globalization/fictitious K

Kim Brian Gillespie gillespk at leland.Stanford.EDU
Sat Apr 29 13:54:48 MDT 1995


re: the internationalization of capital.

Today (1 May 1995), _Barron's_ ran in interesting piece on a survey of
really rich people in families with over $100 million.  The survey sought
to discover what these folks did with their money and what they would do
with it in the future (the article is titled "Really Rich," 15-6).  What
the really rich are going to do is based on their estimation of the future
of the United States.  That estimation?  They believe social programs will
increase the Federal defecit, racial violence will increase, disease will
spread, and the environment could easily collapse.  In addition, they
think the wealthy (themselves they're thinking about) will not invest in
the rebuilding of America or give more money to the non-profit sector.
Their solution?  Says _Barron's_, the really rich "are getting out of town
before the barbarians come crashing through the front gates" (15).
Specifically, the really rich are moving their financial assets overseas,
are seeking offshore tax shelters, and are contemplating a change in
citizenship.  In sum, because the really rich think the United States is
on the verge of social and economic collapse, they plan on moving their
money, their bodies, or both elsewhere.

kim gillespie
gillespk at leland.stanford.edu
program in modern thought and literature


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