Fortune Magazine has recently (May 23, 2020) published an article called: “The World’s 25 Richest Billionaires Have Gained Nearly $255 Billion In Just Two Months”. That article, really hit the nerve, I am sure it will hit yours as well, or will it not?
While the world is still going through a major pandemic that has not hit in over 100 years, the top 25 billionaires in the world have seen their wealth go up by a total of $225 billion! It is truly not their fault at all. All they have been doing is managing their businesses as best as possible, and by doing so, global stock market traders have rewarded them with extra wealth.
In an instance I thought of the old saying how a diamond is forever and that a 2 months salary should be invested in buying a loved one a diamond. Well these 25 billionaires can save the diamond industry 10 times over by simply setting aside this “extra” wealth, which none of them really need or truly care about, and they can buy every single polished diamond for the next 10 years, to say the least. By doing so, they will save not only the industry directly, but indirectly save millions of lives at the same time that are being directly affected by the diamond industry, such as miners, polishers, traders, jewelers, not to mention all the supporting jobs. All they have to do, is acquire all the polished diamonds for the next 10 years, and let them continue on in their pipeline, and enjoy the extra wealth created by that value chain. That should give them an additional income (not that they need it or care for it). This is what social responsibility is all about.
It is quite easy to open the cheque book, write a cheque, send it off and forget about it. Yes, it will make a difference but only for a short period of time, and will be limited. Eventually, the money will run out, and people will need more. Contributing to the jobs of millions of people in an industry will make a greater social impact and sustainability. It will allow people to work with their dignity. It will not make them feel like beggars (or beggers, depending where you are from).
You know what, forget giving this money to the industry and buying out all the polished diamonds, they can simply give a credit line of $25 billion to 10 industries for 10 years, free of any interest. That can affect 10 times more people. It can potentially bring back all the recently unemployed Americans back to work permanently, and by doing so, make real history, rather then remain mentioned in an article that eventually will no longer be remembered. These are the times to make history, not be history.
Any comments? Opinions?
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