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Woody Tasch: A Thousand Billionaires

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global oneness project A Thousand Billionaires I just referred to the existence of a thousand billionaires and a billion thousandaires-- --trying to be kind of a catchy way to make us realize that the way the modern economy creates wealth is unsustainable socially-- Woody Tasch - Point Reyes Station, California - Author, "Slow Money" --as well as environmentally, meaning people tend to think about the global economy as if it's kind of spread everywhere and it isn't. Perhaps 20% of the planet--perhaps--about a billion people or so have been direct beneficiaries of globalization. There might be a billion people on the planet that have never made a phone call. It's some number like that. They've never made any kind of phone call. There are a billion or 2 billion people who are living on less than $2 a day or whatever that number is. So the reach of the modern economy is still very widely imbalanced-- --and obviously it hits certain urban pockets and suburban pockets and certain countries-- --and those countries are beneficiaries of tremendous wealth. John Dore, one of the leading venture capitalists in the world-- --has referred to this generation of venture capitalists having created the largest legal accumulation of wealth in history. It was kind of a throwaway remark when he made it. Now it's widely used. The point is that, especially if you live in the Bay Area or New York or Boston-- --if you live in some of these pockets where there's so much affluence-- --that you forget the fact that it's only benefiting a relatively limited number of people on the planet-- --and, in fact, from the beginning of time until today, we've created about a thousand billionaires. My question would be, "Do we have time to create the next 10,000 or how many are we trying to create?" And if you look at the way those billionaires use their wealth-- --it is somewhat distressing to find that a very small percentage of it is used philanthropically. And if you just say, to make it easy, think about someone who has a billion dollars and takes 100 million of it and puts it into a foundation-- --and then the income of that 100 million, meaning 5 million, gets used to make grants-- --billion, 100 million, 5 million. So the way we are using the wealth that we are creating is not proactive enough to address all of these questions-- --and I think part of the embedded message of "Slow Money" is a more integral approach-- --that we have to actually use the money to create wealth and economic opportunities in ways that are not so imbalanced-- --because we're not going to have time to clean up the imbalance in the year 2100.

Video Details

Duration: 2 minutes and 56 seconds
Country: United States
Language: English
Genre: None
Views: 133
Posted by: global on Mar 9, 2009

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