Friday, April 25, 2014

Here’s Why This Best-Selling Book Is Freaking Out the Super-Wealthy

Time   There are many reasons why French academic Thomas Piketty’s 685-page tome, “Capital in the 21st Century,” has vaulted to the top of the Amazon.com best seller list and is being discussed with equal fervor by the world’s top economic policy makers and middle class Americans who wonder why they haven’t gotten a raise in years. The main reason is that it proves, irrefutably and clearly, what we’ve all suspected for some time now —the rich ARE getting richer compared to everyone else, and their wealth isn’t trickling down. In fact, it’s trickling up.

Piketty’s 15 years of painstaking data collection—he poured over centuries worth of tax records in places like France, the U.S., Germany, Japan and the U.K—provides clear proof that in lieu of major events like World Wars or government interventions like the New Deal, the rich take a greater and greater share of the world’s economic pie. That’s because the gains on capital (meaning, investments) outpace those on GDP. Result: people with lots of investments take a bigger chunk of the world’s wealth, relative to everyone else, with every passing year. The only time that really changes is when the rich lose a bundle (as they often do in times of global conflict) or growth gets jump started via rebuilding (as it sometimes does after wars).[...]

That’s one of Piketty’s biggest messages–inequality will slowly but surely undermine the population’s faith in the system. He doesn’t believe, as Marx did, that capitalism would simply burn itself out over time. In fact, he says that the more perfect and advanced markets become (at least, in economic terms), the better they work and the more fully they serve the rich. But he does believe that rising inequality leads to a less perfect union, and a likelihood of major social unrest that mirrors the sort that his native France went through in the late 1700s. Indeed, the subsequent detailed collection of wealth data in the form of elaborate income and tax records made France a particularly rich data collection ground for his book. (Bureaucracy is good for something!)[...]

20 comments :

  1. I will be Dan lkaf zchusv that you posted this not as an endorsement but rather as an eye opener to what the aims of the left realy are.

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  2. I'll second what "r" wrote.

    We as Torah Jews have an issur for this "inequality" garbage, and the notion that if my neighbor is doing well it's at my expense...

    לא תחמוד!!!

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    1. What an ignorant, reactionary, Ayn-Randian, utterly un-Jewish comment! You are arguing that all potential or existing social systems are inherently equally fair and just -- such as slavery in ancient Egypt, for example.

      Although Piketty is clearly lacking a basic understanding of the natural laws political economy (the science governing the production and distribution of wealth), compounding his ignorance with equally moronic, sloganeering comments, only further confuses any potentially sincere, well-intentioned readers.

      In order to understand political economy, one must read and understand, in unabridged original form, two books by the 19th-Century Amercan economist and social philosopher Henry George: 1) "Progress and Poverty -- An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy" (1879)
      http://www.econlib.org/library/YPDBooks/George/grgPP.html
      and 2) "The Science of Political Economy" (1898)
      http://savingcommunities.org/docs/george.henry/specontents.html

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    2. To Yisroel Pansack and "I am a Jew?!?"

      Yes I'm guilty of sloganeering, because I believe stealing from John to give to Paul is just that.... STEALING.

      Your right i believe in the moronic notion that if you have compassion you should give away some of your own wealth (like the mean right wingers do in huge numbers), and not take away someone else's funds because YOU care!?!

      I'm one of those idiots that insists on learning from the past fifty years, that the vast majority of social programs only encourages a life if dependency, and does nothing for poverty.

      I'm sorry, I didn't give it any thought, but it seems Marxism, socialism, or any other form of man made structure, eliminates the most important element in human survival... Self determination.

      I thought true Torah values, evaluates the success or failure of the poor, based on their needs and their earnings in a different era. NOT BASED ON HOW MUCH PROFIT SOMEONE ELSE MADE THIS QUARTER!!

      I also have this crazy feeling that redistribution makes way for sedomlike corruption, and skimming much of the resources...

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    3. Dear 'concerned',

      I feel so sorry for you.

      Polarizing everything into Right (good) and Left (bad).
      Watching your own entitlements and your own money so carefully, to ensure that no-one takes from you what is rightfully yours, that you decimate Yiddishkeit to make it fit your neuroses.

      It may surprise you to learn that I am a staunch right-winger.
      There, now where do you stand now ?
      If you don't believe me, you can come with me to the polling station in three weeks (I live in the UK where there will be elections in three weeks, not in the US).

      And Stalinisation and Communism do destroy the world, by bringing everyone down (except the elite) to the lowest common denominator.

      But you have created your own Avodah Zarah of 'Self determination' - which enforces its own cruelty and suffering, and which the Mishnah in Pirkei Avos equates clearly to Sedom !

      I am sickened by the wide-spread acceptance amongst Frum American Jews of this Avodah Zarah sickness of Sedom.
      But I don't get the impression from your comments that you personally will look in the mirror and see your error any time soon.
      Maybe others will.

