Thinking about what's fair - in light of a friend's suggestion for wealth redistribution - I've studied the world economy to find out what an 'equal share' would be. Apparently, $16,000 p.a. per capita. Enough, on the face of it, to sustain a reasonable standard of living for humankind.
What's shocked me, though, is that derivatives gambling [$1,200 trillion] is ten times total world GDP. Derivatives far outstrip total world debt [$200 trillion]; the value of all stock markets [$70 trillion]; and the world's entire supply of money [$80 trillion] . No government has so far attempted to regulate these arbitrary wagers which are surely destined to destroy the global finance system. It's a house of cards, just waiting for a puff of wind.
Satyajit Das, Financial Times columnist & author , predicts that while traders and bankers will (inevitably) profit, the rest of us will pay an enormous price in personal losses & decimated welfare services. It will make the 2008 crash seem trivial. It seems a stagnant UK economy is here for the long haul. Maybe it's a good time to be old...