More Billions for Bezos
Amazon’s Jeff Bezos has set a fresh record increasing his fortune by an additional $13bn (£10bn) in a single day to take his personal wealth to an unprecedented $189bn. The $13bn increase Bezos achieved on Monday is the biggest single-day jump in anyone’s net worth since Bloomberg began tracking the daily changes in fortunes of the world’s wealthiest people in 2012. In ONE DAY Jeff Bezos made well over 4,000 times what the average American earns in their ENTIRE LIFETIME. Bezos is now $71bn richer than the next-wealthiest person on the list: Microsoft founder Bill Gates.
Bezos’s fortune has been swelled by Amazon’s soaraway share price as hundreds of millions of people trapped at home by coronavirus lockdowns around the world turn to the online delivery giant to keep themselves fed and entertained. While many businesses have been hit hard by the pandemic and the beginnings of what threatens to be the worst economic crisis since the Great Depression of the 1930s, Amazon’s shares have increased by 70% since the start of the year. On Monday alone, the share price rose by 8% to a record $3,197. (By lunchtime Tuesday they were changing hands at slightly below that peak.)
Bezos’s $189bn fortune means he is personally worth more than companies such as Exxon Mobil, Nike or McDonald’s. His total wealth now makes him worth more than Britain’s biggest company, the pharmaceutical giant AstraZeneca which is valued on the stock exchange at £121bn. In the UK, Bezos has more than enough money to buy the big four banks – HSBC, Barclays, RBS and Lloyds – and have enough change left over to pick up British Airways owner IAG as well as Sainsbury’s and Marks & Spencer. The huge increase in Bezos’s wealth on Monday alone is equivalent of adding nearly 30 times the Queen’s £350m fortune. His fortune now dwarfs the GDP of Hungary, Ukraine and Qatar. And he is within striking distance of overtaking Greece and New Zealand who are ranked by the World Bank as the 51st and 52nd biggest economies in the world.
More War Threatens Libya
Egyptian President el-Sissi has warned of a military intervention to protect Egypt’s border with Libya. The move could bring Egypt and Turkey, who support rival sides in Libya’s proxy war, into direct confrontation.
Egypt’s parliament on Monday authorized the deployment of troops abroad after President Abdel Fattah el-Sissi threatened military intervention against Turkish-backed forces in Libya. Egypt’s House of Representatives, which is filled with el-Sissi supporters, said after a closed-door session that armed forces could be deployed outside the country to fight “criminal militias” and “foreign terrorist groups” on a “western front,” but did name Libya directly. It said the troops would be defending Egypt’s national security.
El-Sissi said last week that Egypt, which shares its western porous desert border with Libya, would not stand idle if there was a threat to the nation’s security. He also warned that the strategic coastal city of Sirte was a “red line,” and that an attack on the town by Libyan government forces would prompt Cairo to intervene.
With the help of Turkish support, government forces last month ended a 14-month offensive by the LNA in Tripoli. It was a major setback for Haftar, who has sought to unify Libya by force. Since reclaiming Tripoli, government forces have pushed eastward toward Sirte, which lies 800 kilometers from the Egyptian border. The city, which is the late Ghadafi’s hometown, is a gateway to Libya’s most important crude export terminals.
The Egyptian presidenct el-Sissi had spoken with US President Donald Trump and assured him that Egypt would “prevent further deterioration of security in Libya.”
https://www.dw.com/en/egypts-parliament-approves-troop-deployment-in-libya/a-54247567
Musk Gets Bonus
Tesla Chief Executive Elon Musk qualified on Tuesday for a payout worth an unprecedented $2.1 billion, his second jackpot since May from the electric car maker following its massive stock surge.
Despite Tuesday’s stock dip, and importantly for Musk’s personal finances, Tesla’s six-month average market capitalization for the first time has reached $150 billion. That triggers the vesting of the second of 12 tranches of options granted to the billionaire in his 2018 pay package to buy Tesla stock at a discount.
In early May, Musk’s first tranche vested after Tesla’s six-month average stock market value reached $100 billion. Each tranche gives Musk the option to buy 1.69 million Tesla shares at $350.02 each, less than a quarter of their current price. At Tesla’s current stock price of $1,594, Musk would theoretically be able to sell the shares related to the tranche that vested in May and the current tranche for a combined profit of $4.2 billion, or almost $2.1 billion per tranche.
https://uk.reuters.com/article/uk-tesla-stocks-musk/teslas-musk-qualifies-for-2-1-billion-payday-idUKKCN24M2PY
The Parable of the Table. (1909)
But do you believe that Voltaire, Diderot and the rest of the encyclopaedists were able to avoid treading on people’s corns?
It is a lamentable fact that every time a new form of society is about to come forth from the womb of one on the point of death, it always does so by a long and painful child-birth, producing in every family, and in every heart, trouble and anguish; suffering that every innovator would fain spare those whose convictions he hurts.
As for us revolutionary Socialists, we have discarded the folds of this flag on which the names of so many deeds of butchery are displayed in letters of gold.
Flags are but emblems; and are worth something only in so far as they represent something worthy. What, after all, is one’s native country? Or what, in actual fact, do all these “fatherlands” consist?
Allow me, if you please, gentlemen of the jury, to draw for you a mental picture, to speak if I may a kind of parable, which will the better help you to understand what our feelings are. One’s native land, every country, no matter under what form of government it be masked, is made up of two groups of men, consisting on the one hand of a quite small number, on the other including the immense majority of people.
