May 09 2012

Occupy London tour shows towering inequality

Posted by: Nick Shaxson in: Thoughts

Bloomberg is running a fine story about the City of London, highlighting the Britain’s staggering inequality and the financial driver behind it:

“Income inequality among working-age people has risen faster in the U.K. than in any other wealthy Western country since 1975, according to the Paris-based Organization for Economic Cooperation & Development. London and the finance industry are the driving forces behind the rise, according to Mark Stewart, an economics professor at the University of Warwick.”

But that’s just a taster. Read the whole article: it’s worth it. Also take a look at the interactive graphic, highlighting the staggering poverty rates in Tower Hamlets, just at the City Fringe. As a commenter noted of it:

“Usually a neighborhood of highly paid and profiting companies, will result in the entire neighborhood benefitting, and the trickle down effect should be wide spread.”

Well, it doesn’t seem to work like that, unfortunately. And this, it seems, is no coincidence: plenty more on this broad subject soon (I have been promising this for a while now, but another project got in the way.)

If you have the stomach for it, take a look at some of the more toxic comments underneath the main story, with one blaming society’s ills on “parasites” and “breeders whose only occupation is to breed children to go on welfare.” Which again goes to show how astonishingly out of touch the bankers and their defenders are.

Add your own comments underneath.

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