wealth.
It depends on how you measure inequality. If you think of it as how many people are richer than you, then three people inheriting a big estate might mean there are two more people richer than you than there were.
Most of this talk about equality is driven by envy and should be viewed in that light.