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“Money Trumps Peace.”President George W Bush : 2007
“Why Your Struggle is Invisible” – Part 2
The Font recently posted an article – “Why Your Struggle is Invisible” – which documented how officials and organizations hide in plain site, the difficult economic realities of life such as Inequality and Income disparity. These are common themes these days, but little is ever done about them, and indeed they continue to worsen.
The original post was based on a Credit Suisse global wealth report from 2013. I came across an article recently published by Forbes Magazine in April 2021.
A couple of highlights from it,
- the wealthiest 1% of Americans controlled about $41.5 trillion according to Federal Reserve data released September 2021.
- the net worth of all households and nonprofit organizations in America was $136.9 trillion.
Therefore, 99% of Americans have $95.4 trillion in wealth (Tr $136.9 – Tr $41.5)
This means that the top 1% of Americans own 44% of the combined wealth of everyone else (the 99%) in that country, that is getting on to half the wealth. This hardly seems a believable statistic for life in a supposedly civilized society.
We all sort of know about these things but the problem is only getting worse . Why is that? Aren’t there supposed to be people to report on and prevent these types of things – the media, politicians, regulatory authorities?
Forbes Magazine reports further from the 2019 data recently released by the Federal Reserve. Quite openly, and without alarm, Forbes notes the following sickening fact –
“For all Americans, the average net worth is $746,820, but the median net worth for all Americans is just $121,760“.Forbes Magazine 2021 – quoting from Federal Reserve data
It surely takes little thought or investigative effort at all to realize that officially published figures from the Federal Reserve simply can not be a true and correct picture of reality. If the Federal Reserve is openly releasing fairy tale information, what other government information about modern life is fairy tale? Well, we know that answer already – all of it right? Massive military budgets for “defence”, tax payer bail outs of corrupt financial institutions, unalterable support for guns and Israel just to name a few.
Check out official figures next time you see a financial article or simply google something financial. In almost every article you will see wealth and poverty and income figures quoted as “average” or “per capita” – rarely will the figures include the “median”. There’s a very good reason for this.
If the average wealth of all American’s really was almost three-quarters of a million dollars, who would be unhappy about that? Based upon these figures, Americans are being told that they have, on average, $747,000 worth of wealth – d they really?
Even the homeless? Do you have that much? That is equivalent to owning quite a nice house a mortgage free I would think, especially if located out of the big city centres.
This was the point made in my previous “Why Your Struggle is Invisible” post mentioned above – that “per capita” or “average” wealth and income figures are highly misleading and, as inequality continues to increase, will become even more misleading. That is why they are so frequently quoted – to mislead you.
It doesn’t matter which ethnicity or age group or education level you belong to or attain – a huge disparity between officialdom and reality exists across the board in most nations, but it is particularly bad in the United States, where inequality is the worst in the western world.
Here is US breakdown by age according to Forbes. The final column, % disparity, I added myself and it calculates what your actual wealth is as a percentage of the wealth you are being told you have.
In a perfect society the Median and Average would be the same. They never are and the gap continues to widen.
Across all Americans, the Fed data reports that people’s actual wealth is $121,760 whereas their officially reported wealth is $746,820. That is a huge gap any way you look at it. This gap is like you have just $16.30 in your wallet or bank account, but you are being told, and it is being widely reported that you have $100. Big difference right?
|Younger than 35||$76,340||$14,000||18.3%|
But not to worry. Poor and struggling people can save up for a subscription to Forbes Magazine to get some highly useful tips on how to increase your worth and get ahead in life, as seen in the following article extract from the same article,
“How to Increase Your Net Worth
Though your net worth will fluctuate over time, there are a number of tried-and-true methods for increasing your net worth, including:
• Pay off debt. Reducing your total liabilities will increase your net worth, even if your asset level stays the same.
• Maximize your retirement contributions. Not only will you increase the amount of assets you have, but you may also reduce your current tax burden.
• Cut expenses. If you spend less money, you keep more of it, which adds to your amount of total assets.
• Increase your income. Provided you do not also increase your spending, a higher income will enable you to save and invest more, which can raise your net worth.
• Learn to invest wisely. For most people, saving money alone isn’t enough to increase their assets over time. At least some of that money must be invested to give yourself the opportunity to build true wealth over time.”
