Tag Archives: extreme wealth

scott russell sanders breaks “the spell of money”

There’s an intriguing new essay by Scott Russell Sanders in the current issue of Orion, called “Breaking the Spell of Money,” which looks at an irony of wealth, and the corresponding challenge that the extremely affluent are failing to meet.

“The accumulation of money,” Sanders writes, “gives the richest individuals and corporations godlike power over the rest of us.

 “Yet money itself has no intrinsic value; it is a medium of exchange, a token that we have tacitly agreed to recognize and swap for things that do posses intrinsic value, such as potatoes or poetry, salmon or surgery. Money is a symbolic tool, wholly dependent for its usefulness on an underlying social compact. It is paradoxical, therefore, that those who have benefited the most financially from the existence of this compact have been the most aggressive in seeking to undermine it, by attacking unions, cooperatives, public education, independent media, social welfare programs, non-profits that serve the poor, land-use planning, and every aspect of government that doesn’t directly serve the rich. For the social compact to hold, ordinary people must feel that they are participating in a common enterprise that benefits everyone fairly, and not a pyramid scheme designed to benefit a few at the top.”

It’s easy to get lost, or dismayed, by statistics. This is especially true when trying to comprehend vast amounts of wealth. But by wondering “why … a billionaire [would] want more money” Sanders does a better job than most at illuminating the seemingly unrealistic reality of the insanely wealthy.

“Suppose you keep a billion dollars under your mattress,” Sanders explains, “where it will earn no income, and you set out to spend it;  Continue reading

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Filed under Accountable Wealth, Activism, Class, Economic Justice, Social Change