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In the 2012 edition of Occupy Money released last week, Professor Margrit Kennedy writes that a stunning 35% to 40% of everything we buy goes to interest. This interest goes to bankers, financiers, and bondholders, who take a 35% to 40% cut of our GDP. That helps explain how wealth is systematically transferred from Main Street to Wall Street. The rich get progressively richer at the expense of the poor, not just because of “Wall Street greed” but because of the inexorable mathematics of our private banking system.
This hidden tribute to the banks will come as a surprise to most people, who think that if they pay their credit card bills on time and don’t take out loans, they aren’t paying interest. This, says Dr. Kennedy, is not true. Tradesmen, suppliers, wholesalers and retailers all along the chain of production rely on credit to pay their bills. They must pay for labor and materials before they have a product to sell and before the end buyer pays for the product 90 days later. Each supplier in the chain adds interest to its production costs, which are passed on to the ultimate consumer. Dr. Kennedy cites interest charges ranging from 12% for garbage collection, to 38% for drinking water to, 77% for rent in public housing in her native Germany.
Now put the Monopoly game board away and consider this: Researchers in Zurich, Switzerland have found that there are roughly 43,000 transnational corporations that dominate the global economy. Of those, there are about 1,300 companies that control 80% of all the global revenues for all the transnational corporations on the planet. Now let’s take it a step further. Of those 1,300 core companies, only 147 companies, which all happen to own each other in some way, control 40% - or nearly half – of all the wealth in the entire transnational corporate network. That means 1% of transnationals own 40% of all the world’s business wealth.