Between 5:45 to 6:15 Thomas speaks some phenomenally prescient observations. It's interesting to see how the Interviewer conveniently ignores Thomas' explosive comment ending with "....That's missing in many countries, particularly in India." He conveniently deflects to asking about taxation of the US & other countries. The Interviewer is an Indian!!! Wouldn't it have been interesting to hear what exactly Thomas meant by that? That's when you sadly conclude that the Indian Media of our times is truly intellectually neutered & bereft of principles.
HUDSON: A thousand years ago, if you were a marauding gang and you wanted to take over a country’s land and its natural resources and public sector, you’d have to invade it with military troops. Now you use finance to take over countries. So it leads us into a realm where everything that the classical economists saw and argued for - public investment, bringing costs in line with the actual cost of production - that’s all rejected in favor of a rentier class evolving into an oligarchy. Basically, financiers - the 1% - are going to pry away the public domain from the government. Pry away and privatize the public enterprises, land, natural resources, so that bondholders and privatizers get all of the revenue for themselves. It’s all sucked up to the top of the pyramid, impoverishing the 99%. Let’s start in Ancient Mesopotamia. The group that I organized out of Harvard has done a 20-study of the origins of economic structuring in the Bronze Age, even the Neolithic, and the Bronze Age economy - 3200 BC going back to about 1200 BC. Suppose you’re a Babylonian in the time of Hammurabi, about 1750 BC, and you’re a cultivator. How do you buy things during the year? Well, if you go to the bar, to an ale woman, what she’d do is write down the debt that you owe. It was to be paid on the threshing floor. The debts were basically paid basically once a year when the income was there, on the threshing floor when the harvest was in. If the palace or the temples would advance animals or inputs or other public services, this would be as a debt. It was all paid in grain, which was monetized for paying debts to the palace, temples and other creditors. capital gains are not taxed, the wealthy do not have earned income to tax. In Killing the Host, economist Michael Hudson exposes how finance, insurance, and real estate (the FIRE sector) have seized control of the global economy at the expense of industrial capitalism and governments. The FIRE sector is responsible for today¹s extreme economic polarization (the 1% vs. the 99%) via favored tax status that inflates real estate prices while deflating the "real" economy of labor and production. Hudson shows in vivid detail how the Great 2008 Bailout saved the banks but not the economy, and plunged the U.S., Irish, Latvian and Greek economies into debt deflation and austerity. Killing the Host describes how the phenomenon of debt deflation imposes punishing austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.
Inequality is not dangerous. Equality is what is extremely dangerous to our society. Where all motivation is lost and no one can elevate themselves. This type of society would lead to high violence and tear itself apart.
unfortunately I got rid of the book cleaning out the house. It is too big for the average reader. Its about three inches thick and would takes ages to read. He should have released it in parts.
Forget about the iron law of oligarchy. It's the iron law of nepotism. Wealthy people at death will distribute that wealth to their spouse and to their children and grandchildren who share genes identical by descent. It's Darwinism cum W.D. Hamilton (inclusive fitness). In the U.S. the Congress is looking at eliminating the death tax. Apparently, there is not enough inequality yet to satisfy their wealthy donors.
*We de facto no more have a single functioning democracy on earth. ALL parties have bowed their heads to MILTON FRIEDMANS IDEOLOGY & DOGMA = STALINISM of a SINGLE LIBERTARIAN, GLOBAL AGENDA.*
Poverty is another problem. He talks about growing inequality even in rich countries with stable or shrinking poverty rates. Inequality is the killer of opportunity and social mobility.
Inequality is not a problem of opportunities or social mobility, poverty is. Poor people does not have access to good education. Inequality with opportunities is not a bad thing. There has always been inequality. The problem is how to get the poors out of poverty. By making people with more incomes more equal to poor people you don't solve anything. Piketty isn't focusing his analysis in the right direction.
Piketty's theory is destroyed during Hollande government. Piketty assessed Hollande on a tax reform applying higher income taxes to high income people. The result is that people started to leave the country with their money. Is the next Piketty's book talking about how to forbiden high income people to leave the country and force them to pay higher taxes?