WOW! You can see these Forbes people must have been the leading graduates from Harvard business school right? I mean, who would have thought that you can get ahead in life by “increasing your income” and/or “cutting expenses”? Or by borrowing less? Such incredible wisdom.
These little gems of wisdom would be well worth the high cost of the glossy Forbes magazine right?
Just in case you have some money left over from your Forbes subscription, you can follow their final piece of advice concerning what to do with your spare money – “invest wisely.”
You know, playing the stockmarket is for everyone! Just take your precious little few dollars and get stuck into share trading! What’s holding you back?
This article confirms what is already known by rich people and widely felt by struggling ones,
Elites from all parts of society are totally out of touch with the reality of the masses – they live in their own small world that the other 99% of us will never have any understanding of, yet alone be part of. And no attempt is made to even hide inequality and elitism any more. This Forbes article, and the thinking of the authors just rubs the struggle of the 99% into their faces….with unconcealed laughter.
Do you realize what a billionaire is? If you think a billionaire is just someone slightly richer than a millionaire, understand that the difference is much more than that – one billionaire has the same wealth as a thousand millionaires combined. Sit down right now and start to write down the names of one thousand people. After writing down one thousand names, remember that each name is a millionaire and once you have taken several hours to write all these names, realize that you have only written down the name of just ONE billionaire.
We are supposed to be aided and protected by our political and media representatives, in order that the worst of societal forces out of our control, pass us by without undue harm. But the opposite of that happens in reality. Political classes pass tax cuts for the already wealthy and pass legislation that enables the crippling effects of elite greed to pervade further and further into the lives of everyday people. Endless wars are promised to be ended, but military budgets constantly increase. Our mainstream media stand by and do nothing. In fact they facilitate the whole process.
What is there to do about this? Send this post to a friend – what do they think? Find out the name of your Congressperson or Senator and write them an email, preferably in conjunction with and signed by a group of people. Group votes are important especially if you live in a swing state.
Start a discussion. We can’t complain forever. We have to take even tiny actions ourselves. No one else is going to help you. If you don’t do even a little thing, then you have no right to ever complain.
Science Proves What Many Suspected About Global Wealth
A 2011 Swiss study published in the well respected British “New Scientist” magazine, supports what we sort of knew about the world but didn’t know how or why : that an incredibly tiny number of big businesses really do control much of the global financial networks.
Importantly, as the article makes clear, this was a SCIENTIFIC study based on mathematics and computor modelling. It was NOT a political or financial study. There was no hidden agenda or predetermined outcome. The motivation was simply the scientific desire to answer a question about the structure of an entity, the entity in this case, being global wealth and the nature of its’ connectedness, if any.
Distilling down the article and the study to its pure numbers we find the following,
- 37 million companies worldwide – the study started with this global database.
- 43,000 of these were identified as global multinational corporations.
- 1,318 of these corporations account for 80% of global business revenues.
If 1,318 sounds like alot of companies, compare that to the number of companies in the very small nation I call home, New Zealand, where there are over 520,000 registered companies. And the study started with 37 million companies.
When the Swiss scientists drilled down further into their computer models and statistical data, they found an even more highly concentrated “super entity” consisting of just 147 companies.
These 147 corporations, 0.0004% of the worlds companies, or just 0.3% of all of the world’s 43,000 global corporations, (3 in 1,000) account for 40% of the world’s business wealth.
The Top 25 of the companies present at the world’s “inner core” of 147 are, as of 2011 –
1. Barclays Bank – UK based bank
2. Capital Group Companies – American based financial services company
3. FMR Corporation – American based financial services company
4. AXA – French based financial, insurance and investment services company
5. State Street Corporation – American based bank & financial services company
6. JP Morgan Chase & Co – American based bank
7. Legal & General Group – UK based financial services conpany
8. Vanguard Group – American financial services company
9. UBS Bank – Swiss Bank and financial services
10. Merrill Lynch & Co – American Financial Services company
11. Wellington Management – American Investment management group company
12. Deutsche Bank – German based global bank
13. Franklin Resources – American global investment services company
14. Credit Suisse Banking – Swiss global bank
15. Walton Enterprises LLC – an American based private wealth fund of the Walton family, founders of Walmart.
16. Bank of New York Mellon Corp – American based bank
17. Natixis – French based Investment Bank
18. Goldman Sachs Banking Group – American based Bank
19. T Rowe Price Group Inc – American Financial Services company
20. Legg Mason Inc – American Financial Services company
21. Morgan Stanley Banking – American Bank and Financial services company
22. Mitsubishi UFJ Financial Group – Japanese financial services company
23. Northern Trust Corporation – American based Financial services company
24. Société Générale Banking – French based Banking group
25. Bank of America Corporation – American banking group
You have never heard of many of the 25 companies right? That is probably just how they like it. It doesn’t have to be pointed out what business all of these corporations are in or which countries they mostly come from.
