There was a gloating equity trader in London who expressed his delight that the latest set of employment stats showed a dramatic rise in the number of self employed. What he didn't realise is that self employed people do not in the main save for their future, nor do they pay taxes at the same rates, nor do they create more employment as effectively as employees of large and medium, well organised and effective businesses. Mexico and Brasil and Nigeria all have a very high percentage of self employed. They are characteristic of underdeveloped, unsophisticated economies with large underclasses of disadvantaged people. "The Markets" which are exacerbating sovereign and corporate debt problems by setting too stringent criteria for lending would be delighted with such an outcome as the rich can protect themselves with the force of the state and private collusion. It is time to share the pain. The state and corporate communities must come to understand that egalitarianism creates a more civilised environment in which to enjoy the benefits of prosperity.
Gray Dourman
www.magichelix.com
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