Your kidding right? Hollande was one of the most neo-liberal governments in modern history. Just like the Clintons, the Merkels, the Tony Blairs, Hollandes policies had nothing to do with the kind of reform that Pikety suggests. Just like Clinton and Blair, Hollande was a *pseudo Socialist Democrat.* In reality he was just as *libertarian and conservative as the conservatives themselves.* There is no more true democracy anywhere in the world anymore. Together with Germanys Merkel, Hollande _blackmailed_ Greece to give up their constitutional rights, their national sovereignty and surrender their elected democracy to the dictatorship of Milton Friedmans/George Soros European Union.
It is, look at USA like expectancy since 1900, look at technology since 1900. The bottom 10% of income earners have access to more technology than the richest person in 1900. Travel, now poor students are flying to foreign countries to travel and explore the world, compare that to rich people in 1900.
problem with such interview is that his work is done on industrialized, moderately populated country whose meaning of development now is entirely different than third world country and this interview in india mean that wealth creator here is equally bad as in developed countries....this channel's primary target is ppl like Ambani,Adani etc which is bad for Indian ppl and India.
snake oil sales man "the world is more unequal than ever before" what nonsense! the emerging world is converging so fast towards the developed world than any time in human history and India is literally going to be the poster child of growth for the next couple of decades.
He relies on solid data presented again and again meticulously in his book. What do you rely on? Let me guess, your feeeeeling about the issue. Get out of here.
Between 5:45 to 6:15 Thomas speaks some phenomenally prescient observations. It's interesting to see how the Interviewer conveniently ignores Thomas' explosive comment ending with "....That's missing in many countries, particularly in India."
He conveniently deflects to asking about taxation of the US & other countries.
The Interviewer is an Indian!!! Wouldn't it have been interesting to hear what exactly Thomas meant by that?
That's when you sadly conclude that the Indian Media of our times is truly intellectually neutered & bereft of principles.
+Kurt Gödel, Sorry but u r wrong I m Indian & I m not rich but I live happily my life in India
@@blueocean_123 so we should conclude based on your happiness that there's no inequality in India?
@@karmansingh1...No, there is wealth Inequality, religion inequality, etc are present in India
HUDSON: A thousand years ago, if you were a marauding gang and you wanted to take over a country’s land and its natural resources and public sector, you’d have to invade it with military troops. Now you use finance to take over countries. So it leads us into a realm where everything that the classical economists saw and argued for - public investment, bringing costs in line with the actual cost of production - that’s all rejected in favor of a rentier class evolving into an oligarchy. Basically, financiers - the 1% - are going to pry away the public domain from the government. Pry away and privatize the public enterprises, land, natural resources, so that bondholders and privatizers get all of the revenue for themselves. It’s all sucked up to the top of the pyramid, impoverishing the 99%.
Let’s start in Ancient Mesopotamia. The group that I organized out of Harvard has done a 20-study of the origins of economic structuring in the Bronze Age, even the Neolithic, and the Bronze Age economy - 3200 BC going back to about 1200 BC. Suppose you’re a Babylonian in the time of Hammurabi, about 1750 BC, and you’re a cultivator. How do you buy things during the year? Well, if you go to the bar, to an ale woman, what she’d do is write down the debt that you owe. It was to be paid on the threshing floor. The debts were basically paid basically once a year when the income was there, on the threshing floor when the harvest was in. If the palace or the temples would advance animals or inputs or other public services, this would be as a debt. It was all paid in grain, which was monetized for paying debts to the palace, temples and other creditors.
capital gains are not taxed,
the wealthy do not have earned income to tax.
In Killing the Host, economist Michael Hudson exposes how finance, insurance, and real estate (the FIRE sector) have seized control of the global economy at the expense of industrial capitalism and governments. The FIRE sector is responsible for today¹s extreme economic polarization (the 1% vs. the 99%) via favored tax status that inflates real estate prices while deflating the "real" economy of labor and production. Hudson shows in vivid detail how the Great 2008 Bailout saved the banks but not the economy, and plunged the U.S., Irish, Latvian and Greek economies into debt deflation and austerity. Killing the Host describes how the phenomenon of debt deflation imposes punishing austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.
@@jamesmorton7881 Fascinating post, mate.
Request to the host. Don't interrupt him, let him talk.
Nikhil Mishra
Nikhil Mishra : the whole purpose of the interview is to show how smart and erudite is the interviewer, the content being irrelevant.
Salute you sir
What an in-depth knowledge you have.
