A few days ago Bill Gates was quoted as saying that he wished he were not the richest man in the world. For a society like ours that admires wealth so much, this statement seemed to be strange. Yet in fact, the endless accumulation of money for its own sake is the worst thing that can happen to a person and for the society in general.
I have observed many people who have become extremely wealthy since I am a financial advisor, CPA, and venture capitalist. In most cases, those who become very wealthy lose their psychological motivation to provide the means of support to their families. People who no longer have to earn money to survive unwittingly must turn to other things in order for them to seemingly have a purpose in society. And most of these other purposes are bad. Once anyone has achieved wealth, they usually turn to achieving power and influence in society and they are usually ill prepared to do things in the best interest of humankind. Rather, they turn to family wealth accumulation to create legacies much as the Pharos did in ancient Egypt.
In the musical, Fiddler On The Roof, Tevya is told by his future son-in-law Perchek, that "money is a curse." Tevya responds by saying that "God should smite him with this curse." Perchek was an early 20th Century socialist who understood the exploitation of the masses by those who had money and power. Tevya then sings a song called If I Were A Rich Man. One of the great lines of that song is, "...when your rich they really think you know." And that is the trouble we have with rich and powerful leaders. People really think they are wise because they have money and power. My experience is that wisdom and competence are inversely proportional to the desire for wealth accumulation. And the current Bush Administration has exposed what I have known most of my adult life.
The qualities of good leadership have nothing to do with money and wealth accumulation. Occasionally wealthy people have qualities of good leadership, but that is only coincidental. There are many factors that make for a good leader. Many people have written about the subject and it is an extremely rare talent. Unfortunately, the choices of leaders are based mostly upon wealth and influence and accordingly we are stuck now with many corporate, community, and political leaders who are incompetent.
Recently I wrote a piece about the way the parties recruit their Presidential candidates. George Bush is the "poster boy" for the way we pick incompetent leaders. Ronald Reagan was one of the most incompetent of our Presidents and yet many historians revere him. Am I missing something? Bush as with Reagan are "empty boxes" that the Republicans have tried to represent to the people of this country as being competent leaders. While Bush and Reagan are extreme cases of incompetence, the Democrats have their share as well. Most Democrats are less doctrinaire than Republicans, but many of them got to their positions of power through wealth and influence.
Money is essentially a "zero sum game." Most people do not understand that. The obscene salaries of many corporate executives are not going to the rank and file workers or the shareholders. That is why the middle class in America is struggling so much. And without a strong middle class, the U.S. will be heading towards an eventual insurrection as we almost had during the Great Depression. And the current political situation has exposed the corruption and cronyism involved in wealth accumulation.
A few years ago I visited my daughter in Spain while she was an exchange student. One of our tour guides was politically savvy and asked me why the rich and powerful in America are insensitive to the needs of the masses. He explained to me that after the death of Franco in 1975, the emerging socialist movement gave the wealthy classes two possible choices. Plan A was an insurrection in which they would lose all their property. Plan B was that they pay higher taxes to create the safety net needed by the masses and more fairly redistribute the wealth. Given that choice, the wealthy in Spain chose plan B.
I am afraid that in our country, it may come to the fear of losing everything through an insurrection that will finally convince the wealthy class that it is time to make a change. But, it will take a massive grass roots effort to make that happen. Hopefully the very wealthy will recognize this before they self-destruct.