The first of these is seated round a well furnished table where nothing is lacking. At the head of this table, in the seat of honour, you find the great financiers; some, perhaps, are Jews, others Catholics or Protestants, or it may be even Freethinkers. It is possible for them to be in entire disagreement on questions of religion or philosophy, and even on questions affecting their individual interests, but as against the mass of the people, they are as thick as thieves.
Seated on their right and left hand you have Cabinet Ministers, high officials of every department of civil, religious or military administration. Paymasters-general with salaries of 30, 40, and 60 thousand francs a year: a little further off fully fledged barristers, by their unanimity glorious interpreters of the “Universal Conscience” – the whole Bench and Bar, not forgetting their precious assistants, the solicitors, notaries and ushers.
Large shareholders in mines, factories, railways, steamship companies and big shops: manorial magnates, big landed proprietors; all are seated at this table: everybody that has two-pence is there too, but at the foot. These latter are the small fry, who have for that matter, all the prejudices, all the conservative instincts, of the big capitalists.
Ah! gentlemen of the jury, I wish that you may be of the number of these privileged ones seated around this festive board. Verily, you are not so badly off there, after all, you know. In return for a little work – when you have any work at all – work I say which is oft-times intelligent, occasionally agreeable, which always leaves you with some spare time for yourself, directive work that flatters your pride and vanity – in return for this you can enjoy a life of plenty, made pleasant by every comfort, every luxury that the progress of science has placed at the service of Fortune’s favoured ones.
Far from the table I see a great herd of beasts of burden doomed to repulsive, squalid, dangerous, unintelligent toil, without truce or rest, and above all without security for the morrow; petty shop-keepers chained to their counters, Sundays and holidays, more and more crushed by the competition of the big shops; small industrial employers, ground down by the competition of the big factory owners; small peasant proprietors, brutalised by a sixteen to eighteen hours day, who only toil that they may enrich the big middlemen: millers, wine factors, sugar refiners. At a still greater distance from this table of the happy ones of this world, I see the crowd of proletarians who have but their strength of arm or their brain for sole fortune, factory hands, men and women exposed to long periods of unemployment, petty officials and shop-assistants forced to bow and scrape and hide their opinions, domestic servants of both sexes, labouring flesh, cannon fodder, matériel of “pleasure”.
There are your beloved countries! Your country to-day is made up of this monstrous social inequality, this horrible exploitation of man by man.
When the proletarians doff their hats to the flag as it passes by, it is to this that they uncover. They in effect say: “What a splendid country is ours! How free, kind and just is she!”
How! how you must laugh, Mr. Attorney-General, when you hear them sing: “ah! glorious is death indeed,
When for our native land – for liberty – we bleed!”
They call it sport
The 67-page report released on Monday titled “I Was Hit So Many Times I Can’t Count” looks at Japan‘s history of physical punishment in sport and includes first-hand accounts of athletes being punched, kicked and whipped.
“For decades, children in Japan have been brutally beaten and verbally abused in the name of winning trophies and medals,” Minky Worden, director of global initiatives at Human Rights Watch (HRW), said in a statement.
https://www.france24.com/en/20200720-japanese-child-athletes-brutally-beaten-and-abused-human-rights-watch-report-finds
Why GDP?
Sometime later, realizing the enormity of his financial loss, the older man offers to reciprocate to get his money back. Feeling ashamed of being the only one to eat a dead rat, his younger colleague quickly agrees.
Worse to come?
Capitalism cannot be regulated
Big business and banks are just as corrupt and eager to shovel profits to senior executives 10 years after the landmark banking reform legislation known as Dodd-Frank as they were during the 2008 crisis, a new report warns, because the bill’s regulations on executive pay remain unimplemented.
It has remained unimplemented—nine years after the deadline Congress set—thanks to lobbying from the banking industry, the report found. Section 956 calls for a ban on all “inappropriate” pay structures that could lead to “excessive risk taking.”
Meanwhile, money that Congress allocated to bail out bank creditors in 2008 effectively went to bankers, while more than 10 million lost their homes, their jobs and their savings.
“White collar crime pays, and until Congress enacts the rules to change it, we’ll continue to see top executives raking in off catastrophes of their own making,” report author Bartlett Naylor, financial policy advocate at Public Citizen, said.
DWP – “irrational, unjust and unlawful.”
Justice Garnham said the system treated Sharon Pantellerisco, a 41-year-old care worker from Southport, as if she were not working, and punished her by arbitrarily reducing her overall universal credit award through the benefit cap.
In effect, Pantellerisco had been penalised financially because her four-weekly pay cycle did not fit in with the design of universal credit. No “reasonable” secretary of state for work and pensions would have allowed the system to operate as it did in this case, the judge said.
Pantellerisco, who has four children, worked 16 hours a week, receiving the “national living wage”, but was paid on a four-weekly basis, an arrangement that clashed with universal credit rules that calculate earnings over a calendar month. This meant her income for most universal credit assessment periods was deemed to be too low, subjecting her to the benefit cap, which in turn resulted in her benefit income being docked by up to 20% a month. This left her stressed, depressed and struggling to feed and buy clothes for her children.
Carla Clarke, a solicitor for Child Poverty Action Group, which brought the case, said: “A system that determines the amount of social security low-paid working claimants are entitled to on the arbitrary basis of whether they are paid monthly or four-weekly can only be irrational, unjust and unlawful.”
https://www.theguardian.com/society/2020/jul/20/universal-credit-earnings-calculations-unlawful-judge-says