There are only a few things you can do with money: save it, give it away, invest it, pay taxes, or spend it.

These choices come up very differently for the rich and the poor. All of the above are very real possibilities for the rich, whereas for the poor, almost all of the money is spent. In general, the poorer you are, the greater the proportion of your money is spent.

Savings and investment are worthwhile activities only if there is interest and profit to be made, which in turn depend upon a healthy economic cycle. So the rich want a strong economy.

And spending is important because it is the big driver of the private economic machine. It follows that if the poor had more money, then more money would be spent, providing a big push to the economy: more retail sales spurs more expansion and investment in the business sector.

It is in this sense that I say the poor need money. They need money to spend it to prime the economic pump and get the world's economy moving and growing. Certainly the poor would be happier, and the improved economy would make the rich happier, too.

Why do people not understand that if we want global economic growth we have to figure out some way for the poor to have more money to spend? The rich do not want global economic growth; they just want to grow richer themselves.