Tuesday, November 24, 2009

Financial Elite in a Sea of Poverty

Back in 1975, when oil wealth in the Middle East was accumulating, the Kuwait fund for Economic Development pledged $16 billion to developing countries. According to National Geographic,

The fund's director general, Abdlatif Al-Hamad, 39, explained the philosophy behind such generosity: "We cannot close our doors and say to hell with everyone else. Nothing is clearer than the danger of having an island of prosperity in a sea of poverty."

We've all heard that about the 1% of Americans who own 38% of the wealth. The bottom 40% owned less than 1% of the nation's wealth. These are 2001 statistics and the disparity has grown since then.

Sounds like an island of prosperity in a sea of poverty.

Where is Abdlatif Al-Hamad today?


National Geographic, "Arabs," October, 1975.


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