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  3. Why are some Jews who post here (assuming they are Jews) such idiots ?

    Why are some frum American Jews so devoid of the true values of Yiddishkeit ?
    Why are a large proportion of frum American Jews so right wing without real thought ?

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    1. Unbelievable how a person who is fully cognizant about the fact that s/he does not have a logical argument will still try to espouse their garbage at all costs. All you did was attack. Your argument - oh - you don't have a coherent one.

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  4. I am a Jew,

    You have it backwards the vast majority of Jews are mindlessly Leftist without any thought at all. They probably carry forward the falsely based admiration of President Roosevelt who they thought saved them from the Nazis while in reality resisted any efforts to help the Jew. The Orthodox Jews are correct in supporting the right wing politicians who ant to maintain some standard of decency in our society.

    The income inequality garbage is illogical and evil. The Torah already prescribes the proper approach of tzedaka for the poor.

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    1. Tzoorba,

      I think we can both agree that the majority of Frum American Jews are Republican leaning.
      I believe many of those Frum Jews are, as you put it, mindlessly right-wing.

      Who cares about the historical evils of Roosevelt’s actions – that was seventy years ago.

      What matters is how we follow and implement HKBH’s action plan for the world.

      As Pirkei Avos says:
      Someone who says 'What's mine is mine and what's yours is yours' is of average character, and some say this is the character of Sodom.

      You seem to me to be at risk of having the character of Sodom, and you are either not aware of this risk, or don’t seem to care.

      Delete
    2. You conveniently disregarded the end of the mishna that says unequivocally "shelach sheli rasha" ie the mantra of the left, promoting envy and encouraging confiscation by coercion(not bechira chafshis) another's hard earned money is pure evil.Saying that most frum Jews are Republicans is the same as saying most from Jews keep shabbos.The Torah values of morality,sanctity of life,chesed that considers the dignity of the recipiant ect are only reflected by the right.There might be a few misguided ones who mistake family/culture destroying social welfare programs as chesed but the vast majority of us frum are able to recognize the wickedness and immorality of fostering govt dependence.This is without mentioning that anti Israel/semitism is an acceptable often celebrated view point on the left .In light of all this Tzoorbas point about FDR is most relevant in explaing something otherwise highly illogical.To accuse us of being mindless is beyond irony.

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    3. @r berger "a few misguided ones". Those few include the vast majority of haredim in Israel and of many large UO groups in America, like the Satmars, who subsist on public dole.

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    4. Dear r berger,

      How can you polarize everything into Right (good) and Left (bad) ?

      It may surprise you to learn that I am a staunch right-winger.
      There, now where do you stand now ?
      If you don't believe me, you can come with me to the polling station in three weeks (I live in the UK where there will be elections in three weeks, not in the US).

      Stalinisation and Communism do destroy the world, by bringing everyone down (except the elite) to the lowest common denominator.
      FDR (and Clinton and Bush and Reagan and etc., etc.) carried out despicable acts, as well as great acts.
      Left wingers are very often anti-Israel. But so are many Right wingers.
      They are all politicians. So what ?

      But you have created your own Avodah Zarah of ‘My Rights’ - which enforces its own cruelty and suffering, and which the Mishnah in Pirkei Avos equates clearly to Sedom !
      All you care about is the true end of the Mishnah - shelach sheli rasha – and use it to allow yourself to forget the equally important beginning of the Mishnah.

      I am sickened by the wide-spread acceptance amongst Frum American Jews of this Avodah Zarah sickness of Sedom.
      Maybe you should look in the mirror.

      Delete
    5. Mikey,you are 100% correct .I think the satmar approach to ones relationship with a govt is terribly misguided and unfortunate.However I know that they dont even claim the pretense of a left wing view of what's best for the country at large but rather act solely to benefit their own interests and let everyone else be damned.As for chariedim in israel,again you are correct and hence there exists a huge disconnect between many american chareidim and their Israeli counterparts. " I am Jew,"it is very obvious you have a hard time digesting the idea that promoting govt dependence is not any form of chesed but rather a cruel method for guilty feeling people to "patur " themselves of having to do real chesed within their own communities. Perhaps if you lived in the US and saw the horrible destruction wrought by govt mandated "chesed "you would understand where we are coming from.

      Delete
    6. Mikey,you are 100% correct .I think the satmar approach to ones relationship with a govt is terribly misguided and unfortunate.However I know that they dont even claim the pretense of a left wing view of what's best for the country at large but rather act solely to benefit their own interests and let everyone else be damned.As for chariedim in israel,again you are correct and hence there exists a huge disconnect between many american chareidim and their Israeli counterparts. " I am Jew,"it is very obvious you have a hard time digesting the idea that promoting govt dependence is not any form of chesed but rather a cruel method for guilty feeling people to "patur " themselves of having to do real chesed within their own communities. Perhaps if you lived in the US and saw the horrible destruction wrought by govt mandated "chesed "you would understand where we are coming from.

