The World's 85 Richest Now Worth as Much as 3.5 Billion Poorest
Just as technological and economic innovations in an earlier period underpinned the evolution of the centralized nation state, current innovations are undermining those same states. The great nation states, despite their military prowess, are doomed like the dinosaurs of old, unable, unwilling or insufficiently nimble to meet the threat to their dominance posed by agile virtual organizations that have no sense of national identity.
"You load sixteen tons, what do you get Another day older and deeper in debt Saint Peter don't you call me 'cause I can't go I owe my soul to the company store" From the lyrics of Sixteen Tons, popularized by Tennessee Ernie Ford "Former President Jimmy Carter said Monday [October 7, 2013] that the income gap in the United…
Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole. Thanks to a patchwork of accounting practices and rosy investment assumptions, it's not even clear just how big a financial hole many states and cities have dug for themselves.