The “inner core” of 147 companies accounted 40% of the entire global business wealth. Each of the 147 corporations was completely owned by the other 146.
This super-connected structure means they could effectively function as one entity.
This Swiss study confirms what many people have always suspected. The existence of a super financial entity in which a critical bulk of the world’s wealth is found.
As the New Scientist article makes clear, the study and its conclusions offer no rationale as to WHY this tightly controlled super financial entity exists – only that it DOES exist.
It is possible that this super entity has been formed by entirely natural processes of association. In other words, because “money attracts money” or something of that nature. After all, the prominent people who run these corporations all have their primary holiday residences in the same regions of the south of France and therefore frequent the same exclusive Country Clubs. Where they do deals over brandy. Who knows. None of us are in this “big club” so we will never know what goes on.
It’s also quite possible that this super entity might NOT have been created naturally at all. It might well have been deliberately created over several centuries in fact, for the specific purpose of doing what it actually does in reality – creating, directing and controlling the bulk of the world’s wealth, and therefore, the enormous political power which that wealth yields.
But the answer to the question of how this global entity came about is not part of this Swiss study.
For now, its sufficient to realise that an extremely tiny, but immensely powerful financial entity does exist as a tiny core right in the heart of global affairs and it controls much of the world’s wealth and all that follows as a result of that power.
Is that a good idea? Judging by today’s endless wars, inequality, social decay and disproportionate wealth accumulation, I think not.
Here is the full article …
“Short-Selling” – Profits From the Misery of Others.
It’s a Different World out There.
I have learnt so much in recent years about all sorts of things. It makes one wonder how little we still know.
International finance and banking is an area that has taken my interest since the 2007-08 global financial crisis. This topic really is rocket science. On steroids. No one really understands much of what goes on and how it works it seems. All that matters is that “profits” can be created. By using exotic systems created by mathematical geniuses, super computers and no little amount of deception and hubris.
One tiny part of international finance I do understand a tiny bit now is called “Short Selling”, or “shorting” or being “short”.
Most people would think that conventional investment strategies involve buying something, and hoping it goes up in value after much hard work had been done to improve its value. The asset in question could be property, a currency, company shares or bonds. No doubt, most of us have followed this normal asset investment strategy at some point in our lives, even without knowing it. By buying a family house and slowly improving it over time, its value will grow automatically.
This stratedy is based upon the expectation of positive growth in asset values. But the asset value growth doesn’t have to be positive in order to profit from the change.
Welcome to Short Selling – where investors profit when an asset goes down in value. When an asset becomes less valuable over time.
Seems a bit weird right? How it worked seemed quite odd to me too when I first heard of it. But then, much of the modern “financialization” of the western global economies, particularly in the United States, is weird, and unethical in my view.
Looking at the flow diagram above. An investor, Mr Moneybags decides he wants to short sell shares in an airline for example to the tune of say 10,000 shares. He doesn’t need to currently have any shares in the airline. He simply contacts his stock broker and tells the broker he wants to short himself on the airline stock for 10,000 shares.
So, step 1 begins with the broker looking through the portfolio of his existing customers who already own the airline stock in question and they take out the 10,000 shares from one or more conventional stock market investors’ accounts. Essentially, the broker borrows the airline stock from its owner for a set period of time, and hands the “borrowed” stock onto Mr Moneybags, in a contract lasting for say 2 years.
In 2 years time, Mr Moneybags has to give back the borrowed stock to the broker to restore the original investors asset.
Once the IOU contract is signed for 10,000 shares, straight away Mr Moneybags sells the airline stock at market value, say $10 a share and banks the money, amounting to $100,000 in this case. This is transaction 2 above.
Mr Moneybags’s is sure that the airline shares that he has borrowed for 2 years will go down in value, so all he has to do is wait. In the meantime, the money he gets from selling the borrowed shares can be invested somewhere else entirely, perhaps in a more conventional way, and for more profit, perhaps growing to $125,000 in two years time.
