Billionaires ‘adding to poverty’.

Billionaires’ fortunes hinder fight against poverty, says Oxfam

Phillip Inman, economics correspondent 19 January, 2013

The huge fortunes made by the world’s richest 100 billionaires are increasing inequality and hindering the world’s ability to tackle poverty, according to Oxfam.

The charity said the accumulation of wealth and income often led to a reduction in secure jobs and decent wages for the poorest people. This made it more difficult for people who survive on aid or low wages to improve their situation and escape poverty.

Oxfam said the world’s poorest could be taken out of poverty several times over if the richest 100 billionaires would give away the money they made in 2012.

Without naming anyone, the charity argued that the $240bn made in 2012 by the richest 100 billionaires would be enough to end extreme poverty four times over.

It is unusual for charities to attack the wealthy, because they are usually seen as a source of money. Bill Gates and Warren Buffett are among a group of 40 US billionaires who have said they will give much of their wealth to aid projects, but there is little detail about the level of their annual donations. Russian, Middle Eastern or Chinese billionaires have not promised to do the same.

In the report, The Cost of Inequality: How Wealth and Income Extremes Hurt Us All, published just before the World Economic Forum in Davos, the charity asks world leaders to commit to reducing inequality to at least 1990 levels.

The report found that the richest 1% had increased their incomes by 60% in the past 20 years. And the financial crisis has sped up, not slowed, the process.

Barbara Stocking, Oxfam’s Chief Executive, said studies show that countries suffer low levels of investment and growth as workers are forced to survive on a smaller share of total incomes.

She said: “We can no longer pretend that the creation of wealth for a few will benefit the many – too often the reverse is true.”

The report said the issue affected all parts of the world. “In the UK, inequality is rapidly returning to levels not seen since the nineteenth century. In China, the top 10% now earn nearly 60% of the income. Chinese inequality levels are now similar to those in South Africa, which is now the most unequal country on Earth.”

In the US, the share of national income going to the top 1% has doubled since 1980 from 10 to 20%, the report says.

Members of the richest 1% are estimated to cause as much as 10,000 times more pollution than the average US citizen.

Oxfam said world leaders should learn from countries such as Brazil, which has grown rapidly while reducing inequality.

Stocking said: “We need to reverse decades of increasing inequality. As a first step, world leaders should formally agree to reduce inequality to the levels seen in 1990.”

She said closing tax havens, which hold as much as $31 trillion, or as much as a third of all global wealth, could collect $189bn in additional taxes.

Oxfam - a British charity founded in Oxford in 1942, dedicated to helping victims of famine and natural disasters as well as raising living standards in developing countries

Mark the statements true (T) or false (F)

1. According to Oxfam inequality and hindering the world’s ability to tackle poverty is increased because of the huge fortunes made by the world’s richest 100 billionaires.

2. The build-up of wealth and income often led to a decrease in secure jobs and decent wages for the needy people.

3. Oxfam suggests helping poor people by taking away money from the billionaires.

4. It is unusual for charities to praise the wealthy.

5. According to the article the wealthy people are usually seen as a source of money for business.

6. The financial crisis has sped up, not slowed, the process of increasing the incomes of the rich people.

7. Studies show that countries suffer low levels of funding and growth as workers are forced to survive on a smaller allowance of total incomes.

8. The formation of wealth for a few will benefit the many.

9. Members of the richest 1% are believed to give rise as much as 10,000 times more pollution than the average US citizen.

10. Brazil is one of the countries which has grown slow while reducing inequality.

Choose the best answer to these questions.

1. How much did the world’s richest 100 billionaires increase their wealth by in 2012?

a) $240bn;

b) Over$ 320 million;

c) Less than $24 bn;

2. How much money would be needed to tackle world poverty?

a) $60bn;

b)$ 2 million;

c) Several thousands;

3. Why does Oxfam criticize even those US billionaires who do donate part of their wealth?

a) They do not invest money in private pension funds.

b) They don’t provide details of their annual donations.

c) They hide their real incomes.

