Summary of Largo Aliento | Los billonarios mexicanos. Mario Campa

00:00:00 - 00:50:00

In the YouTube video "Largo Aliento | Los billonarios mexicanos. Mario Campa", Mexican billionaire Mario Campa discusses the implications of wealth inequality in Mexico. He argues that the wealthy are not paying their fair share of taxes, and that this is leading to a cycle of corruption. He also predicts that, if the inequality is not addressed, a revolution will eventually take place.

• 00:00:00 In Mexico, only Carlos Slim has more wealth than half of the poorest Mexican citizens and 655 of the country's richest men own an eye. In terms of wealth, that's more than the 90% of all Mexican citizens who would fit in a 20-story building, according to a study. Economist Thomas Piketty has proposed that there are three possible paths for rich people in a capitalist society, and that we're on the "worst" path. He says that we're taxed more heavily on those in the top 1% than on the rest of the population, and that we're resigned to our situation or we're making a revolution. In the meantime, we're speaking with Mario Campa, an economist and political scientist who studies the wealth of Mexican billionaires. Campa, thanks for joining us. Campa: Thank you. I think that what you're saying is not true. You said that I was not correct in my previous YouTube video. Actually, I recorded this conversation a few months ago, but this is the first time I've spoken with you. I'm glad to hear that my work has been successful so far. Twitter recently quoted you as saying that Carlos
• 00:05:00 Mexican billionaires are well-known for their studies of inequality. There are other topics that could be analyzed, such as the Piqué family, who are worthy of a laboratory study, but what is said in the article is that Mexican citizens have 5% of the world's richest people. I put a limit of 625 people on this, because I want to focus on those who represent the bulk of the Mexican population, which is the 95% who live below the poverty line. Imagine if I segmented this 5% even further, to just those who are the owners of many businesses that generate high incomes, and capture a significant part of that wealth. This is delicate because it does not just go to their children. It also passes down through the generations, and generates income and taxes. It's also important to note that this wealth generates profits and dividends, which many of these people report as their income taxes. So, all of this is related to equality, which we have in Mexico. I continue with your tweets about the wealth of these multimillionaires, which increased by 27% during the pandemic. However, when we look at the wealth of the poorest 90%, it decreased by 90%. So, why did their wealth increase during the pandemic?
• 00:10:00 The video discusses how Mexican billionaires have paid 315 million dollars in 2008, but Bloomberg estimates that their wealth will be worth only 70 million dollars in 2020. Ricardo Salinas, one of the Mexican billionaires, has a 74 percent ownership stake in Grupo Elektra, one of Mexico's largest companies. Salinas has also sold Iusacell, a telecommunications company, to Haiti for 1.7 billion dollars in 2015. Juan Francisco Beckman, another Mexican billionaire, owns 85 percent of B Club, a company that owns cuerpo a cuerpo, or body to body, which is the world's largest such company. The remainder of Beckman's wealth is in various businesses, including whisky, Pendleton, vodka, and OLIVETTI. Elizabeth Warren, a U.S. senator, has proposed a 3 percent surtax on millionaires, which would raise $50 billion over 10 years. Whether or not this would be significant for the economy and politics of Mexico is up for debate.
• 00:15:00 In this video, Mexican billionaires Mario Campa talk about how they became billionaires, what their taxes would look like if they were taxed on their wealth, and how this would affect the rest of society. They also discuss how the government could improve public services such as health and education.
• 00:20:00 Mario Campa, a Mexican billionaire, talks about his wealth and how it was made. He also discusses the issue of taxes and how the wealthy should be responsible for paying their fair share. He also discusses the benefits of having more progressive taxes, and how they would apply to the rich and those who are more successful. Finally, he points out that some of the richest people in Mexico have decided to move away, and that their companies will still be here even if they do.
• 00:25:00 This video discusses the Mexican billionaires, including Carlos Slim, who have acquired businesses and technology originally owned by the Mexican state. This activity, part of the Mexican economy, is not meant to benefit the intellectual wealth of the country, and in that sense, the fact that they are using it is also a source of obligations for them. It is also worth noting that the Mexican billionaires are not the ones who have taken the most from the state. Rather, it is those who have acquired the most and who all became rich at the expense of the Mexican state. I'll put this supposition to you and let each of you discuss these four men, Mexican billionaires, in more depth, describing in what way if at all they have become rich by taking advantage of the state. Germán Larrea, for example, has a coal concession. He also privatized a mine that was, at the time, one of the largest in the world. Decades earlier, in the 1970s, Mexico had been influenced by the neoliberal ideology, which was mainly brought about by Margaret Thatcher and Ronald Reagan in the United States and the United Kingdom, respectively. We became an exception in that we didn't privatize all of the concessions. For example, Her
• 00:30:00 In this video, Mexican billionaires Mario Campa discuss the difference between when Mexico was an "estatista" government and now, when private companies own most of the country's mines. Campa argues that, due to the incentives given to private companies by neoliberalism, the private sector is generally better at running businesses than the public sector. He also points out that, in some cases, public-private partnerships can be more efficient than either type of ownership on its own. Finally, Campa discusses the argument that only when businesses are run by the state will the wealth be fairly distributed. He argues that this is a common argument made by socialists, and there is little evidence to support it.
• 00:35:00 Mario Campa discusses the recent trend of Mexican billionaires decreasing their dividend payments, and how this may have implications on long-term investments. He also discusses the difference between private and public companies, and how the current political climate in Mexico is bad news for the middle class. In the end, Campa asks his viewers what they think will happen to the 99% by the time the middle class grows tired of inequality. He points to the French Revolution as an example of a time when the middle class revolted against their wealthy aristocrats. If Mexican billionaires continue to withhold their money from being taxed, and instead give it to political candidates, a revolution may be brewing in Mexico.
• 00:40:00 This video discusses the relationship between Mexican billionaires and Mexican politicians, and how this corruption is structural and has been ongoing for many years. Thomas Piketty discusses how the 1% control a large percentage of the world's wealth, and how this inequality will eventually lead to a revolution. The video also discusses how Mexican politicians are dependent on the rich for campaign donations, and how this system creates a cycle of corruption. Thomas Piketty argues that it is impossible to fix the system without changing the way wealth is distributed. He predicts that, in the future, Europe will become more equal, while the United States will remain dominated by the wealthy.
• 00:45:00 The video discusses the importance of taxation, particularly of wealthy individuals, in order to prevent a revolution. It also discusses how Mexico's current left-leaning government has not done enough to raise taxes on the rich. However, it is important to first understand what you are talking about before making judgments about the government. For example, in some cases there have been millionaires and multimillionaires who have asked for more taxes in order to legitimize themselves and purchase some social peace. Mexico has made some progress in terms of decreasing tasimpositives, but other taxes are still low. This may be because the government is not doing everything it can, but it is important to also address the issue of inflation. In order to do this, a large fiscal reform is needed that speeds up the economy's transition towards greater equality. In addition, it is fascinating to hear Yolanda Díaz and Piketty discuss socialism again. They discuss how it is not just about achieving equality of outcomes, but also about democratizing the workplace, increasing wages, and ending temporary contracts. This is an important conversation to have, and I'm excited to see where it leads. In terms of politics, we should start discussing the left more generally, and not just
• 00:50:00 The next Mexican government will be led by a left-wing candidate, Largo Aliento, who reveals his plans in his magic ball. Thank you, friends and friends, for your attention and I look forward to discussing it next Thursday in another conversation of Largo Aliento.