..and not to disagree with you, Len, regarding that there have been huge gains in infrastructure and a raising of baseline poverty in the developed world - after all, that's why we call it the developed world.

I'm just trying to put into context that in the last few years there's been a little problem that's messed up the world economy relative to what it was 15 years ago, we're not talking relative to what it was 150 years ago - of course things have changed in the last century or so, nobody is disputing that.

. 

Over the past century, the civilized world has seen many overall beneficial advancements ranging from basic hygiene and medicine to agriculture, transportation, communications, engineering, technology, etc., etc. 

The net effect has been a higher overall standard of living for many, many more people around the world. 

However, with mammoth population expansion (especially in poor nations), we have also seen actual growth in the total number poverty stricken people.

What the media has been reporting recently is a growth of the income GAP between that huge group of the world's poorest and the relatively tiny elite group of super rich, super privileged with a general shrinking of the "middle class". 

Inflation does not explain the sheer number of multi-millionaires and billionaires today. No, it is mostly the result of RAMPANT LEGAL GAMBLING AND OTHER ACTS OF UNBRIDLED GREED, aka an astonishing explosion of global stock speculation, commodities trading, currency exchange manipluation, coporate raiding, etc. 

Wealth is no longer tied mainly to real value, but instead to speculated future value. It is no longer based primairly on tangible assets like precious metals, gems and real estate OR solely on hard work / talent / original ideas, but instead on paper and electronic ledgers that can dramatically rise or drop in value in the blink of an eye for far too many reasons good and bad to list. 

Poor people don't have any money for speculation and many are stuck in dead-end lives of poverty due to extremely poor, even non-existent formal education, grossly inadequate healthcare and crime-ridden neighborhoods where they are exposed to hard drugs, prostitution, violence, etc. at an early age. 

This vicious cycle of poverty, crime, addiction and disease exists even here in America, the world's richest nation and yes, the income / education / quality-of-life gap has gotten much worse in recent years with millions of honest, hard-working, middle-class citizens falling into real poverty and more super-rich people than ever before.  

Now tell me, WHO created this situation? Was it the millions of poor suckers who worked hard and did their best to live honest lives only to see their jobs disappear, benefits evaporate and homes devalued or was it a relatively small group of very wealthy speculators - some of whom manipulated the system at a horrendously criminal level? 

I think the answer is pretty clear. 

Lastly, does anyone here think my above comments are intrinsically "political" or "opinions" or they are they simple statements of commonly accepted, albeit sad and regrettable facts? 

Cheers, Terry

Simple facts, Terry, simple facts.  You need only to look at the history of derivatives and the recklessness that the funds they were representing were speculated with.  You need simply look at the facts.  The part that makes me angry is how the people gambling with these funds never got to pay for the money that they lost - other people's money, not theirs, that they were gambling with and earning huge commissions on.

..and there STILL aren't adequate checks in place to ensure that banks/investors are investing money that actually exist  (well, they used to be required to have at least a certain "safe" % of "real" money, and it's the removal of that rule that's causing all the ruckus, and that took a way the safety net that might have prevented the crashes that took place.

Before your  previous post (not thislatest  one)  I was thinking of 'pitching into' you again about some of your statements  - but when I thouight it over i I thought 'What the hell'  why continue fighting especially since I have a feeling that basically we don;t disagree all that much'

When I was very young and we had had an argument or row with a friend and wanted to make it up we used to cross the index & 1st finger of our right hand , jhold it up and pronounce solemnly "Feignlights'.

I haven't the faintest uidea where that word comes from or what it means but it was a call for a truce

(somebody asked that question on Google !!), I don't know whether the custom prevailed until your day - but I suggest we stop arguing !?!?!?

I agree that some super-rich are horrible crooks - they seem to become power mad megalomaniacs - take Robert Maxwell for example - and I wouldn't vouch for Rupert Maxwell either. And as a person, that epitome of American brilliance Henry Ford was a vicious anti-semite - and so on.

But I don't think that ALL tycoons are necessarily like that ?!

Of course they have to be tough and maybe obsessed - but they are not inevutably corrupt villains.

I know one or 2 VERY rich men who are VERY close - not billionair4es but multi millionaires - and AFAIK they are decent human beings and pretty 'straight'.

I certainly agree with you 100% that not everyhonest  hard working person becomes wealthy - the  VAST majority do not.

In addition to the extreme hard work & dedication they have to be either brilliant &/or have a insparational novel idea which is a winner --- and in most cases there is a very large element of **LUCK** - I know this from two very close personal examples.

So - let's call it a day --- eh ?

@ Terry: yes, simple facts. Not only are we are asked to worship at the foot of Great Finance, but to foot the bill as well.

If these people were just like a wayward relative that needed bailing out of jail every so often, or have a bad debt covered from time to time, that would be one thing. But it's like being forced to put arsons up in your house and have them burn in down every few years, and still be forced to take them back in and spend your last nickel to see they are okay. It's all upside down.

With Shane's concurrence, I am locking this thread.