4. Why do Oxfam especially criticize billionaires in China, Russia and the Middle East?

a) Their countries suffer low levels of investment.

b) They invest money in private pension funds.

c) They have not promised their wealth to aid projects.

5. What is the name of Oxfam’s report?

a) The Cost of Independence: How Wealth and Income Extremes Hurt Us All.

b) The Cost of Inequality: How Wealth and Income Extremes Hunts for Us All.

c) The Cost of Inequality: How Wealth and Income Extremes Hurt Us All.

6. Which country should world leaders learn from, according to Oxfam?

a) Brazil;

b) Holland;

c) China;

7. In which country is financial inequality most extreme?

a) South Africa;

b) South America;

c) South East;

8. In what way is it claimed that billionaires cause environmental damage?

a) They create new cars.

b) They pollute far more than the average person.

c) They help different plants to develop.

9. What does Oxfam want world leaders to do first?

a) Be ready to donate all their money to charities;

b) Learn how to make more profits of their incomes;

c) Formally agree to reduce inequality to the levels seen in 1990;

10. What action could relieve much of the poverty in the world?

a) Closing tax havens;

b) Opening tax havens;

c) Closing annual tax havens;

Text № 20

The biggest house of cards, the longest tongue, and of course, the tallest man: these are among the thousands of records logged in the famous Guinness Book of Records. Created in 1955 after a debate concerning Europe's fastest game bird, what began as a marketing tool sold to pub landlords to promote Guinness, an Irish drink, became the bestselling copyright title of all time (a category that excludes books such as the Bible and the Koran). In time, the book would sell 120 million copies in over 100 countries— quite a leap from its humble beginnings.

In its early years, the book set its sights on satisfying man's innate curiosity about the natural world around him. Its two principal fact finders, twins Norris and Ross McWhirter, scoured the globe to collect empirical facts. It was their task to find and document aspects of life that can be sensed or observed, things that can be quantified or measured. But not just any things. They were only interested in superlatives: the biggest and the best. It was during this period that some of the hallmark Guinness Records were documented, answering such questions as "What is the brightest star?" and "What is the biggest spider?"

Once aware of the public's thirst for such knowledge, the book's authors began to branch out to cover increasingly obscure, little-known facts. They started documenting human achievements as well. A forerunner for reality television, the Guinness Book gave people a chance to become famous for accomplishing eccentric, often pointless tasks. Records were set in 1955 for consuming 24 raw eggs in 14 minutes and in 1981 for the fastest solving of a Rubik's Cube (which took a mere 38 seconds). In 1979 a man yodeled non-stop for ten and quarter hours.

In its latest incarnation, the book has found a new home on the internet. No longer restricted to the confines of physical paper, the Guinness World Records website contains seemingly innumerable facts concerning such topics as the most powerful combustion engine, or the world's longest train. What is striking, however, is that such facts are found sharing a page with the record of the heaviest train to be pulled with a beard. While there is no denying that each of these facts has its own, individual allure, the latter represents a significant deviation from the education-oriented facts of earlier editions. Perhaps there is useful knowledge to be gleaned regarding the tensile strength of a beard, but this seems to cater to an audience more interested in seeking entertainment than education.

Originating as a simple bar book, the Guinness Book of Records has evolved over decades to provide insight into the full spectrum of modern life. And although one may be more likely now to learn about the widest human mouth than the highest number of casualties in a single battle of the Civil War, the Guinness World Records website offers a telling glimpse into the future of fact-finding and record-recording.

