Paul B. Farrell: Tax the Super Rich now or face a revolution

[marmar]

March 29, 2011, 12:01 a.m. EDT

Tax the Super Rich now or face a revolution
Commentary: A ‘Super-Rich Delusion’ is leading us to ruin


By Paul B. Farrell, MarketWatch

SAN LUIS OBISPO, Calif. (MarketWatch) — Yes, tax the Super Rich. Tax them now. Before the other 99% rise up, trigger a new American Revolution, a meltdown and the Great Depression 2.

Revolutions build over long periods — to critical mass, a flash point. Then they ignite suddenly, unpredictably. Like Egypt, started on a young Google executive’s Facebook page. Then it goes viral, raging uncontrollably. Can’t be stopped. Here in America the set-up is our nation’s pervasive “Super-Rich Delusion.”

We know the Super Rich don’t care. Not about you. Nor the American public. They can’t see. Can’t hear. Stay trapped in their Forbes-400 bubble. An echo chamber that isolates them. They see the public as faceless workers, customers, taxpayers. See GOP power on the ascent. Reaganomics is back. Unions on the run. Clueless masses are easily manipulated.

Even Obama is secretly working with the GOP, will never touch his Super Rich donors. Yes, the Super-Rich Delusion is that powerful, infecting all America. .................(more)

The complete piece is at: http://www.marketwatch.com/story/tax-the-super-rich-now-or-face-a-revolution-2011-03-29

[Atman]

1. Happy to offer the first k&r

:kick:

[xchrom]

2. recommend

[HereSince1628]

3. Not yet ripe...

Blossomed, pollinated, and plump, yes. But not ripe

The super-rich have found something of an antidote in the tea-party. It provides a way to get the exploited to work directly against their own interests and to do it passionately.

Once the teahadists have knocked off the unions, once all manner of social welfare is destroyed, it will be the super-rich vs the movement they created. When the teahadists realize that now the super-rich are coming for them, well, that'll be apple-picking time.

And the gun-toting, strong-arming, bullying tactics that their masters encouraged them to develop will be ready to be turned on the super-rich.

Then as Farrell says, revolution will be born of an unpredictable strong wind that blows the fruit from the trees. It won't be pretty, it won't be enlightened progressive ideology driving the movement forward, and the outcome is likely to look like Robespierre's Reign of Terror.

[theaocp]

4. For all the clowns who don't listen to Cenk

I've got news for you. He's been interviewing about and discussing the economic iceberg straight ahead for the U.S.S. American Titanic for literally YEARS now. Wake up, people. When the next crash comes, there won't be money for a bailout of Jack, nor shit, and Jack left town. k&r

[seafan]

5. Tax the Super Rich. Tax them now. They are bleeding us dry.

Paul Farrell at MarketWatch summarizes in Tax the Super Rich now or face a revolution:

March 29, 2011

.....


1. Warning: Super Rich want tax cuts, creating youth unemployment

Bloomberg warns: “The Kids Are Not Alright.” Worldwide, youth unemployment is fueling the revolution. In a New York Times column, Matthew Klein, a 24-year-old Council on Foreign Relations researcher, draws a parallel between the 25% unemployment among Egypt’s young revolutionaries and the 21% for young American workers: “The young will bear the brunt of the pain” as governments rebalance budgets. Taxes on workers will be raised and spending on education will be cut while mortgage subsidies and entitlements for the elderly are untouchable,” as will tax cuts for the rich. Opportunities lost. “How much longer until the rest of the rich world” explodes like Egypt?

2. Warning: rich get richer on commodity prices, poor get angrier

USA Today’s John Waggoner warns: “Soaring food prices send millions into poverty, hunger: Corn up 52% in 12 months. Sugar 60%. Soybeans 41%. Wheat 24%. For 44 million the “rise in food prices means a descent into extreme poverty and hunger, warns the World Bank.” Many causes: Speculators. Soaring oil prices. Trade policies. Population explosion. But altogether they expose “the underlying inequalities and issues related to the standard of living that boil beneath the surface,” says a Pimco manager.

3. Warning: Global poor ticking time bomb targeting Super Rich

A Time special report, “Poor vs. Rich: A New Global Conflict” warned that a “conflict between two worlds — one rich, one poor — is developing, and the battlefield is the globe itself.” Just 25 developed nations of 750 million citizens consume most of the world’s resources, produce most of its manufactured goods and enjoy history’s highest standard of living.” But they’re now facing 100 underdeveloped poor nations with 2 billion people with hundreds of millions living in poverty all demanding “an ever larger share of that wealth.” Think Egypt. British leader calls this a “time bomb for the human race.”

4. Warning: Next revolution coming across ‘Third World America’

//.....

5. Warning: Super Rich must be detoxed of their greed addiction

//.....

6. Warning: Politicians infected by Super-Rich Delusion, revolution

In “Washington’s Suicide Pact,” Newsweek’s Ezra Klein warns: “Congress is careening toward the worst of all worlds: massive job losses and an exploding deficit.” How bad? As many as 700,000 more jobs lost, says Moody’s chief economist, Mark Zandi. What a twist: Remember vice president Dick Cheney said “deficits don’t matter.” Today the GOP is so blinded by its obsession to destroy Obama’s presidency, deficits are now the only thing they say matters.

Wake up folks. The Super-Rich Delusion is destroying the American Dream for the rest of us. The Super Rich don’t care about you.

.....

And no amount of stockpiling will guard the Super Rich against the coming cataclysm of global rage aimed at them.

[pscot]

6. The comment thread over at MW

suggests that Farrell's readers aren't buying it. :rofl:

[marmar]

7. On the free-market Koolaid-swilling Market Watch? I'm hardly surprised.

nt