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jerryking : plutocracies   4

Giving Away Your Billion
JUNE 6, 2017 | The New York Times | David Brooks.

Recently Brooks has been reading the Giving Pledge letters. These are the letters that rich people write when they join Warren Buffett’s Giving Pledge campaign. They take the pledge, promising to give away most of their wealth during their lifetime, and then they write letters describing their giving philosophy......Most of the letter writers started poor or middle class. They don’t believe in family dynasties and sometimes argue that they would ruin their kids’ lives if they left them a mountain of money. Schools and universities are the most common recipients of their generosity, followed by medical research and Jewish cultural institutions. A ridiculously disproportionate percentage of the Giving Pledge philanthropists are Jewish.......What would David Brooks do if he had a billion bucks to use for good? He’d start with the premise that the most important task before us is to reweave the social fabric. People in disorganized neighbourhoods need to grow up enmeshed in the loving relationships that will help them rise. The elites need to be reintegrated with their own countrymen. .....Only loving relationships transform lives, and such relationships can be formed only in small groups. Thus, I’d use my imaginary billion to seed 25-person collectives around the country.....The collectives would hit the four pressure points required for personal transformation:

Heart: By nurturing deep friendships, they would give people the secure emotional connections they need to make daring explorations.

Hands: Members would get in the habit of performing small tasks of service and self-control for one another, thus engraving the habits of citizenship and good character.

Head: Each collective would have a curriculum, a set of biographical and reflective readings, to help members come up with their own life philosophies, to help them master the intellectual virtues required for public debate.

Soul: In a busy world, members would discuss fundamental issues of life’s purpose, so that they might possess the spiritual true north that orients a life.
social_fabric  David_Brooks  philanthropy  moguls  high_net_worth  Warren_Buffett  elitism  collectives  personal_transformation  plutocracies  plutocrats  disorganization  daring  relationships  emotional_connections  soul  North_Star  virtues  engaged_citizenry  civics  Jewish  biographies  friendships  self-reflective  giving 
june 2017 by jerryking
John Steele Gordon: The Little Miracle Spurring Inequality - WSJ
By JOHN STEELE GORDON
Updated June 2, 2014

Extreme leaps in innovation, like the invention of the microprocessor, bring with them staggering fortunes....The great growth of fortunes in recent decades is not a sinister development. Instead it is simply the inevitable result of an extraordinary technological innovation, the microprocessor, which Intel brought to market in 1971. Seven of the 10 largest fortunes in America today were built on this technology, as have been countless smaller ones. These new fortunes unavoidably result in wealth being more concentrated at the top.

But no one is poorer because Bill Gates , Larry Ellison , et al., are so much richer. These new fortunes came into existence only because the public wanted the products and services—and lower prices—that the microprocessor made possible. Anyone who has found his way home thanks to a GPS device or has contacted a child thanks to a cellphone appreciates the awesome power of the microprocessor. All of our lives have been enhanced and enriched by the technology.....technology opens up many new economic niches, and entrepreneurs rush to take advantage of the new opportunities....The Dutch exploited the new trade (with India and the East Indies) so successfully that the historian Simon Schama entitled his 1987 book on this period of Dutch history "The Embarrassment of Riches."...attempt to tax away new fortunes in the name of preventing inequality is certain to have adverse effects on further technology creation and niche exploitation by entrepreneurs—and harm job creation as a result. The reason is one of the laws of economics: Potential reward must equal the risk or the risk won't be taken.
Silicon_Valley  wealth_creation  innovation  income_distribution  income_inequality  productivity_payoffs  plutocracies  software  Thomas_Piketty  microprocessors  historians  history  entrepreneurship  books  Industrial_Revolution  Gilded_Age  Simon_Schama  Dutch  discontinuities  disequilibriums  adverse_selection 
march 2015 by jerryking
Panic of the Plutocrats - NYTimes.com
By PAUL KRUGMAN
October 9, 2011

a broader syndrome, in which wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.

Last year, you may recall, a number of financial-industry barons went wild over very mild criticism from President Obama. They denounced Mr. Obama as being almost a socialist for endorsing the so-called Volcker rule, which would simply prohibit banks backed by federal guarantees from engaging in risky speculation. And as for their reaction to proposals to close a loophole that lets some of them pay remarkably low taxes — well, Stephen Schwarzman, chairman of the Blackstone Group, compared it to Hitler’s invasion of Poland.

And then there’s the campaign of character assassination against Elizabeth Warren, the financial reformer now running for the Senate in Massachusetts. Not long ago a YouTube video of Ms. Warren making an eloquent, down-to-earth case for taxes on the rich went viral. Nothing about what she said was radical — it was no more than a modern riff on Oliver Wendell Holmes’s famous dictum that “Taxes are what we pay for civilized society.”
Godwin's_Law  Nazis  Paul_Krugman  protests  GOP  hypocrisy  Elizabeth_Warren  Occupy_Wall_Street  Wall_Street  financiers  Stephen_Schwarzman  The_One_Percent  plutocracies  plutocrats  character_assassination 
october 2011 by jerryking

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