Mark the statements true (T) or false (F)

1. There are hundreds of thousands of records logged in the famous Guinness Book of Records.

2. At first the book was sold to pub landlords to promote the drink.

3. The book sells 100 million copies in over 120 countries.

4. Two principal fact finders were brothers Norris and Ross McWhirter.

5. They knew the reason of their success as they were aware of the public's thirst for such knowledge.

6. In 1979 a man yodeled non-stop for twelve hours.

7. People are more interested in seeking entertainment than education.

8. The Guinness Book of Records has been providing insight into the full spectrum of modern life over forty years.

9. At the Guinness World Records website you can find out future of fact-finding and record-recording.

10. One is more likely to learn about the present records then those of the past.

Circle the correct item

1. Which of the following statements would best serve as the headline for this passage?

a) The encyclopedia of the extremes reflects the changing interests of modern society.

b) A book of simple origins makes it to the top as sales total a staggering 120 million copies.

c) Facts are often displayed in a boring, uninteresting manner, but not in the Guinness Book of Records.

d) The Guinness World Records website proves itself a valuable resource for insight into the full spectrum of modern life.

e) Where other books fall short, the index of superlative sciences never ceases to amaze.

2. According to the author, the most significant difference between older editions of the Guinness Book of Records and the new Guinness World Records website involves…

a) an end to the use of facts as a means to promote Guinness

b) an overall increase in the total number of facts presented

c) a move from fact-finding to the recording of achievements

d) a shift in focus from educational to entertaining material

e) a departure from book sales being limited to local pubs and bars

3. As used in paragraph 2, which is the best definition for empirical?

a) natural

b) derived from experience

c) recordable

d) excellent or unmatched

e) convenient or handy

4. Based on its use in paragraph 2, which of the following best describes something that is superlative?

a) Students give presentations about their favorite subjects for a grade. Amy Newhouse receives an 87% for her presentation, while Dustin Lincoln receives a 92%.

b) Although sharks are significantly bigger and have razor-sharp teeth, dolphins are smarter and can therefore successfully evade attack.

c) The lake holds a contest to see who can catch the biggest fish. Tommy wins, having caught a 6 lb. 5 oz. smallmouth bass.

d) A man built an enormous house of cards. It took him 44 days and 218,792 individual playing cards to complete.

e) Ichiro likes tennis and practices every day. In his last tournament, he placed 3rd of over 350 competitors, winning the bronze trophy.

5. Using the passage as a guide, it can be inferred that the author most likely believes reality television to be…

a) corrupt

b) absurd

c) idiotic

d) invaluable

e) shallow

6. In the final paragraph, the author writes, "And although one may be more likely now to learn about the widest human mouth than the highest number of casualties in a single battle of the Civil War, the Guinness World Records website offers a telling glimpse into the future of fact-finding and record-recording." Which of the following literary devices is used in this quotation?

a) Aphorism, characterized by the use of a concise statement that is made in a matter of fact tone to state a principle or an opinion that is generally understood to be a universal truth. Aphorisms are often adages, wise sayings and maxims aimed at imparting sense and wisdom.

b) Alliteration, characterized by the use of adjacent words that begin with the same sound or letter, creating a repetition of similar sounds in the sentence. This is used to add character to the writing and often adds an element of playfulness.

c) Amplification, characterized by the embellishment or extension of a statement in order to give it greater worth or meaning. This is often used for rhetorical purposes.

d) Anagram, characterized by the jumbling of the syllables of a phrase or the individual letters of a word to create a new word. Anagram is a form of wordplay that allows the writer to infuse mystery and a fun into the writing so that the reader can decipher the actual word on his or her own and discover enhanced depth of meaning.

e) Anthropomorphism in which a human quality, emotion or ambition is attributed to a non-human object or being. This is often used in order to relate the object to the reader on a familiar level and also to increase the level of relativity between the humans and objects while lending character to the subject.

7. Which of the following best summarizes the organization of this passage?

a) Introduction, history, conclusion

b) History, examples, explanations, conclusion

c) Exposition, history, conclusion

d) Introduction, thesis, supporting paragraphs, conclusion

e) Introduction, history, exposition, conclusion

8. All of the following words are synonymous with ‘to log’ EXCEPT…

a) to register;

b) to record;

c) to note;

d) to chart;

e) to type.

9. Guinness in its primary denotation is…

a) a famous book;

b) an Irish drink;

c) a Scottish drink;

d) a sort of beer;

e) a British drink.

10. Which of the following words is an antonym to ‘pointless’?

a) expedient;

b) futile;

c) meaningless;

d) vain;

e) inane.

Text № 21