Tobacco heir Johann Rupert is worth $7.5B; he's head of Cartier, Montblanc, Chloe and other luxury goods labels, having returned to the helm of his Richemont holding company after a year-long fly-fishing sabbatical; in a speech to the Financial Times Business of Luxury Summit in Monaco he revealed that he no longer sleeps at night because he is worried that "envy, hatred and social warfare" will destabilize the world.
Rupert said it was "unfair" that the current inequality is "destroying the middle classes" and noted that the new, precarious middle classes will no longer buy the luxury goods he peddles because they're worried about going broke.
He's got a point. Wealth inequality is destabilizing. It leads to the donor class taking charge of policy, trying out their daffy, incoherent ideas on the general population, destroying the media who criticize them, potentially at the cost of the world itself.
Surveillance makes it cheaper to separate sheep from goats and neutralize the opposition -- meaning that the deluded rich can make things that much worse before their day of reckoning, racking up a huge policy-debt that will come due for all of us.
“We cannot have 0.1 percent of 0.1 percent taking all the spoils,” said Rupert, who has a fortune worth $7.5 billion, according to data compiled by Bloomberg. “It’s unfair and it is not sustainable.”
“How is society going to cope with structural unemployment and the envy, hatred and the social warfare?” he said. “We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night...”
“We’re in for a huge change in society,” he said Monday. “Get used to it. And be prepared.”
Billionaire Cartier Owner Sees Wealth Gap Fueling Social Unrest [Andrew Roberts and Thomas Mulier/Bloomberg]
Cartier boss with $7.5bn fortune says prospect of the poor rising up 'keeps him awake at night' [Adam Withnall/The Independent]
Your car is basically a smartphone with wheels, and it gathers up to 25gb/hour worth of data on you and your driving habits -- everything from where you're going to how much you weigh. Cars gather your financial data, data on the number of kids in the back seat, and, once they're connected to your […]
Last week, an employee of a Starbucks in Mill Valley, California, just north of San Francisco, found a tiny digital camera hidden in a bathroom air freshener. At the time of the police statement below, they hadn’t determined whether the camera had wireless connectivity. This particular Starbucks is a bustling hangout for kids from the […]
From 6PM-730PM this Thursday, May 23, I'm presenting at the Exposition Park Library (Dr. Mary McLeod Bethune Regional Library, 3900 S Western Ave, Los Angeles, CA 90062) on the problems of Big Tech and how the problems of monopolization (in tech and every other industry) is supercharged by the commercial surveillance industry -- and what […]
If you can build a cloud infrastructure, you can build a business. Companies are overwhelmingly turning to cloud computing to set up or bolster their network, and it’s easy to see why. It allows on-demand access to processing power, a la carte services, and nearly unlimited storage, all without adding extra systems and the maintenance […]
Does your gaming setup need an upgrade? No need to wait for Christmas. We’ve rounded up the latest tech accessories for your favorite video game platforms. All of them are already sale priced, but you can knock an additional 15% off the final price for Memorial Day by using the online code WEEKEND15. Audeze Mobius […]
Raspberry Pi is one of the world’s most versatile open-source computers. Alexa is a home automation hub with limitless potential. Together, they’re a dream team for ambitious makers, opening the door to everything from automatic lights to voice-controlled robots. Learning Raspberry Pi is meant to be relatively easy for newbies, but its applications with Alexa […]