Tags: Paul Tudor Jones | ripped | humanity | companies

Paul Tudor Jones: 'We've Ripped the Humanity Out of Our Companies'

By    |   Monday, 23 March 2015 01:47 PM


You can add hedge fund legend Paul Tudor Jones, co-chairman of Tudor Investments, to the list of those who is concerned about the growing income inequality in the United States.

"The gap between the 1 percent and the rest of America, and between the U.S. and the rest of the world, cannot and will not persist," he said at the recent TED conference in Canada, according to CNBC.

"The gap between the wealthiest and the poorest will get closed," he said, warning of consequences he called "disastrous."

"History always does it. It typically happens in one of three ways — through revolution, higher taxes or wars. None of those are on my bucket list."

To be sure, Jones said he's no opponent of capitalism, because it has "driven just about every great innovation that has made our world a more prosperous, comfortable and inspiring place to live."

But capitalism has become distorted, Jones said. "It's like we've ripped the humanity out of our companies and reduced them to a set of numbers."

Meanwhile, Nobel laureate economist Joseph Stiglitz of Columbia University says severe income inequality isn't inevitable in our market economy.

"The problem of inequality is not so much a matter of technical economics. It’s really a problem of practical politics," he writes in The New York Times.

"The American political system is overrun by money. Economic inequality translates into political inequality, and political inequality yields increasing economic inequality."

It comes down to fairness and pragmatism, Stiglitz says.

"Ensuring that those at the top pay their fair share of taxes — ending the special privileges of speculators, corporations and the rich — is both pragmatic and fair. We are not embracing a politics of envy if we reverse a politics of greed."

But it's not just about increasing taxes on the rich, Stiglitz notes. "[It's] also about our children’s access to food and the right to justice for all. If we spent more on education, health and infrastructure, we would strengthen our economy."

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You can add hedge fund legend Paul Tudor Jones, co-chairman of Tudor Investments, to the list of those who is concerned about the growing income inequality in the United States.
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2015-47-23
Monday, 23 March 2015 01:47 PM
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