The discussions on US debt and European defaults have characterized much of the last month in an effort by Western governments to prevent another large recession in the American and European economies. Serious discussions on raising the US debt ceiling has been met with a great deal of resistance by Obama’s opponents in the US, and giving additional loans to Greece has been challenged by Greek labor unions and many German and French citizens, who are growing weary of bailing out Greece (again) and the possibility of similar measures in other Southern European Euro members in the near future. Due to mismanagement in the region, German, French, and other Northern European taxpayers are coming close to drawing the line in the sand, but with the head of the German and French governments pushing a deal through last week and President Obama standing firm on his push to raise the debt ceiling, it is hoped that no future defaults will arise in the EU or in the United States.
Once an engine of growth and a reflection on Western society, the millionaire’s club at the best of economic times was seen as more of a billionaire’s club as global industry and innovation came out of the open markets and research base of American and European industry. While the economic value and research from the United States and Europe have not come close to disappearing, the feeling of helplessness in both economies seems to be gripping the common speak of both regions equally. An impression of a shift in power can be seen in media reports and political commentary showing the weakness people feel in the current economy. Alternatively, some BRICS nations have taken to focusing on their own millionaire’s club in an effort to bring to light the future growth of such innovators with the rise of the middle class in countries that traditionally were mired in fighting extreme poverty.
America Economia sought to promote Latin America’s millionaires in an article discussing the top ten wealthiest people in Latin America and how they were able to come into their fortune and what their future prospects are for growth in the region. While the majority came from Mexico, Brazil and Chile, the diversity between traditional wealth, self made wealth and funds made after the privatizations during the 1990s characterized many of the sources of the fortunes of these top ten innovators.
The focus on the wealthiest in a society has always been used as a sign of a successful economy in the West. In Latin America however, income disparity and wealth were often seen more as a sign of power. It could be that with the rise of the middle class, there is also a change in how Latin Americans might view the ultra rich in their own communities. While an economic disaster will likely not grip the West, and a change in the view of the billionaire’s club would only come to those business leaders who openly commit illegal acts, Latin America may accept their super wealthy as a reflection of growth for all in their societies.
