“What we earn must be returned for the greater good of society”

Padawanbater2

Padawanbater2

Well-Known Member
Billionaire Agarwal to Donate Most of Wealth After Meeting Gates

Anil Agarwal, the billionaire founder of Vedanta Resources Plc, said he and his family decided to donate 75 percent of their wealth to charity after meeting Bill Gates, the world’s richest person.

Agarwal has a fortune of $3.3 billion that includes an almost 70 percent stake in London-listed mining and energy group Vedanta, according to the Bloomberg Billionaires Index. Gates, the co-founder of Microsoft Corp., has a fortune valued at $84.7 billion.

“What we earn must be returned for the greater good of society,” the 62-year-old said at an event yesterday to celebrate the 10th anniversary of Vedanta’s (VED) listing on the London Stock Exchange. “Life is not only about wealth.”

Interest in charitable giving is growing in Asia. In 2013, Azim Premji, chairman of Bangalore-based software exporter Wipro Ltd., became the first Indian to join the Giving Pledge program, which seeks to encourage the world’s wealthiest people to give away half of their wealth to charity.

The program was founded by Gates and U.S. investor Warren Buffett, the world’s 3rd-richest person with $67.3 billion, according to the index.

Agarwal said Gates and his wife, Melinda, discussed their philanthropic causes with him in Seattle last summer.

“After that, I had a meeting with my family and we decided to donate 75 percent of our wealth,” the Indian billionaire said.

http://www.bloomberg.com/news/2014-09-26/billionaire-agarwal-to-donate-most-of-wealth-after-meeting-gates.html
 
ginwilly

ginwilly

Well-Known Member
Padawanbater2 said:
Well, when 94% of growth goes to the top 1%, that's basically the jist of it

What can a population of >300 million do with 6%?
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Grow wealth.

The disparity sucks, don't get me wrong. But me making an extra buck doesn't mean it's depriving you of that buck, it just doesn't work that way.

Trace the wealth disparity that has skyrocket the last few years on Fed policy and bailouts.
 
Padawanbater2

Padawanbater2

Well-Known Member
ginwilly said:
Grow wealth.

The disparity sucks, don't get me wrong. But me making an extra buck doesn't mean it's depriving you of that buck, it just doesn't work that way.

Trace the wealth disparity that has skyrocket the last few years on Fed policy and bailouts.
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As far as I know, you and I aren't in the 1% of top earners, so that $1 comes out of the 6% pie, you and I don't get to touch the 94% pie

The wealth disparity skyrocketed in 1978 after Buckley v. Valeo & FNBB v. Bellotti
 
ginwilly

ginwilly

Well-Known Member
Padawanbater2 said:
As far as I know, you and I aren't in the 1% of top earners, so that $1 comes out of the 6% pie, you and I don't get to touch the 94% pie

The wealth disparity skyrocketed in 1978 after Buckley v. Valeo & FNBB v. Bellotti
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This is where we'll just have to disagree. My extra buck won't affect the 6% either. If I created that wealth by making a lemonade stand, it won't come out of the pocket of the rich. In fact, the lemon farmer would also profit.

See how that works? I create something of value, and not just me, but others also gain wealth. It doesn't work the way you are insinuating.

Of course, in this climate, I would have to purchase a license to open my stand, depending on what part of the country, I'd need a building permit and be forced to use union labor. Most likely I wouldn't bother opening that stand and just blame the rich.
 
Padawanbater2

Padawanbater2

Well-Known Member
ginwilly said:
This is where we'll just have to disagree. My extra buck won't affect the 6% either. If I created that wealth by making a lemonade stand, it won't come out of the pocket of the rich. In fact, the lemon farmer would also profit.

See how that works? I create something of value, and not just me, but others also gain wealth. It doesn't work the way you are insinuating.

Of course, in this climate, I would have to purchase a license to open my stand, depending on what part of the country, I'd need a building permit and be forced to use union labor. Most likely I wouldn't bother opening that stand and just blame the rich.
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How did you create wealth when it was simply transferred from the buyer of your lemonade to you? From you to your lemon supplier? From him to his seed/water supplier, etc.?
 
ginwilly

ginwilly

Well-Known Member
Padawanbater2 said:
How did you create wealth when it was simply transferred from the buyer of your lemonade to you? From you to your lemon supplier? From him to his seed/water supplier, etc.?
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Valid.

I made a half-assed analogy, but let me try to make lemonade from this lemon of an analogy. All I've done is increase my wealth not create wealth.

What I've done is increase the value of the lemon, sugar and water on it's own by combining them. I caused an increase need to produce more lemon and sugar cane for the farmers.

What I've created is value and wealth, but no, no extra money. The money supply only increases by Fed input.

Wealth and value are not the same as money, but we'll probably disagree on that too.
 
Padawanbater2

Padawanbater2

Well-Known Member
ginwilly said:
Valid.

I made a half-assed analogy, but let me try to make lemonade from this lemon of an analogy. All I've done is increase my wealth not create wealth.

What I've done is increase the value of the lemon, sugar and water on it's own by combining them. I caused an increase need to produce more lemon and sugar cane for the farmers.

What I've created is value and wealth, but no, no extra money. The money supply only increases by Fed input.

Wealth and value are not the same as money, but we'll probably disagree on that too.
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I think I'd agree on all counts.

Lunch time
 
Harrekin

Harrekin

Well-Known Member
ginwilly said:
Valid.

I made a half-assed analogy, but let me try to make lemonade from this lemon of an analogy. All I've done is increase my wealth not create wealth.

What I've done is increase the value of the lemon, sugar and water on it's own by combining them. I caused an increase need to produce more lemon and sugar cane for the farmers.

What I've created is value and wealth, but no, no extra money. The money supply only increases by Fed input.

Wealth and value are not the same as money, but we'll probably disagree on that too.
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Most of these idiots don't seem to realise that increasing the money supply is based on banks selling bonds to the central bank and then loaning that money to businesses. Where it filters into the economy is via people's wages/salaries, etc that they receive from the businesses.

(Grossly oversimplified, but remember it is lefties we are talking to)

They think the Govt prints the money for the "deserving", it's hilarious as fuck.
 
C

Catfish1966

Well-Known Member
Padawanbater2 said:
How did you create wealth when it was simply transferred from the buyer of your lemonade to you? From you to your lemon supplier? From him to his seed/water supplier, etc.?
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The lemon supplier grew them right out of the ground, creating something of value that did not exist before
 
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