      Delete
    7. mikey,you are 100% correct about the sad and unfortunate satmar view regarding ones relationship with a "host" government(ie".milk them for as much as we can get") ,However they make no claim to act on some left wing pretrense of whats actualy good for the country but rather out of pure self interest .As for chariedim in Israel,again you are correct in your assessment that they are at odds with their American counterparts on this issue.Hopefully the terrible predicament there will cause an awakening of the danger in subsiding on govt assistance.BTW Rav Schach ZTZL famously was"roeh es hanoled" and was adamently opposed to relying heavily on govt funding but to no avail."I am jew",perhaps if you lived in the US and witnessed daily, the terrible distruction wrought by govt mandated "chesed" you too would realize that promoting govt dependency is a cruel,selfish Sodom like excuse to "patur" oneself from doing real chesed within ones community and realy helping those in need.

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    8. Dear r berger,

      So sad.
      You don't seem very bright ( i) you posted your long missive three times over, ii) you didn't read what you are commenting on - I am a right winger and fully oppose promoting Govt. dependency, probably more than you do, so your argument is incoherent, iii) you are not even aware of your betrayal of the core values of Yiddishkeit]

      It is a tragedy therefore that you choose to publicly espouse your views, encouraging others to lose their values and join you on the ‘train to S’dom’.
      As we learn from Amalek, it takes just one public demonstration of a fighting against HKB’H to encourage many others to join.

      Please, please consult with your Rabbonim. And until you do, and receive a fully detailed answer, please don’t comment in the public forum to avoid encouraging others to err.

      Delete
    9. Your unhinged response speaks for itself.

      Delete
  5. "concerned", who is apparently a true talmid chacham, writes that "We as Torah Jews have an issur for this 'inequality' garbage."

    I presume you would uproot this passage from the Torah as violating the supposed "issur" against enforced equality of opportunity:

    Numbers Chapter 26

    51 These are they that were numbered of the children of Israel, six hundred thousand and a thousand and seven hundred and thirty. {P}

    52 And the LORD spoke unto Moses, saying: 53 'Unto these the land shall be divided for an inheritance according to the number of names. 54 To the more thou shalt give the more inheritance, and to the fewer thou shalt give the less inheritance; to each one according to those that were numbered of it shall its inheritance be given. 55 Notwithstanding the land shall be divided by lot; according to the names of the tribes of their fathers they shall inherit. 56 According to the lot shall their inheritance be divided between the more and the fewer.' {S}
    http://www.mechon-mamre.org/e/et/et0426.htm

    This passage also clearly must go:

    Leviticus Chapter 25

    8 And thou shalt number seven sabbaths of years unto thee, seven times seven years; and there shall be unto thee the days of seven sabbaths of years, even forty and nine years. 9 Then shalt thou make proclamation with the blast of the horn on the tenth day of the seventh month; in the day of atonement shall ye make proclamation with the horn throughout all your land. 10 And ye shall hallow the fiftieth year, and proclaim liberty throughout the land unto all the inhabitants thereof; it shall be a jubilee unto you; and ye shall return every man unto his possession, and ye shall return every man unto his family. 11 A jubilee shall that fiftieth year be unto you; ye shall not sow, neither reap that which groweth of itself in it, nor gather the grapes in it of the undressed vines. 12 For it is a jubilee; it shall be holy unto you; ye shall eat the increase thereof out of the field. 13 In this year of jubilee ye shall return every man unto his possession. 14 And if thou sell aught unto thy neighbour, or buy of thy neighbour's hand, ye shall not wrong one another. 15 According to the number of years after the jubilee thou shalt buy of thy neighbour, and according unto the number of years of the crops he shall sell unto thee. 16 According to the multitude of the years thou shalt increase the price thereof, and according to the fewness of the years thou shalt diminish the price of it; for the number of crops doth he sell unto thee. 17 And ye shall not wrong one another; but thou shalt fear thy God; for I am the LORD your God. 18 Wherefore ye shall do My statutes, and keep Mine ordinances and do them; and ye shall dwell in the land in safety. 19 And the land shall yield her fruit, and ye shall eat until ye have enough, and dwell therein in safety. 20 And if ye shall say: 'What shall we eat the seventh year? behold, we may not sow, nor gather in our increase'; 21 then I will command My blessing upon you in the sixth year, and it shall bring forth produce for the three years. 22 And ye shall sow the eighth year, and eat of the produce, the old store; until the ninth year, until her produce come in, ye shall eat the old store. 23 And the land shall not be sold in perpetuity; for the land is Mine; for ye are strangers and settlers with Me. 24 And in all the land of your possession ye shall grant a redemption for the land.
    http://www.mechon-mamre.org/e/et/et0325.htm

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  6. The Torah attitude seems to be that a billionaire is entitled to every cent he has so long as he gives a fifth or a tenth to charity. Socialism be d-mned. Agree?

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