The 2010 net worth of the Forbes 400 was $1.37 trillion, Forbes reported in September 2010. That same month, the total U.S. net worth was $54.9 trillion, according to the Federal Reserve Board report cited by Moore.
Wolff hasn’t updated his 2009 figures. So we used his 2.3 percent figure again, multiplied by the 2010 total net worth of $54.9 trillion, and found that the net worth of the poorest 60 percent of U.S. households was $1.26 trillion in 2010.
That’s less than the 2010 net worth for the Forbes 400.
The emergence of an international protest movement with no coherent program is therefore not an accident: It reflects a deeper crisis, one with no obvious solution. Democracy is based on the rule of law. Democracy only works within distinct borders and among people who feel themselves to be part of the same nation. A "global community" cannot be a national democracy. And a national democracy cannot command the allegiance of a billion-dollar global hedge fund, with its headquarters in a tax haven and its employees scattered around the world...
...Although I still believe in the economic and spiritual benefits of globalization—along with open borders, freedom of movement and free trade—globalization has clearly begun to undermine the legitimacy of Western democracies.
"Global" activists, if they are not careful, will accelerate that decline. Protesters in London shout that "we need to have a process!" Well, they already have a process: It's called the British political system. And if they don't figure out how to use it, they'll simply weaken it further.
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