In this weekend report, from London on Saturday, September 28th, 2019, I talk about wealth inequality and the increasing debate surrounding the subject. I will be looking at an article by Simon Kuper of the FT in which he summarises Thomas Piketty new book Capital and Ideology.
I will start out by giving my view or opinion on why the disparity in wealth inequality in countries like the U.S. and the U.K. have increased so much in the past decades. I will place the largest blame on inflation and will also look at how the establishment in the West have basically changed the definition of inflation in order to stealthily rip off the general public of the fruits of their labour.
Unfortunately but not surprisingly Mr Kuper notes that Thomas Piketty, a French economist known for his books on wealth inequality, is calling for even more government interference in the private economy. Mr Piketty, in my opinion, is trying to solve the problem by looking at the symptoms. Redistributing wealth from billionaires to young people by giving every 25-year old a €120'000 trust fund is not the solution.
My conclusion is that the biggest and most nefarious of all taxes is inflation and that the people who get hurt the most by it are the general public and those at the bottom of the wealth ladder. Even though I think there will always be those who accumulate more wealth than others I think that a sound money system and the absence of a Central Banking monopoly that can inflate the money supply at will go a long way to closing the disparity in wealth we see all around the world today.
"Now’s the time to spread the wealth, says Thomas Piketty": https://www.ft.com/content/0b362d6a-df2a-11e9-9743-db5a370481bc
John Williams' Shadowstats: http://www.shadowstats.com/alternate_data/inflation-charts
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