The billionaires' club

• 15.06.2023 18:58 UTC+02:00
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In the wake of George Soros handing control of his business and philanthropic empire over to his son, BBC Reel asks whether anyone should be allowed to inherit $25bn.

Fabian Pfeffer, Director of the Stone Center for Inequality Dynamics, University of Michigan, is the sole talking head and no alternative opinions are offered. So that's a balanced assessment, isn't it? (rolleyes)

Anyway, Pfeffer concludes with:

In my view, charitable giving is not the way to organise things in a democracy. That's the job of the state. Through taxation, we can convert part of that private wealth into public wealth, and then subject it to a democratic process that determines where to allocate money and wealth to the benefit of all.

Fabian Pfeffer, Stone Center for Inequality Dynamics, University of Michigan

Laudable enough, but it assumes the competence of politicians and the agencies and instruments of state; and they have such a great track record, don't they kids? It also assumes that wealth, which at these levels is amassed globally, at the expense of people the world over, should be redistributed through taxation of the transfer that would presumably occur in the country of the parties' domicile; the USA in this case. Philanthropy, on the other hand, can be more effectively targeted—whether it is is another matter, I just trust governments less.

Fortunately, I don't expect better of any mouthpiece associated with the People's Republic of Portland Place.

Funnily enough, I don't recall the BBC asking any questions about inheriting a country, and pontificating to one's subjects about accepting sponging migrants on their streets and at their expense, while at the same time living a life of distanced privilege, when Old King Cock acceded to the throne. Strange, but I guess the republic's politburo members want to protect their chances of receiving future honours. (shrug)