Economic Disparity: The 1% grabbed 82% of all global wealth created in 2017

For every $10 worth of wealth created last year, the world's richest 1 percent grabbed $8, according to a new report from Oxfam International.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," said Winnie Byanyima, executive director of Oxfam International.

The report also estimated the bottom 50 percent of the world's population saw no increase in wealth.

Note EU-Digest: This disparity problem could easily be given some relief through the reduction of military budgets around the world, and funneling these funds to less fortunate countries. Looking at the Military Industry world-wide - the US spends $ 611.2 billion  per year on their military complex. This is double the amount of what China and Russia are spending together. Another remarkable fact is that the autocratic Kingdom of Saudi Arabia's military budget of $ 89.9 billion is more than that of Russia, which is $65.6 billion. And really, if we think about it,what has all that global military hardware brought us? Even more human misery and disparity. 

Read more: The 1% grabbed 82% of all wealth created in 2017 | SBJ

Finland launches basic income experiment with Jan. 1 cheques for those in pilot project

Finland has become the first country in Europe to pay its unemployed citizens a basic monthly income, amounting to 560 euros ($782 Canadian), in a unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment.

Olli Kangas from the Finnish government agency KELA, which is responsible for the country's social benefits, said Monday that the two-year trial with the 2,000 randomly picked citizens who receive unemployment benefits kicked off Jan. 1.

Note EU-Digest: Just imagine, most industrialized nations in the world including the US could o the same, just by cutting downj on their military budgets.

Read more: Finland launches basic income experiment with Jan. 1 cheques for those in pilot project - Business - CBC News

Military Industry: China and Russia catch up with USA in rearms race

World spending on defense for the first time in 15 years fell by $1.75 trillion in 2012, which marked a 0.5-percent reduction in comparison with 2011, according to the Stockholm International Peace Research Institute (SIPRI). The share of the U.S. has fallen below the level of 40 percent for the first time since the collapse of the Soviet Union. Russia and China entered the top three of the countries that increased their military spending. 

The research of the institute is based on public expenditure on the maintenance of armed forces, namely, military exercises, salary or remuneration for troops, as well as other employee benefits, operating costs, procurement of weapons and equipment, military construction, research and development works, administrative costs, etc. The total military spending of the world in 2012 in comparable prices made up 1.753 trillion dollars, which was 2.5 per cent of global GDP.

The Institute has also published the list of 15 countries with largest military budgets. The first place still belongs to the United States with its 682 billion dollars, accounting for 4.4 percent of GDP. The second place is taken by China with $166 billion (2 percent of GDP), and the third place - by the Russian Federation with $90.7 billion (4.4 per cent). The statistics on the U.S. is official. Then comes the United Kingdom - $60.8 (2.5) and Japan - $59.3 (1.0). The top five accounts for 60 percent of world military spending - 1.06 trillion dollars.

Fifteen heavyweights close the list (in billions of dollars): France (58.9), Saudi Arabia (56.7), India (46.1), Germany (45.8), Italy (34.0), Brazil (33.1), South Korea (31.7), Australia (26.2), Canada (22.5) and Turkey (18.2). Fifteen countries provide 82 percent of global military spending (1.43 trillion dollars). The United States continues to take the lead in military spending in absolute terms. The country spends more on defense than the following ten countries combined. Although in 2012, the U.S. military budget has decreased by 6 percent, the new index marked a 69 percent increase vs. the indexes of 2001 - the year that became the beginning of the "global war on terrorism," SIPRI experts wrote.

Read more: China and Russia catch up with USA in rearms race - English pravda.ru