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By 2040 The World May Have A Trillionaire - YouTube
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my jaw was on the ground earlier reading
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this new report / prediction from Think
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Progress and The Sydney Morning Herald
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and what they did is by using standard
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economic models and extrapolating out
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into the future they calculated that by
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the year 2040 okay so not that far off
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in the future the world will see its
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first trillionaire let that settle in
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men let that marinate in your brain for
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a second the world will see its first
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trillionaire it's inevitable we're going
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to see a trillionaire ok that's
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inevitable just the question is when are
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we going to see our first trillionaire
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and they say it's going to happen as
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soon as the year 2040 damn and so right
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now Bill Gates has a hundred and twenty
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billion dollars and they say that he
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lives if he lives that long it'll likely
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be him that becomes the world's first
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trillionaire look I need you to really
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think about that ok put aside the
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different economic arguments I could
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give you on this topic or political
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arguments or implications of this just
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think about it from a real world
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grounded common sense perspective think
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about the amount of money you have in
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your bank account or your family has in
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their bank account or whatever and
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compare that to other people you've met
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I mean we've all met a few rich people
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right and what you know a rich person
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whose net worth is like 1.4 million
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maybe right and that person pretty much
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doesn't have to worry about their bills
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in fact there were studies on happiness
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that said people who make seventy five
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thousand dollars a year or more your
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happiness doesn't change so if you make
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less than 75 thousand your happiness can
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actually fluctuate based on your
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finances because it's hard to really you
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know have income security when you're
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making less than 75 grand but 75 grand
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and up there's no difference in your
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happiness level if you make seventy five
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thousand one hundred twenty
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thousand six hundred thousand two
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million a year because either way you
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can pretty much take care of what you
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need to take care of if you make the
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$75,000 number or more but what we're
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talking about here somebody who has like
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1.4 million there's their fairly secure
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right depending on where they live and
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you know how much expenses they have if
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they're living this ridiculous lifestyle
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where they're buying Maseratis and three
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mansions and this and that yeah in that
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case you might blow through the money
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and [聽__聽] it up right but most people you
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can be relatively secure one point four
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million two million whatever it is we're
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talking about not even a billion which
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is a thousand million okay we're talking
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about a trillion dollars trillion
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dollars that's a thousand billion whoa
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man whoa
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just to put that in perspective for you
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that means that by the year 2040 one
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person would have more money than the
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entire gross domestic product of Finland
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Portugal Romania Poland South Africa
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Australia one person with more money
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than the gross domestic product of
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Australia that's unbelievable
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we're talking about a civilized modern
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country with Australia very developed
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country one person would have more money
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than the GDP a [聽__聽] Australia today
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okay if we get to the point where
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somebody becomes a trillionaire they
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have more money than the GDP of a
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majority of the countries on the planet
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think about that one person more money
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than the GDP of the majorities of the
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countries on the planet that's out of
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this world insanity oK we've gone too
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far guys we've gone too far
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in fact we cross that line a long long
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time ago look you guys know if you
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listen to show on a regular basis you
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know I'm actually I consider myself an
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international moderate or an
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international centrist in other words
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I'm not this like big-time
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Broll Progressive Socialist guy right
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it's just that within the context of the
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u.s. I appear to be this uber
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progressive because the u.s. spectrum is
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so far to the right that it's insane so
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but the problem is when you get wealth
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is this out of whack you've created deep
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systemic issues okay you've created a
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new Gilded Age and the old Republican
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right wing meme of what my wealth
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doesn't make you poor that's absolutely
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false that's absolutely false because
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the amount of wealth in existence is
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like a pie chart okay and you do have to
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divvy it up in one way or another yes
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you create wealth as time goes along but
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there's still at the end of the day a
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finite amount of money on the planet so
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therefore there is you are divvying it
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up and if you have a system where one
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person is worth a trillion dollars and
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in the same system we have people who
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don't have health insurance medical
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bills is the number one cause of
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bankruptcy people need help from the
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government to feed their [聽__聽] kids we
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have over 10 million people in the u.s.
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that are members of the working poor
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class which means they can work a
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full-time job and not make enough money
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to survive the minimum wage still
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doesn't allow you to survive even if you
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work full-time you know we can go on and
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on here all these different indicators
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that something is way out of whack in
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the system it gets to the point where it
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doesn't matter where what you consider
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yourself politically what you think of
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economics and again I am a capitalist I
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believe in a regulated version of
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capitalism you need government and
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efficient regulation but yes you need an
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element of capitalism uh for a system to
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function in my opinion I think that
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harness is human nature but when it gets
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to this point you've gone so far beyond
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anything that's reasonable that it's
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laughable you know it's absolutely
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laughable and look this is why you need
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a high marginal tax rate you know you
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need a high marginal tax rate because if
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you don't have that then 1% of the
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society or point Oh 1% of the society
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they'll end up owning everything and
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they'll have all of the wealth and all
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of the means of production and all of
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the money and everybody else fights for
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the crumbs that's what happens when you
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have a purely capitalist system with no
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government and no regulation and no
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unions and no labor laws what happens is
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this incredible disconnect where you
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have a ruling class and then everybody
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else you know we're nothing we're
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nothing this is what you see in all
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so-called developing nations third-world
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Nations the u.s. unfortunately with our
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deregulation and tax cuts for the rich
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and embracing that kind of economic
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structure we're going down that same
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road too which is why something like
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this is about to happen we're about to
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have a trillionaire I mean let me give
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you some more numbers real quick some
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more facts just so you see the extent of
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the problem just 400 Americans 400 have
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more wealth than half of all Americans
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combined is that ok with you do you
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think that makes sense where people
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can't feed their kids but 400 people
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have more money than half the [聽__聽]
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country does that make sense
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how about this one the richest 1% have
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more financial wealth so wealth is
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everything all of your assets then the
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bottom ninety five percent combined ok
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they own us or how about the fact that
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the average CEO to worker pay ratio used
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to be 42 to one in the 1980s what's it
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now 354 to 1 unbelievable or how about
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the fact that just the six members of
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the Walton family have more money than
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45% of America six people more money
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than 45% of the country and the most
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devastating fact of all the 85 richest
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people have more wealth than the bottom
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3.5 billion people in the world 85
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people more money than half the world
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combined okay
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you could fit 85 people I'm one of those
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double-decker buses so that many people
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has more than half the world combined
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look I'll say it again I'm a capitalist
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man I'm a capitalist I do believe in
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that kind of a system I do believe in a
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meritocracy to a certain extent but I'm
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also not needing it
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okay I'm also not an extremist so in
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other words you have to have mitigating
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factors you have to have a high marginal
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income tax rate to stop this nonsense
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okay and stop the ridiculous passing
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down of wealth from generation to
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generation so you create Paris Hilton's
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and Kim Kardashian's and spoil [聽__聽]
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that can't do anything but they're just
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rich because they're part of the good
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the good sperm club okay this is why you
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need a high minimum wage a strong
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minimum wage this is why you need labor
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unions to fight back against runaway
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wealth it can corrupt a system so look
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bottom line on this man if you can hear
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this information in these facts and you
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think sounds fine to me there's a
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problem you know your brain must be
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broken if you can hear these things and
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go yeah rock and roll I'm in favor of it
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