Thomas Piketty on Inequality, Trump, Wealth Redistribution

Feb.07 -- Political economist and author Thomas Piketty discusses the history of inequality and his proposals to affect wealth redistribution on "Bloomberg Markets: European Close."

[wsl]

This host doesn’t seem like passed macro economics, this man is a genius, but often we only hear what we want to hear. Everyone sees the inequality but no one admits it.

[dinandbrocker]

This is a very good and very important economist in France and in Europe. And he is right. (And your bridges are falling apart)

[antonysmyth]

Very interesting concept, ie look at what has produced great growth in history, then apply it now. Shame the questions were mostly narrow, short term or aggressive, but well responded by the author. I like the clarity that this is not a big Govt push, just more private prosperity for more people.

[istvanzardai]

US pundits are trying hard to dismiss Piketty's book. 'This is a big book'...'Can I show everyone how thick this book is'...gosh as if that would mean its bad! Its full of easily readabable stories, that's why it is long. The stories and data are there to illustrate the main point. The main point is also simple: there are two kinds of important inequality. Income and ownership inequality. Income inequality is important, but the main problem is ownership inequality. This means that some people own insane amounts of lands, apartments, houses - which they rent out to other -, shares, companies, machines, AIs, and data. That is, they all own the stuff you need to make money. So, this small part of society gets to decide on everything important. They skew the system towards their own interests. And they live in the skies, while for the rest us not much changes, or it becomes even worse. There is a big myth the powerholders are protecting aggressively: that property cannot be redestributed. This is an ideology. Property should be handled in the same way as any other good. If too much is concentrated in one place and that harms the community, then it needs to be redistributed. This is the change Piketty is arguing for. All these fake 'this is a hard book', 'what is this book really about', etc. is just talk from scared chaps.

[arlenehutchinson]

You can't get better answers and ideas than this unbiased FACTS

[doggiesarus]

I am presently reading the 700 pg Piketty book. It is very readable, though long. I hope everyone gets it because it raises some pressing economic problems which can be solved using simple means, for instance using alternate indexes for assessing the wealth of the nation.

[jooky]

We’ll all get richer when we stop being greedy.

[aleaiactaest]

Bernie vs Bloomberg. That's what's coming. Doubt Bloomberg has any interest in serious redistribution.

[fbenbow]

The way to measure growth he suggests is highly intelligent.

[ab]

The "left wing liberal media" vs Picketty. Lol!

[rnvf.]

Didn't know Thomas had such hard french accent, haha :x

[aliqasim]

He sounds like he is originally from France.

[paull]

he hasn't obviously been to how well we did with such a concepts like

[chancerobinson]

“Behind every great fortune there is a great crime.” Honore’ Balzac

[irishmailman]

There is not a "b" in jail,
But there is one in bail,
No lie, now you get it!
Hotels, Golf courses, indebted,
There is no "u" in me,
But there is one in Go Fund

[Truthseeker]

Wealth inequality in the Capitalism can only be rectified by recontribution by the wealthy people to the society. The progressive taxation works to an extent that the wealthy people will have tax haven accounts offshore. Making a family trust and charity foundation also facilitate them tax concessions. They start off priviledged born into wealth. One effective mitigation is heavy inherit tax imposed on inheritance. Make it hefty enough that they have to cash in the mansions and estates. They can be utilised for the less privileged educational and lifeskill training centres as well as accommodation for the poor and homeless.

[paulh]

The high tax rate of 80-90% on rich Americans was put in place in 1942. It was the low point of World War 2, and the rich had no choice but to pay up. The US populace was terrified of the Japanese and the Germans. Poor Americans were paying with their lives, the rich paid with their fortunes. It might take WW3, or a similar disaster, before public sentiment drives wealth appropriation. In the 1970's the unionized working class were viewed as too powerful. Rotten Ronny Raygun forced wealth to be redistributed to the rich. Wealth distribution has a long term cycle, which last peaked in the Guilded Age of the late 1800's, and their robber barons. We might have peaked again, and the cycle will head back towards redistribution to the poor. There is a good graph online showing this long-term cycle. Google it.

[brianmoran]

I read this book, its OK, I don't understand how so many people think its really good.He describes inequality in "before tax" terms and doesn't seem to understand the Pareto type distribution of human capability. But there is a lot of interesting stuff in it.

[angelmatos]

"take your share of the world & let others take theirs" George Washington Carver

[highchi]

Piketty errs in relating to natural resources as static values in the computation of national wealth and income.