Sir, – Anthony Leavy (May 15th) asks: "How many super-rich do we have?" By definition, we do not need many super-rich to comprise a vast amount of money – the Forbes "rich list" reveals that the fortunes of just 250 Irish people equal a third of Ireland's GDP. As is paralleled throughout the developed world, their wealth is increasing as more and more ordinary people fall into homelessness, poverty and despair.
Anger and helplessness are growing as unsustainable taxes and charges mount, no longer going to fund public services and welfare as traditionally was the case, but funnelled directly into the pockets of the bankers and corporate shareholders who appear to have co-opted the entire political process for private gain.
A recent Oxfam report found that the super-rich successfully exert political influence to skew policies in their favour on issues ranging from financial deregulation, tax havens, anti-competitive business practices to lower tax rates on high incomes and cuts in public services for the majority. The European project has not failed, it has been hijacked. Anyone who assumes we can restore economic viability and social justice without confronting the anti-democratic power of the mega-banks and corporations is living in fairyland. – Yours, etc,
MAEVE HALPIN,
Ranelagh,
Dublin 6.