43 Lavergne StreetVanier ON K1L 5E9May 23, 2012Kris WestwoodLetters Editor, 24hrs OttawaTo the editor,Regarding the May 23, 2012 article, “Rich-Poor Gap A Concern: Report”:The rich-poor gap, in my opinion, is more than merely “a concern.”It is the leading indicator that neoliberalism, the world’s economic system that was first adopted by the United States in 1972, has left the world economy sliding towards a precipice. It will probably—as the article correctly states—take us to “the kind of economic instability that led tothe 1929 financial sector crash.” There’ll be a corresponding consequential depression so deepthat finance ministers will be so broke that they’ll have to obtain second-hand shoes on thecheap from Salvation Army Thrift Stores whenever they try to foist off yet another exploitative budget on an unsuspecting general population.
Neoliberalism is ethically twisted capitalism upholding greed as its primarytenet, such as was triumphantly trumpeted by the movie character GordonGecko in 1987’s
(a sotto voce echo of key elements of interminable speeches by so-called “1976-Economics-Nobel-Prize-winning”unfettered free-market apologist Milton Friedman). Adam Smith and AynRand (pristine capitalists) are undoubtedly spinning in their graves. TheHarper government deftly demonstrates its excessive arrogance in itssteadfast massive misunderstanding of the Canadian economy by all alongprescribing neoliberalism for its shortcomings as the final solution.
From Murray Dobbin’s book,
The Myth of the Good Corporate Citizen
edition, 2003, p. 123), “In 1995 there were ‘only’ 357 billionaires. Their net worth was $760 billion, morewealth than the bottom 45 percent of humanity. That is, 357 people in the world owned morecombined wealth than 2.7 billion other people.” According to a March 11, 2010 article in
TheGlobe and Mail
headlined, “The New World Order,” there were then more than 1,000 billionaires. A little research on the Internet at that time showed that their net worth then was $3trillion. The Communications Director of the BC Canadian Centre for Policy Alternatives toldme that
their value was equivalent to the net worth of more than the poorest 3.5 billion humanbeings
(out of 7 billion) on the planet.It comes then, as no surprise, that the logical outcome of neoliberalism is the inexorable growthof financial inequality, which will culminate in corporatist neofascism, its foreshadowing being