Redistribution of Wealth on the Way
A sign to everyone including the rich that the time has arrived for the redistribution of wealth. Socialism will be knock, knock, knocking on your door soon.
Warren Buffett’s Move to Make Billionaires Give Away Their Money
The campaign initiated by Warren Buffett would make many a billionaires to part with their surplus money. Mr. Buffet will take the assistance of Bill and Melinda Gates to persuade billionaires of America to donate half of their wealth for charitable purposes and to announce it publicly.
In an interview with the Wall Street Journal, Mr. Buffet revealed how he made Larry Ellison to part with 95% of his wealth and to disclose it publicly.
The idea of giving away his wealth in charitable activities was already in the mind of Ellison and he asked Mr. Buffet to keep it a secret. But, the latter was of the view that such moves should be disclosed publicly so that the future generations come to know as how billionaires like Ellison started from a scratch and reached to such heights. Also, parting with money and that too for such noble causes, sets an example for people and persuade them to follow the same.
Mr. Buffet’s thoughts left an impact on Ellison and he got ready to make a pledge and write a letter.
As for now, 40 such billionaires have got enrolled in the agenda and some more are expected. Also, there are some who are getting their names delisted. Buffet’s move would cover the whole United States, followed by China and India in the next year.
Jim Stowers, the American Century Investments mutual fund Founder, and his wife Viginia also took the pledge to give away their money.
Stowers said, “Virginia and I wanted to give back something more valuable than money to the millions of people who made our success possible with American Century Investments”. [Emphasis added]