The Rise of the New Global Super Rich10/25/12 Robert Lorei
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Good morning, welcome to Radioactivity. I’m Rob Lorei. Last year the Occupy movement focused attention on income disparity in the US between the top 1% and the rest of us. The Occupy movement has added but income disparity remains. In her new book PLUTOCRATS: The Rise of the New Global Super Rich and the Fall of Everyone Else, business journalist Chrystia Freeland says the issue is not as simple as the 99% versus the 1%. She says to look further up the income chart to the top .1 % to see why income inequality is getting worse- not just here but in many other countries around the world.
Freeland says billionaires have replaced millionaires as the world’s defacto ruling class. While middle-class incomes have almost completely stagnated over the past two years, the 0.1% have increased their income by nearly 12 percent during this time. Who are these wealthy billionaires and how do they wield control? And what can be done about the divide? Chrystia Freeland joins us now.