This is a very plain blog with quotes from and links to articles I found interesting, thought-provoking, or relevant to the times. Linking is neither endorsement nor condemnation. Run by http://willslack.com
21 October, 2012
The billionaires next door | The Great Debate
The billionaires next door | The Great Debate: Or consider the view of some Western members of the plutocracy concerning the strains imposed on the American middle class by globalization. The U.S.-based CEO of one of the world’s largest fund managers told me that his firm’s investment committee often discussed the question of who wins and who loses in today’s economy. In a recent internal debate, he said, one of his senior colleagues had argued that the hollowing out of the American middle class didn’t really matter. “His point was that if the transformation of the world economy lifts four people in China and India out of poverty and into the middle class, and meanwhile one American drops out of the middle class, that’s not such a bad trade,” the CEO recalled.