German billionaires have criticised the Gates ‘Giving Pledge’ on two grounds. Firstly, they have stated that the giving pledge is too ostentatious, as many German billionaires have given away well over half their fortunes without the publicity and fanfare that comes with a high profile pledge. Indeed, German philanthropy is well exemplified by Dietmar Hopp, the co-founder of the SAP business software company, who transferred some €2.9 billion to a foundation.
The second more alarming criticism of the Gates Pledge is that it transfers power in the US from the state to the billionaires. This criticism is rooted in the fact that in the USA, the rich have the choice to either give their money away or pay taxes. By giving it away, they take the allocation of large funds away from the democratically elected central government and put it in the hands of the individual. This argument has been propounded by Peter Kramer, a Hamburg-based shipping magnate and multimillionaire who claims “what legitimacy do these people have to decide where massive sums of money will flow?” Kramer goes on to say that it is the state, and not an individual who should decide what is good for the people. He fears billionaires may put their funds into projects that represent hobbies and that may or may not be in the common good.
What is your opionion of the Giving pledge?
To read an interview with Peter Kramer please visit the Spiegel website.
Actually in the right sense of individualists’ minds, Mr. Peter Kramer has put it right about publicity show-offs. The State belongs to the majority in the contrary and I believe powers of individuals in the higher calibre affects not only America but, parts of African states and political setup as well. Perhaps we would be taken as state puppets, somehow.