See U.S. Senator Bernie Sanders’ 20-minute speech at a trade union rally to prevent erosion of London’s public transport system — from 1 hour, 30 minutes, in London UK on Aug. 31:
Sanders was in good form, especially for a man who some would say would have, could have, should have become US president. At 80 years, he seems more passionate than Joe Biden.
He said the concentration of global wealth was becoming totally ridiculous (I’m summarising his argument). He’s the longest serving independent member of Congress in American history.
Not only billionaires, but a financial system dominated by a few companies meant people around the world need to organise to balance their power. They won’t hand it back unless “we” take it, was his essential message.
See this from the report presented below for download (yes Sweden is involved — focus on Sweden, folks…they have their shit together)
From 2006 to 2018, almost $3.2
trillion has been taken out of actively managed equity
funds, while US$ 3.1 trillion has flown into index equity
funds (Fichtner & Heemskerk, 2020). The main reason
for this unprecedented transformation in the investment
landscape is that index funds have much lower fees than
actively managed funds, but still yield similar returns
compared to most active funds. The fees of index funds
are often only about one tenth of those of active funds.
Index funds benefit from strong first-mover advantages
and large economies of scale. That is, the larger an index
fund becomes, the more cost-efficient it is (Fichtner &
That shift seems to have benefitted a handful of US-based
asset managers. Fichtner, Heemskerk, and Garcia-Bernardo
(2017) have coined the term the ‘Big Three’ to characterize
the three dominant US passive asset managers BlackRock,
Vanguard, and State Street. The large inflows of assets into
the index funds managed by the ‘Big Three’ means that
BlackRock, Vanguard, and State Street are becoming ever
larger shareholders of publicly listed companies all over the
world (Bebchuk & Hirst, 2019).
Postman Pat was also there … lending support to the cause
Biosphere in the hands of few: possibly the scariest chart in the world