Inequality is not dangerous. Equality is what is extremely dangerous to our society. Where all motivation is lost and no one can elevate themselves. This type of society would lead to high violence and tear itself apart.
unfortunately I got rid of the book cleaning out the house. It is too big for the average reader. Its about three inches thick and would takes ages to read. He should have released it in parts.
Yes that should be adopted by India,so that govts can provide good education and healthcare
Thomas piketty correct
Forget about the iron law of oligarchy. It's the iron law of nepotism. Wealthy people at death will distribute that wealth to their spouse and to their children and grandchildren who share genes identical by descent. It's Darwinism cum W.D. Hamilton (inclusive fitness). In the U.S. the Congress is looking at eliminating the death tax. Apparently, there is not enough inequality yet to satisfy their wealthy donors.
what Piketty means by 'global' ?
it means that if you do that ... capital will fly away so somewhere place
And now just 8 men own the same wealth as half the world (poorest 3.6 billion people).
*We de facto no more have a single functioning democracy on earth. ALL parties have bowed their heads to MILTON FRIEDMANS IDEOLOGY & DOGMA = STALINISM of a SINGLE LIBERTARIAN, GLOBAL AGENDA.*
@Alex > So why do you care? If those 8 were flat broke, would you have more money?
These 3.6 billion dumbos should not exist
The problem is not inequality but poverty.
Poverty is another problem. He talks about growing inequality even in rich countries with stable or shrinking poverty rates. Inequality is the killer of opportunity and social mobility.
Inequality is not a problem of opportunities or social mobility, poverty is. Poor people does not have access to good education. Inequality with opportunities is not a bad thing. There has always been inequality. The problem is how to get the poors out of poverty. By making people with more incomes more equal to poor people you don't solve anything. Piketty isn't focusing his analysis in the right direction.
Piketty's theory is destroyed during Hollande government. Piketty assessed Hollande on a tax reform applying higher income taxes to high income people. The result is that people started to leave the country with their money. Is the next Piketty's book talking about how to forbiden high income people to leave the country and force them to pay higher taxes?
Your kidding right? Hollande was one of the most neo-liberal governments in modern history. Just like the Clintons, the Merkels, the Tony Blairs, Hollandes policies had nothing to do with the kind of reform that Pikety suggests. Just like Clinton and Blair, Hollande was a *pseudo Socialist Democrat.* In reality he was just as *libertarian and conservative as the conservatives themselves.* There is no more true democracy anywhere in the world anymore.
Together with Germanys Merkel, Hollande _blackmailed_ Greece to give up their constitutional rights, their national sovereignty and surrender their elected democracy to the dictatorship of Milton Friedmans/George Soros European Union.
The Rise of Hindu Supremacy, The Collapse of the USA published in 2005 contained the same thoughts of Mr.Pikkety.
Communism ☭ sucks..communists and evangelists hate Hindus a lot.. Both are Hinduphobic
His ideas are insane.
don't take more than you need
Psychopaths are commonly very immune to such wisdom. They lack all the neccessary skills.
And the problem with economic inequality is....?
Why the rising tide is not lifting all the boats?
It is, look at USA like expectancy since 1900, look at technology since 1900. The bottom 10% of income earners have access to more technology than the richest person in 1900.
Travel, now poor students are flying to foreign countries to travel and explore the world, compare that to rich people in 1900.
1:22 😂 Seriously!
Modern Marx
problem with such interview is that his work is done on industrialized, moderately populated country whose meaning of development now is entirely different than third world country and this interview in india mean that wealth creator here is equally bad as in developed countries....this channel's primary target is ppl like Ambani,Adani etc which is bad for Indian ppl and India.
jain should give his half money or ndtv should give me atlest half there money coz I m not equal to them 😂😂😂
I m not equal to them 😂😂😂
Karl Marx : noob
I hate this indian accent. I love piketty and his cute french accent. The interviewer is awful.
snake oil sales man "the world is more unequal than ever before" what nonsense! the emerging world is converging so fast towards the developed world than any time in human history and India is literally going to be the poster child of growth for the next couple of decades.
You are in a reality denying bubble.
He relies on solid data presented again and again meticulously in his book. What do you rely on? Let me guess, your feeeeeling about the issue. Get out of here.
Bob Rolander
Pikkety iS going to divert india ideology
rubbiSh