The 19th annual G20 Heads of State Summit will be held in Rio de Janeiro on 18 and 19 November. Topics on the agenda include climate change, social inclusion and reforms. In this exclusive editorial, Brian Eno (musician, producer and member of the Rock and Roll Hall of Fame, as well as Patriotic Millionaires activist) expresses his point of view on one of the most pressing issues facing the G20.
The G20 heads of state meeting will be held next week. It is the first time that the leaders of major economies have met this year and it is also the first since Donald Trump's re-election.
It is an important event for all leaders and is even more so because of the commitment made in July by the group's finance ministers to “cooperate on the taxation of ultra-high net worth individuals”. The pledge represented a huge step forward in the effort to ensure that the super-rich do not allow themselves to amass ever more money, influence and power. For the first time, a G20 statement spoke of individual wealth as a problem to be managed. Renewing the commitment in this sense is more important than ever.
A week has passed since the American elections which marked a bad defeat for the Democrats and an unprecedented victory for the Republicans. Even though President-designate Trump was democratically elected, the process by which this outcome was achieved in no way reflects the principle of equal influence. It must be clear to everyone that current democracy is anything but fair.
Great wealth has played a fundamental role in directing political choices, advertising and media control in the United States, as is now the case almost everywhere. These are things that matter when it comes to orienting the perception of the electorate and therefore the vote. Take, for example, one of Trump's major campaign financiers, Elon Musk. In addition to holding enormous political power thanks to his companies' large government contracts, he owns one of the largest social networks in the world, giving him control over what is advertised and what opinions are relevant. Musk is a multibillionaire who reportedly saw his wealth increase by $26 billion after the election. His real reward will be a place on the governing team from which he can wield even greater power, most likely to benefit himself and other ultra-rich people like him. Wealth is not a question of value, it is a question of control.
But the most important role that extreme wealth plays is to fuel growing inequality in all countries, including the United States. The irony that an increasingly wealthy elite has come to power (again) with a message of change aimed at ordinary people should not be lost on us. Our politicians, decade after decade, have mostly ignored the daily experience of ordinary people, not acting firmly on the economy, but focusing on GDP and growth as the measure of success. This is not liked and will not be liked by those who see their slice of the pie getting smaller and smaller. Governments that believe in this policy, with millionaires and markets patting them on the back, are clearly unfit to do their jobs.
Inequality is a major issue for our countries, and extreme wealth is a problem for everyone. Our economies and our policies need to be rebalanced. There are several solutions, but the simplest and most effective is to tax the super rich. Poll after poll shows that public opinion is in favor. Economists know it's necessary. There are millionaires like me who want it. That's why I'm participating in a global movement to remind G20 heads of state that they must make a commitment to tax the rich. In the video Say It With Me there are people all over the world saying the same thing: it's time to tax the super rich.
If I could ask just one thing of the 20 people who will gather in Rio, it would be this: commit, now, to taxing the super rich. Take the bull by the horns and tackle economic inequality. It's not a revolutionary idea, it's just common sense. If you do not do so, we will find ourselves at the mercy of the whims of a few megalomaniacs who disguise themselves as defenders of the people and who corrupt our democracies to serve their own interests. It's your responsibility, it's your choice. Do the right one.
From Rolling Stone US.