As it turns out, Mr Moneybags was lucky. A new type of virus soon hits the world and all borders are shut to international travel. One of the hardest hit are airlines due to the big drop in global travel. Planes are stored. Airports are empty. Airline share prices plummet. This is step 3.
Mr Moneybags is very happy as this is what he thought might happen. After 2 years, he buys back 10,000 airline shares from the market and gives them back to the broker in Step 4. Except at this time, the airline shares might only be worth $4 a share, not $10 as when he sold them 2 years ago. Therefore, it only costs Mr Moneybags $40,000 to buy back the same 10,000 shares that he initially borrowed and then sold for $100,000.
After paying the broker a fee for the 2 years contract, Mr Moneybags still comes out with a profit of almost $60,000 from the transaction, and perhaps more, if he invested the original $100,000 wisely. Step 5 – make profit!
With his new found profits, Mr Moneybags is now free to look at other investment opportunities.
Short selling doesn’t profit from creating anything. In fact, it profits from other people’s difficulties and loss in their equity. Even the problems of entire nations can be taken advantage of if you know how. But it is clearly problematic that people can make money not only from negative value growth, but can do it without actually owning anything.
Any asset can be shorted, not just company shares. For example, a nation’s currency. Billionaire investor George Soros was famous for making one billion pounds profit by betting against the value of the British currency in 1992 when the newly formed EU was facing financial stress. He was right and his speculation upon the difficulties of the British taxpayer made him a handsome profit from it. A handsome profit made from the backs of British taxpayers, whose government then had less money to spend on health and education after paying Mr Soros.
In some circumstances, short selling speculators can even initiate the drop in value of an asset, and then, by constant further short selling attacks, they can perpetuate and enhance the fall in value of a currency or share. It is always easier to destroy than to create. You can profit from both now.
Short selling is a speculative and damaging activity, but it is legal all the same.
Does this seem an ethical way to make money? Our opinions do not matter.
Even if it does pass your personal “sniff” test, there is another angle that bears consideration.
How could potential, or even clear, conflicts of interest be handled with respect to profiteering from events surrounding the normal administration of a country?
Is it possible that inside the Washington and London elites, there are select groups of people who have inside knowledge of an imminent foreign intervention, or imposition of crippling sanctions thereby allowing them to take advantage of that knowledge, by say, short selling a currency like the Iraqi dinar, Venezeulan Bolivar or the Iranian rial?
There are in fact, huge opportunities to profit from other people’s misery. Many nations have been targeted by these “vultures.” They are “slam dunk” investment opportunities for the skillful. If you have good inside information. And if you don’t care about making huge profits by destroying something.
This is Why Your Struggle is Invisible
Do your figures add up? No?
Here is why.
Credit Suisse (a major global bank based in Switzerland) issues an annual Global Wealth Survey which runs to 165 pages more or less. The report from 2013 is a rare find indeed ! It contains information rarely, if ever, circulated by media, financial institutions, governments, aid agencies etc….that is, essentially by no one at all.
Every time you are presented with figures by the Media, Governments, World Bank etc concerning the GDP, the wealth, the income or the financial status of a nation or of any group of people, the array of figures, charts and graphs are always based upon measurements of “per capita income” or “the average income.” (the “average” is also sometimes also referred to as the “mean” but all three terms are equivalent.)
Go ahead and google anything about wealth statistics right now, from any source and I guarantee this will be the case.
None of these measurements are suitable for the sharing of information as they all skew information and conclusions away from the reality of every day life. They present reality as something better than it actually is.
For example, take a tiny village with a population of only 9. The actual annual incomes per year of the nine people are,
$50,000; $50,000; $50,000; $50,000
Without even doing any mathematical calculations, just by looking at these incomes written down, we can get a good idea of the profile of this village’s typical wealth. The bulk of the people have incomes of around $50,000 – $60,000, let’s say $55,000 per year.
Now let’s do some simple calculations, as all the global media and financial institutions do and let’s calculate the income per capita of the village. The per capita is another term for the average. We calculate the average by adding all the wealth together and dividing by the population of the village, 9 in this case.
The total income for the village is $870,000 from 9 people, making the average (per capita) income about $96,700 per year.
Does the per capita income of $96,700 reflect the overall make up of the village?
