This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The (Very) Rich Get (Much) Richer: Opinion

What about the trillionaires?

There is somewhere in the vicinity of $200 trillion in total debt floating around the global economy comprising total sovereign, corporate, and personal debt. Who holds the IOUs?

It's not governments. They're all debtors. It's not the corporations. They're (almost) all leveraged-to-the-hilt with debt, because in the Age of the Oligopoly all their time, energy and financial resources are going into buying up other corporations. It's certainly not the Little People. Even in (supposedly) "wealthy" Western economies, personal debt-levels have never been higher, meaning net wealth has never been lower.

We know from Bloomberg's own numbers the total wealth of the (supposed) "richest people" is a mere $1.9 trillion and that is all of their wealth combined. Who is holding the IOUs on the other 99% of this $200 trillion in debt? The trillionaires.

These are the people who are so wealthy that their wealth hasn't even been "discovered" yet by the sleuths at Bloomberg -- and likely never will. Even at currently artificially low interest rates, these Vampire Trillionaires blood-suck the global economy for $trillions every year in interest payments alone.

This is why (real) economic growth is now impossible for all but the most-robust (or least-indebted) economies. In a $70 trillion global economy, we have the trillionaires skimming roughly 10% per year off the top, for themselves. What readers must understand is that this "taxation" of the entire global economy by the Trillionaires -- in the form of interest payments -- is essentially nothing less than the proceeds of crime.

We start with income taxation, a form of taxation which (as a matter of arithmetic) must impoverish the bottom-80% over time, turning them into debtors. Most of the rest of the top-20% prosper moderately under this extremely corrupt form of taxation, while (as we have seen) the oligarchs get a complete free ride.

With the bottom 80% turned into impoverished debtors, this starves our consumption-based economies of revenue. This "revenue crisis", in turn, turns our governments into massive debtors. Even modest levels of public/social services can no longer be maintained by the trickle of tax revenue flowing in.

These $trillions per year which the trillionaires are siphoning out of the global economy (and into their own wealth hoards) are being extorted out of the global economy via an entirely corrupt economic system.

The very, very rich are not simply getting much, much richer. They are doing so by stealing from everyone else.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs