The views expressed in any article published in this blog are the author's own and do not necessarily reflect the views of Joseph Foster or Bob Lupoli.

Sunday, March 27, 2011

The World's Billionaires: Slim, Gates, & Buffet

By Joseph Foster
Email Joseph Foster at  My book, ‘’Destruction of America", subtitled "Stand up for America” will be available May 2012 at all major bookstores. Visit my blog Stand Up for America! for more articles.

The World's Billionaires

Forbes has just identified the three richest men on earth;

#1 Carlos Slim Helu $74 billion/ Telecom Mexico

#2 Bill Gates $56 billion/ Microsoft USA

#3 Warren Buffet $50 billion/Berkshire Hathaway USA

I salute those that have succeeded not by inheritance but by sheer wisdom and insight in becoming the richest persons on earth brought about by the free market capitalist system. I condemn when government attempts to punish the successful entrepreneurs by heavy taxation.

Socialism is forceful distribution of resources, and wealth to those that lack the drive to work and succeed. The exception is the sick, the old and disabled. I believe in the concept of a safety net work in the form of Social security and medical care for those that do not have the financial means to pays for their medical care.

Capitalism has many virtues but it must not be allowed to use capitalism to prosper in an enterprise involving the sick, and take advantage of the sick person that may cause the sick to deplete his or her life savings.

Social security safety net may one day be required by a once wealth person that through misfortune has lost all of his wealth, with no resources to provide that person with the bare necessity of life such as shelter or bread, history will prove that many such persons during the poverty era of China died on the sidewalk and the body was picked in the morning like garbage.

Every advanced and civilized country that adheres to the free market capitalist system has in place social medical care plan for its citizen, except the U.S. Where it treats medical care as a business for high profits from the sick. None of three persons mentioned inherited their wealth; Carlos was born in Mexico City on January 28, 1940. In 1902, his father Julian Slim Hadad emigrated from Lebanon to Mexico at the age of 14 to escape poverty many of the citizens of this small country in the Middle East immigrated to various part of the world some to the United States.

One well known son of a Lebanese immigrant in the U.S. is Danny Thomas long dead and gone a founder of St Jude Hospital and a great philanthropist I can relate to Carlos father since my father also in 1902 at age 14 left his home town to seek his fortune in the Gold Coast a British crown colony, now known as Ghana after Independence from Britain. I covered the life of my father in a chapter in my book titled ‘’my life in Africa’’

The second person is Bill Gates from a middle class American family, after dropping out of college, his greatest interest was computers and the development of computer software, for a brief period he worked for IBM during the period of his Employment, the personal computer was not invented, he attempt to tell IBM to embark on the development of a PC his advice was shunned, and he left to join Allen in his business venture. 

The third is Warren Buffett not born to wealth a man during his college years learned from Ben Graham the art of investing, Graham approach was buy undervalued assets and hold. I can relate to Ben Graham approach not in the equity market but real estate where an undervalued property becomes a great Investment, however as to U.S. real estate, timing is an important factor and buy and hold forever may cause you to lose all of your gain, there is one exception London, UK prime property due to limited availability of land you may buy and hold for ever said property and never sell.

What do these great achievers do today their wealth is invested in the economic that creates jobs, today they are the greatest philanthropist donating their wealth to good causes to help the poor. The following named individuals Sam Walton, Bernie Marcus, Arthur Blank, and Steve Jobs are billionaires. When we hear the name of Wal Mart we shall remember Sam Walton from a humble beginning created the largest retail store in the world.

Another household name that all Americans get to know is Home Depot, both Bernie Marcus and Arthur Blank also from humble beginning created Home Depot. Another house hold name is Apple; the genius of Steve Jobs has made Apple a household name around the Globe. Steve Jobs ancestral country is similar to that of Carlos Slim both are of Arab Decent. Steve natural father is Abdul Fattah Jan Dali a Syrian immigrant who emigrated to the U.S. from Syria in 1952. Steve was born in San Francisco and was an adopted child of Paul and Clara Jobs, Steve in his earlier days of poverty once slept on the floor.
I have given some importance as to Steve and Carlos country of origin since the two countries are considered third world countries, that did not reach the level of economic or educational achievement as the countries of the G7 countries, Yet Lebanon and Syria both produced two outstanding genius of the likes of Steve and Carlos, there are many more but I have decided to focus on two names that are now household names around the globe.

Today Steve the CEO of Apple is on a medical leave of absence and some claim he is fighting the disease of cancer, his illness and recovery is followed by Investment gurus around the world, some say Apple will never be the same without Steve Jobs, Apple stock has been one of the successful stock on wall street and keeps rising. The fear in Wall Street is if Steve was to die the value of Apple stock will plunge. 

Let us all pray for Steve speedy recovery from his illness, America is the richer for the likes of Steve and others that have contributed to the economy of America. Trump once said to Investors of the equity market do not buy the stock, buy the CEO of the company.

I shall now identify and salute two great political leaders and genius of the 20th Century. Before I identify their names I want my western audience not to fuscous on the mistakes and evil deeds of these two individuals, but look on the positive change that these two leaders brought about to their country, and the prosperity that is now enjoyed by the population of the two countries. First I begin with Russia it has now created 101 billionaires. The man that caused the change as to Russia is Vladimir Putin former head of the KGB, a man named as the man of the year by Time magazine.

By western version it was said that the man that brought the ideas of Glasnost and Perestroika to the Soviet Union was Mikhail Gorbachev, yes he was supportive of the concept if Perestroika and Glasnost was opposed by the KGB and was espoused by Gorbachev, KGB doctors would administer the necessary drug to end his life. The news after his death would be, our beloved comrade Gorbachev suffered a massive heart and died peacefully; he will then be given a state funeral. The power base of Russia was not in the Kremlin, but with the KGB and at the time the head of the KGB was Putin. Please read my book a chapter titled, ‘’My Life in Russia’’.

Here are some facts as to Putin economic achievement, facts cannot be denied. Under Putin administration Russia economy GDP climbed from 22nd to 11th largest in the world. Gains were on average of 7% per year. On per capita basis, Russia GDP was $14, 919 per individual in 2009. During Putin’s eight years industry grew by 75% investments increased by 125%. The second country of major change was China it has now created 115 billionaires. Deng Xiaoping ignited the torch of reform, setting up coastal zone for economic development and promoting private enterprise.

His famous quote was it does not matter what the color of the cat is as long as it catches mice’, he set the mood for modernization policy based on socialism Chinese style, and making money has now become agenda number one as to China. The life of Deng Xiaoping was difficult and some of his ideas were opposed by those that were engrained in strict Communist ideology, This great man saw some merit in deviating from such hard communist hard line and explore other approach that may cause China to move forward, Nevertheless, he was stopped by Chairman Moa who was engrained in strict communist Ideology.

The death of Chairman Mao made it possible for Deng Xiaoping to espouse his concept of free market economy for China. Finally this great man economic policy was adopted and it has proved that the reform he sought has brought prosperity to the Chinese people. Deng Xiaoping is the genius of China and historians shall always remember him as the Architect of China success. In the history of the 20th Century two major countries of the world implemented changes from past failed policies. Albert Einstein said those that do not change failed policies are on the fringe of insanity.

The U.S. is long overdue for change from failed policies, when its new leader run for office of the President of the United Sates he used the word change; and that word excited the American people, that word also excited the German people and prior to being elected on his visit to Berlin he attracted an audience of 200,000 however upon being elected he made no change; it was business as usual, after two years in office the American people took away his party majority in the congress in the belief that perhaps change may be made, the little they know that both parties are mired in failure.

Most of those elected to the congress and the senate are now the servants of special interest group, that for the most part fund their election campaign, now you may ask this author will change ever take place in America my answer is no for many years to come. Change for America will occur when a new charismatic leader appears on the political scene. That leader is nowhere in sight at the present time.

States after states are now facing massive deficits brought about during a period when politicians were over spending and offering state employees high salaries and pension. To correct past mistakes cuts are being made, the most destructive cut is made in education, for the long term it will be negative to the future of America.

The rebellion by many Americans has only just begun and it will spread across the U.S. Politicians are now using scapegoat and finger pointing at others for the mess they have created over many decades. The new conservative leader of Britain Cameron has begun to cut UK public spending, tough choices are being made, by correcting the previous labor government heavy spending and taxation.

Each state in the U.S. can no longer continue the high spending established prior to the recession, nor are they able to meet the high pension benefit promised to state employees in the past, they are now faced to make difficult choices, the decision they will make will create some pain to State employees and loss of many jobs in the public sector.

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