myth 65 revisited
Myth 65 'The income gap will only get wider' I wrote about this myth some times earlier. It was then like the gospel truth. The income gap would continue to grow wider and nothing could be done about it. Everyone that was important said so. And better still, it was caused by globalisation, so not anyone or any govt's fault. So if I continue to earn my millions, I should continue to ask for more. It is just the natural thing due to, yes, globalisation. My multi million dollar salary is the fault of the international environment. So don't blame me if I feast myself or help myself. Who would ever believe that the income gap will be narrowed when the high income earners will stop getting more? It just cannot be if you have the right to pay yourself crazy. Who is to stop you from doing so. It is my own company. Better still if it is a public company. The small shareholders just have not enough clout to stop me from paying myself and my directors. And my directors and independent directors are all my friends. And if we sign praises for each other, soon everyone will believe we have done a great job and believe that we deserved to be paid even more. Would this myth go away? LKY said so. Yes, this unstoppable widening income gap will narrow. This is the headline in the Sunday Times today, 'S'pore income gap will narrow: MM. Now we will have to see which is which. Which way will the globalisation wind blows? How to stop the forces of globalisation? Or how to stop myself from paying myself?