Tag Archives: Thomas Piketty

Piketty’s Neoliberal Capital

Posted on November 2, 2014 by Joe Firestone | 12 comments

Let’s get this out of the way. I agree with Piketty’s overall conclusion in Capital about inequality, that: the distribution of wealth in many industrial nations is highly unequal, wealth concentration has been increasing; and there is a high likelihood that the extent of wealth inequality will continue to grow unless appropriate fiscal policy is used to reverse current trends. However, I don’t agree with:

— the framework he uses to define and specify “capital”;

— the way he looks at Government finance and net worth; and

— the fiscal policy proposals he offers to reduce Inequality and put a stop to current trends of growth in the capital to income ratio.

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Posted in Joe Firestone

Tagged austerity, Capital, Capital Theory Approach, debt and deficits, Fiat Sovereignty, inequality, MMT, modern money theory, neoliberalism, Sustainability Theory, Thomas Piketty

The Sinking of Norfolk

Posted on June 12, 2014 by Pavlina Tcherneva | 10 comments

By J.D. Alt

How would Thomas Piketty propose to save the city of Norfolk, Virginia? He teaches us, ad-nauseum, that what the U.S. collective state has to spend on such things as sea walls, flood gates, elevating infrastructure and roadways, buying-out property owners so they can relocate to higher ground, etc., etc., is limited to the number of tax dollars that can be collected from U.S. citizens—as if the collective state itself were like a club, and if the clubhouse needs repairing, the club members must first pay a special assessment of dues—or, alternatively, the club can borrow dollars from the supply of Capital owned by the wealthiest 1% of its membership, or (as a creative alternative) the rebuilding effort could be structured in such a way that the newly elevated Norfolk would pay rent to the one percent in perpetuity for the privilege of living above sea-level.

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Posted in J. D. Alt

Tagged MMT, Modern Monetary Theory, money, Thomas Piketty

Is the MSM Blackout on Inequality, Plutocracy, and Oligarchy Ending?

Posted on April 4, 2014 by Joe Firestone | 14 comments

By Joe Firestone

All of a sudden MSNBC cable commentators are talking about plutocracy and oligarchy. Surprisingly, the first occurrence of this I’m aware of was Chuck Todd, reacting on his Daily Rundown show to the spectacle of Republican candidates traveling to Vegas to seek funding from Sheldon Adelson and his group of hugely wealthy Jewish Republican donors. Todd began to explore the implications of that event. He seemed exercised, and more than the slightest bit upset, about its meaning for Democracy and used the words plutocracy and oligarchy. Andrea Mitchell also discussed it later and she, too, registered apparent dismay, while using the “p” and “o” words.

Chris Hayes has been on leave during this period, so we haven’t heard from him about this. But Chris Matthews, the “oh so very slightly left-of-center insider” has been making very unfriendly noises about Adelson, the Kochs, and the Supremes, culminating today (April 3rd) with nasty references to plutocrats, oligarchs, and candidates, kissing oligarchs somewhere or other, on both his program and Al Sharpton’s.

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