No. Eight out of nine villagers are below this “average” income, with 2 people being very much lower. Only ONE person, the richest one, is above the average income, and they are MUCH higher.
We can see that according to “official figures” which we might read in the media, the average annual income of this village is almost $100,000 – quite a comfortable amount it seems. That’s good right? This village must be well organized by the leaders and its population must be very happy to live in a fairly prosperous, well organized area. The village leaders can show off their good work around the country by distributing the official wealth report as proof of their great system.
“Be more like us” they might boast, “as look at what we have achieved!”
Well, no. The problem is that this conclusion and the reports it generates isn’t really true is it? And even worse, in the real world where villages have far more than 9 people, and the richest people are FAR more rich than in this example, the skewing effects of wealth reporting are even worse.
In this village the richest person has only about 10x the income that the typical person has at $520,000 vs $55,000. In the real world however, the situation is far worse where multi billionaires have more like 10,000 – $20,000x the wealth that typical people have. Who would worry if Jeff Bezos or Bill Gates was only 10x richer than us!
So, do you see why everybody in officialdom uses “per capita” or “average” wealth and/or income figures and not the median? These official numbers hide in plain site the fundamental problems surrounding global wealth creation and its distribution.
Ordinary people know they are not wealthy, but somehow they have been convinced that they are, and that everyone else is as well. They just doubt themselves.
Sadly, many people in western countries are struggling to maintain the barely reasonable standards of living that they think everyone else has, by going further into debt and working 2 or more jobs. But this is not a solution. Huge debt and working longer hours are not good for the long term health of an individual, a family or a nation.
Is there a better way to measure wealth and income? Yes there is – that is why no one uses it. It is called THE MEDIAN and it gives a much more accurate measure of reality. The 2013 Credit Suisse Wealth Report quotes both types of figures, which makes it a rare thing indeed.
Let us go back to our village of 9 above. All we need to do to find the Median is to note down the incomes in order, either high to low or the other way around, (it makes no difference) and then, starting from one end, simply count until we arrive at the middle figure.
10,000 20,000 50,000 50,000 50,000 50,000 60,000 60,000, 520,000
Counting from highest or lowest towards the middle, we see that the middle or mid range figure in the list is the fifth one – $50,000. So the Median income of the village is $50,000 – very close to what it seems to actually be for the majority of people.
Now, remember what the official wealth per capita was? $96,700, almost double what it really is.
This is a simple trick that totally obscures the reality of life for billions of people. It is also part of the endless daily propanganda we see, read or hear about from important looking people dressed in expensive suits who make the majority of people believe they are doing okay, when they frequently are not. When in fact, many people are hugely in debt, of no fixed address and can’t make the bill payments. They are bankrupt.
Let’s now look at the wealth figures of a real country – the United States – using the figures from the 2013 Credit Suisse Global report. (These figures are getting a bit old now but if anything I think they will flatter the present day situation. I’m going to stick to these figures, as Median figures are so hard to find, even in later reports by Credit Suisse).
|USA||Per Capita||Median||<$10k||$10k – 100k||$100k – 1M||>$1M|
WEALTH REALITY FOR AMERICANS
Just as in our hypothetical village above, the figures for a real nation like the United States are quite shocking. Shocking because the highly respectable per capita / average wealth figure of $301,140 hides the true situation, that most people have just $44,911 in wealth to their name. Almost one seventh of the universally used figure.
To ram home this huge difference in wealth in the USA – on these 2013 figures, based on wealth per capita, America is the 5th wealthiest nation on earth, right up with the rich little economic giants like Singapore and Switzerland. Great huh? That is what we always hear about right? America is one of the richest countries on earth…
Well, the reality of life in the United States is reflected not in per capita numbers, but in the median wealth – and in the median figures, the typical American only ranks at number 28 most wealthy in the world, not 5th. And since Covid and the financial meltdowns that America has with depressing regularity, it is likely, as I said above, even these figures are probably flattering.
And lastly, take a look at the last 4 figures on the right hand side of the table above. These numbers are the percentage of people whose wealth falls in the four ranges shown; that is, less than (<) $10,000 in wealth, $10,000-$100,000 in wealth ….up to over (>) $1 Million.
Almost 31% of American working age adults (children are excluded from all these figures) have less than $10,000 in wealth to their name. These adults have less than $10,000 in total home ownership equity + savings + investments + assets. They don’t even own a decent car outright yet alone a house.
