Bezos’ project requires central banks to match his $10-billion at a rate of roughly 100 of theirs to his 1 and commit trillions more in a way that forces investors to buy Environmental, Social, and Governance (known as ESG exchange-traded funds). His $10-billion ‘donation’ could be an excellent ‘investment’.
The company is forecast to hit sales of $258.2 billion by the end of 2018, a roughly 30% increase from the previous year. Many people, including President Trump, object to Amazon’s advantages from tax loopholes, its special deal with the US Postal Service and hiring foreign workers instead of Americans to save money on labor.
Amazon, Starbucks and other large employers were able to pressure Seattle’s City Council into overturning the socialist “head tax” of $275 on each employee per year that was expected to raise $50 million per year. The money was to help the growing homeless population. Amazon has more than 45,000 employees, and the tax would have cost the company $12,375,000.
Five years ago, Whole Foods announced it would require stringent mandatory labels on GMO products. In addition, animal products would require disclosure on whether animals had been raised on GMOs. This would have forced almost all food producers to label their products. Amazon acquired Whole Foods almost a year ago and they are now going back on their promise to label GMOs, waiting for the government to come up with a policy that is confusing and imprecise, and requires a SmartPhone to read.
In a free country, citizens do not have the right to use force against their neighbors to prevent them from selling their products below cost – even if their intent is to force competitors out of business. If we do not have that authority as individuals, we cannot delegate it to politicians to do it either, regardless of how much we may like the idea. Therefore, there should be no anti-trust laws, but there CAN and SHOULD be laws against favoring one company or consortium of companies over their competitors, which creates monopolies. Click link for full commentary by GEG.