When today's politicians and pundits warn us that the world has changed and "we" are going to have to share more of our prosperity with other countries, they don't really mean everyone.
The following appeared in the current Fortune magazine, April 13, 2009, p.14.
Superyacht race lavish as ever
Despite seemingly hard times, an annual yacht race in St. Bart's is expected to be as illustriously high-end as ever.
Marie Antoinette was no mistress of the high seas, but she'd probably feel quite welcome this weekend in the blue waters of the eastern Caribbean.
Beginning Thursday, 35 of the world's great sailing superyachts gather for the St. Barts Bucket Regatta -- a glorious display of wealth and merriment in an exclusive French colony where the doomed queen would've fit right in. At the regatta, with venture capitalist Tom Perkins's 289-foot Maltese Falcon as the biggest trophy in the fleet, it's caviar and champagne for everybody! Except for the peasants on shore gawking at the gleaming hulls and masts rising toward the heavens -- let them eat, well, sand! Boats with saunas and hot tubs, boats with movie theaters and flat-screen TVs in the head, pastry chefs, Monets, remote-control window shades -- come to think of it, wouldn't John Thain love the life of sailing?
It is a testament to either tone-deafness or the culture of mega-wealth (or both) that this year's Bucket is bigger and better than ever... If you have sufficient millions -- and it can cost a few of them per year to pay for insurance, fuel and a professional crew that can number 20 on a big boat -- it may not really matter much if your portfolio drops 10 or 30 percent. Nor may you particularly care if the proles are offended by your profligacy, though some yacht owners these days are increasing security and trying altogether to avoid ports like Monte Carlo and Saint-Tropez that are known for paparazzi.
Hank Halsted, a Newport, R.I., yacht broker who organizes the Bucket, has a more forgiving explanation. "Of course we're knee-deep in tough times," he says, acknowledging that the international array of hedgies, traders and CEOs who gather aren't oblivious to the worldwide economic mess. "But people want to get back to having a good time." You can always count on the superrich to keep things in perspective...
Key statment in the above: "If you have sufficient millions...it may not really matter much if your portfolio drops 10 or 30 percent." Pundits on Fox News and CNBC regularly tell us that the economic meltdown is hurting everyone, rich and poor alike. Sure, we're all in this together.
The only problem is, the super rich still have most of the money and their life styles won't change one bit. It'll be the working-class stiffs (which can include engineers, scientists, computer programmers, and so on) they've victimized who will be making all the sacrifices in their living standards.
In addition, even the mildly rich still seem to have enough money to attend forclosure auctions to buy properties at severely reduced prices, thus continuing the redistribution of wealth from middle- and low-income citizens to the well-off.
We're not all in this together. It's just another chapter in the class war and the rich and powerful are still winning.