31% !! Basically one third of American adults are working so hard but have so little to show for it.
When you look at any figures with regards the median versus the average, it is clear why nobody wants to tell the truth. Which financial or political leader wants to tell their citizens that actually, it is just that – an American dream. You really have little chance of ever progressing in life. You are probably going backwards.
Sure, some people do okay with a steady job or career, but remember we are looking at typical people, the bulk of people, not the tiny percentages of people that go into space in their own rocket ships, they built to carry other super rich people who are bored with the earthly persuits of the ordinary masses who paid for it. A space ship built to make even more money for their creators.
So take note of what you read from now on and see how any numbers are presented – does the source use the median or the per capita/average numbers?
I don’t think it will be any surprise.
If you are from America and read this, ask yourself where you fit into the boxes above – are you more of an average person or a median one? Ask your friends too. At least you might finally realise why life is such a struggle.
Inequality – Is It Sustainable?
There are hundreds of charts like the one above, or something similar, floating around. They sometimes look different – some are circular charts, some are graphs, some are lines like this one. Some tell the story of wealth, some use income.
But they ALL tell the same story – the rich are getting MUCH richer and the poor are getting poorer. Especially since the 1980s.
And increasingly, the people in the middle, the traditional “middle class” – the class that built America – are dropping down to the bottom group.
Here are just a few observations about the financial imbalances that continue to haunt the USA,
The Greatest Financial Inequality in the Developed World, a level of inequality approaching some developing countries. (as measured by the Gini index)
Two families together – the Kochs and the Waltons – have the same wealth as the combined total wealth of the bottom 40% of all Americans.
Two American families have the same wealth as 128 million Americans!
Nearly 70% of all Americans have less than $1,000 in savings.
How is this possible in such a supposedly wealthy and free nation?
34% of Americans have no savings AT ALL (2016 figures).
In 2019, according to the Bloomberg Billionaire Index, America’s billionaires added $500 billion to their wealth in a single year.
Facebook founder Mark Zuckerberg increased his wealth by $27.3 billion in 2019 while Microsoft co-founder Bill Gates added $22.7 billion. Covid 19 only increased the rates of wealth creation whilst many people and small business struggled.
And, at the same time, 40 million Americans need food stamps.
There are 750,000 homeless people in America on any given night.
There are more black 17 year old men in prison than in college.
Inequality is a global problem but, like many things, it is very bad in the United States. Some might even claim that the neo-liberal economics which took over the world since the 1980s, starting with Reaganomics and spreading outwards, has been a major cause of the dramatic increases in inequality.
Whatever the causes, growing inequality is not sustainable and we must address the issue by becoming familiar with the causes.
For much more detailed information about all types of inequality in America see this Stanford site,
America’s Privatized Prison System : How It Helps Profits
The Privatization of the Criminal Justice System and the Creation of a Pool of alleged “Forced Labour.“
The United States has only 5% of the world’s population but 25% of the world’s prisoners, at 2.3 million. America imprisons its people at TWICE the rate in South Africa, 3x the rate in Iran and 6x the rate in China.
Most US Prisons were privatized, into “for-profit” businesses in the Reagan era, 1980 – 88. It’s clear what this deregulation did to incarceration rates.
Many US states force prisoners to work for free. Even in states that do pay, the rate is often 25c to 1.25c an hour.
Some corporations – similar to these – use free forced labour in America.
Another example – Muscogee County Prison in Georgia saves the local authorities over $20 million annually due to the County using forced prison labor.
35-40% of firefighters in California fighting ongoing bush fires are prison inmates.
Some US companies are even moving their manufacturing back to America from low cost economies like Vietnam and Mexico, as these countries simply can’t compete with a free prison labour population of 2.3 million.
Former Presidential candidate Michael Bloomberg, worth $53 billion, admitted in December 2019 that he used forced labour to make high-frequency public phone calls during his election campaign.
A stunning fact about America’s criminal justice system is that America is the ONLY country in the world that imprisons CHILDREN for LIFE, without any chance of parole.
Not even Saudi Arabia or North Korea imprison children for life without parole.
There are approximately 60,000 children in US prisons today.
Tragically, there are more 17-year-old black males in prison in America than there are in college.
What do these statistics say for the long term health of American society? How many Americans are aware of these things? What is the media doing ?
David Koch, multi billionare (above), speaking at a “Defending the American Dream” conference.