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Old 01-16-2014, 03:27 PM   #1
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Default World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

Income Gap Poses Biggest Threat to Global Community, Warns WEP

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The large and growing income gap between rich and poor is the biggest risk to the global community in the next decade, the World Economic Forum said on Thursday as politicians, business leaders and academics prepared to gather in Davos.

Reflecting mounting concern about the risk to societies from inequality, the WEF said the need to tackle disparities in income and wealth had to be addressed at WEF's annual gathering in the Swiss ski resort of Davos next week.

The WEF said its annual survey of 700 opinion formers had identified the income gap, extreme weather events and unemployment or underemployment as the three threats most likely to cause major cross-border damage in the next 10 years.

It added that a fresh fiscal crisis, climate change and water shortages were the three risks that would have the biggest impact on the global community, although these were seen as less likely.

Jennifer Blanke, the WEF's chief economist, said that although incomes gap between countries had been narrowing, the gulf between rich and poor had widened within countries. "The message from the Arab spring, and from countries such as Brazil and South Africa is that people are not going to stand for it any more."

The Davos meeting has often been targeted by anti-globalisation campaigners for being an exclusive club for a small, powerful elite but Adrian Monck, the WEF's head of communications, said inequality and the wealth gap was on the agenda. "We need to mobilise people around these issues and make people aware of them", he said.

Philip Jennings, general secretary of UNI Global Union, said: "The report should act as a wake-up call to the influencers and leaders at Davos next week. These are global issues we can do something about: we can twist the global economy back into shape – this includes a new commitment to create jobs, address income inequality and falling living standards. Since the global financial crisis it's been a race to the bottom in jobs, wages and living standards."

The report also highlighted the problems of "generation lost" and said the world's increasing reliance on the internet had resulted in a threat of "cybergeddon".

The study, Global Risks 2014, said the generation coming of age in the 2010s faced high unemployment and job insecurity, hindering their efforts to build a future and raising the risk of social unrest.

Noting that many young people faced an uphill battle, David Cole, group chief risk officer of Swiss Re, one of the companies behind the report, said: "The members of generation lost are not lost because they have tuned out. They are highly tuned in. They are lost because they are being left out or they are deciding to leave."

He added: "As a result of the financial crisis and globalisation, the younger generation in the mature markets struggle with ever fewer job opportunities and the need to support an ageing population. While in the emerging markets there are more jobs to be had, the workforce does not yet possess the broad-based skill sets necessary to satisfy demand."

The WEF said the huge expansion of the internet made the risk of systemic failure greater than ever, but revelations about government surveillance had reduced countries' willingness to work together to address potential weaknesses. It added that the effect could be a Balkanisation of the internet, or so-called cybergeddon, where hackers enjoy overwhelming superiority and massive disruption is commonplace.

Axel Lehmann, chief risk officer at Zurich Insurance Group, said: "Trust in the internet was decreasing as a result of data misuse, hacking and privacy intrusion. A fragmentation of the internet is the wrong way to solve this issue, as it would destroy the benefits the web provides to all of us. Rather than building walled gardens, it is time to act by setting up security standards and regaining trust."
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Old 01-16-2014, 06:04 PM   #2
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

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Reflecting mounting concern about the risk to societies from inequality, the WEF said the need to tackle disparities in income and wealth had to be addressed at WEF's annual gathering in the Swiss ski resort of Davos next week.
Irony, much?

---

But yes, in 20 years the US will basically be Mexico (both because of income disparity as well as because the continuing influx of Mexicans).

Those in the 'middle class' better work their way up now while they still have a chance.
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Old 01-16-2014, 06:18 PM   #3
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

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Irony, much?
Do as I say, not as I do
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Old 01-16-2014, 07:03 PM   #4
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

In other news...

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Old 01-16-2014, 07:17 PM   #5
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

But on a more serious note. If the rich doesnt start showing the poor more respect (like raising the min wage for starters) the poor's gonna start kickin the rich's azz. History appears to about to repeat itself again...
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Old 01-16-2014, 07:55 PM   #6
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

everything's fine, there are more millionaires now than ever before.
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Old 01-16-2014, 08:53 PM   #7
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

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But on a more serious note. If the rich doesnt start showing the poor more respect (like raising the min wage for starters) the poor's gonna start kickin the rich's azz. History appears to about to repeat itself again...
You can start with this guy.

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Old 01-16-2014, 09:04 PM   #8
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

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You can start with this guy.

He wrote a best selling book like a lot of candidates do to put out their world view. Winning the Presidency gets you even more sales. It's not like Cheney feeding fat contracts to his old firm and exploding his net worth.
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Old 01-16-2014, 09:17 PM   #9
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

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Originally Posted by NSMaster56 View Post
Irony, much?

---

But yes, in 20 years the US will basically be Mexico (both because of income disparity as well as because the continuing influx of Mexicans).

Those in the 'middle class' better work their way up now while they still have a chance.
Here in new mexico the Mexicans were already here.

Intact Santa fe was settled 100 years before us crackers arrived in Charleston or Jamestown.

Ask any Spaniard, native american, or Mexican around here and I'm sure they will agree that its the influx of stupid Americans that's the problem.
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Old 01-16-2014, 09:28 PM   #10
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Default Re: World Economic Forum: Income Gap Poses Biggest Threat to Global Economy

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You can start with this guy.

only redneck republicans think $12.3 mil is "rich".

Has bush, Cheney, and the rest of the billion air boys club cleaned up the gulf yet?

Not that I care much. The more southern inbreds rendered incapable of reproducing, the better if you ask me.
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