Krugman Blog: The SPECTRE of Inequality

[n2doc]

I’m still a couch potato, box of tissues close at hand. So I’m watching stuff my Tivo thought I might want to see, which happened to include the old Bond film Thunderball.

And I found myself thinking about inequality.

You see, there’s a scene early in the movie when the minions of SPECTRE, the evil conspiracy, are shown reporting on their profits from dastardly activities. And the numbers are … ludicrously small. I know that’s a running gag in Austin Powers, But it’s true, it’s true!

Even the big one — demanding a ransom for two stolen nuclear warheads — is 100 million pounds, $280 million. Adjusted for inflation, that’s about $2 billion — or one-eighth of the Goldman Sachs bonus pool.

It’s just an indicator of how huge top incomes have become that what were once viewed as impressive numbers, the kind of thing only arch-villains might demand, now look trivial. Or maybe the other way to look at it is that we have a lot more arch-villains around than we used to.

http://krugman.blogs.nytimes.com/2010/12/14/the-spectre-of-inequality/

[dkf]

1. So are all rich People arch villains? Or are ther arch villains in the ranks of the rich?

[CanonRay]

4. Answer

A: Mostly
B: Mostly

[unblock]

7. behind every great fortune is a great crime

there are two ways of legally making money. one is to extract a fair and reasonable profit from goods and services provided. it is possible to work diligently and intelligently and creatively and make a very comfortable living this way. you might even get famous is you have a comparatively rare talent or contribution to society.

but in order to become ludicrously wealthy, you must take advantage of UNfair and UNreasonable ways of making additional profit. sometimes this is done consciously and with greedy and evil intent, sometimes this is done simply because that's the way it's done. hey, all big-time ceos get paid ridiculous sums even if they get trash their company, and chalk it up to negotiating skill. they get this because business is built around an extremely top-heavy model that relies heavily on the one person at the top and whose compensation is decided by peers who have a vested interest in keeping compensation for such positions high. ceo compensation is also usually dependent heavily simply on stock price, which is a function of many things, ceo performance being only one. sometimes ceo performance is vital to the survival and success of a company, other times even an inept ceo can't screw up a booming market. yet the ceo is rewarded the same in either case.

and this doesn't even get into fly-by-night operations; unreasonable sharing of profits among investors, workers, executives, unfair competition; anti-competitive mergers; the effects of lobbying, etc.


such unfair and unreasonable profits are practically a necessary component to vaulting into the upper stratosphere of wealth.


oh, and of course, it also help to start off life with a big fortune already, which may be reasonable up to a point, but is clearly unfair.

[alcibiades_mystery]

2. Ein Gespenst geht um Europa

das Gespenst des Kommunismus. Alle Machte des alten Europa - Der Papst und der Zar, Metternich und Guizot, franzosische Radikale und deutsche Polizisten - haben sich zur einer heiligen Hetztjag gegen dies Gespenst verbundet...

[whathehell]

5. Uh huh.

Showing off a bit, are we?

Seriously, my spouse speaks german -- but I'd rather not wait 8 hours.

[alcibiades_mystery]

6. Since

outside of "Ich bin ein Berliner," they are probably the most famous German sentences in history, I didn't think they'd require translation. ;-)

[whathehell]

8. Since

your post has gotten only my reply...I'd say you're assumption is incorrect...Razumjeti li?

Usput, govorim stran jezik takoder..Govorite li ovo jezik?B-)

[alcibiades_mystery]

9. I speak other languages (including German)

But not Croatian.

:-)

[whathehell]

10. Uh Huh....

but how many are as difficult?

Good job on the fast translation, btw...Was it, by any chance, technology-enhanced? :)

[alcibiades_mystery]

11. Well

I told you I didn't speak the language, so what do you think?

Ne govorim hrvatski.

I still put forth the effort. I don't know why you're making this a contest. What's your beef?

[whathehell]

13. Awww

..and I thought we were having fun.:nopity:





Seriously, Alci...Aren't you a bit too competitive to complain about "contests"?

[alcibiades_mystery]

14. I'm happy to have fun

I don't think you're being very nice, though.

:shrug:

Still not quite sure what your problem is, but it's a little weird.

[whathehell]

15. Really?

Sure doesn't seem like it...and how am I "not being nice"?


I have a "problem"?....You're the only one here complaining.:shrug:

[alcibiades_mystery]

16. Alright

Cheers.

[whathehell]

17. Allright?

Is that another word for "uncle"?

I'm just asking as it seems that: A. you can't explain your own accusation of my "not being nice"...

b. You're a tad full of yourself, but don't take challenges too well....Sorry about that, bro, but it's something you'll probably have to get used to.

Cheers.

[kenny blankenship]

12. think "spectre" haunting "Europe"

[Hannah Bell]

18. "a spectre is haunting europe...."

[xchrom]

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