Thomas Piketty's Capital in the 21st Century, in 20 minutes

Piketty's bestselling economics book is seismic, a vital infusion of data into the ideological debate over economics -- but it's also 700 pages long.

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"Hive" (middle class colony collapse)


Jud Turner writes, "'Hive (middle class colony collapse)' is the latest in my series of sculptures depicting hallucinatory factory scenes, and ponders the loss of bees and an ever-shrinking middle class, both likely results of modern industrial methods and monopoly capitalism."

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Walmart heirs' net worth exceeds that of population of a city the size of Phoenix


It's grown 6,700% since 1983, to $144.7B in 2013 -- greater than the net worth of 1,782,020 average Americans.

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Why the UK middle class should be rioting in the streets


Alex Proud, a lifestyle columnist for the right-of-centre UK daily The Telegraph, has an incendiary and essential column about the end-game of financialized capitalism, which, having destroyed the lives of working class people, has now set its sights on the middle class, as private equity firms buy up productive businesses, saddle them with debt, cash out huge dividends, and leave the businesses to collapse.

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Eric Holder: creator of the "Too Big to Jail" bankster


While you contemplate Eric Holder's track record of surveilling, intimidating and indicting journalists, remember that he also invented the Too Big to Jail doctrine, the failed idea that the answer to breathtaking criminal activity by gigantic banks is big fines, not criminal prosecutions.

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GOP's not-so-secret weakness: unfairness


"A capital gains tax rate (making money off money) that is lower than the earned income rate (making money off work) is just not fair; bestowing that rate on hedge-fund managers through a specially designed loophole is just not fair" -Wick Allison, American Conservative, Nov 12, 2012.

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When all the jobs belong to robots, do we still need jobs?


Zeynep Tufekci's scathing response to the establishment consensus that tech will create new jobs to replace the ones we've automated away makes a lot of good points.

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Rupert Murdoch wants to buy Time Warner

The kingmaking evil billionaire offered $75B, and said he'd sell off CNN to avoid competition inquiries.

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Realtors hire ruined millionaires to pretend to live in vacant megamansions


How do you imbue an empty mansion with the indefinable "energy" that comes from daily habitation? Find distressed rich people with nice furniture and precarious jobs at McDonald's to move in.

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OECD predicts collapse of capitalism


The Organization for Economic Cooperation and Development -- a pro-establishment, rock-ribbed bastion of pro-market thinking -- has released a report predicting a collapse in global economic growth rates, a rise in feudal wealth disparity, collapsing tax revenue and huge, migrating bands of migrant laborers roaming from country to country, seeking crumbs of work. They prescribe "flexible" workforces, austerity, and mass privatization.

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Wall Street as cause and beneficiary of skyrocketing university tuition

A deep, carefully argued, carefully research report from Debt and Society makes a strong case that sky-high tuition (and brutal, lifelong student debt, up 1000% in 15 years) is not primarily caused by bloated administrations or high professors' salaries. The explanation is a lot more banker-y.

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Dear fellow zillionaires: they're coming for us with pitchforks


Nick Hanauer, a hereditary millionaire who increased the family fortune with some shrewd early dotcom inventions has written an open letter to his fellow "zillionaires" warning that their corruption of the US political system has given rise to an unstable situation of wealth inequality that has turned their potential customers into impoverished pitchfork-wielding revolutionaries who are coming for their heads.

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Rich get richer, faster

A research report from business school professors at Imperial College, Columbia and U of Maryland found that wealthy investors get returns on bonds and stocks that are "up to 70 per cent times greater returns on their investments than those with modest wealth." This is a point that Piketty makes strongly, backing it up by analyzing data from the Harvard endowment, which gets 10% returns on its ~$80B nest-egg, while the rest of us barely clear inflation with our savings.

Thomas Piketty's Capital in the 21st Century

Thomas Piketty’s Capital in the 21st Century is a bestselling economics tome whose combination of deep, careful presentation of centuries’ worth of data, along with an equally careful analysis of where capitalism is headed has ignited a global conversation about inequality, tax, and policy. Cory Doctorow summarizes the conversation without making you read 696 pages (though you should).

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Piketty's inherited-wealth dystopia: private capital millionaires multiply


Thomas Piketty's much-discussed economics bestseller Capital in the Twenty First Century prophesies a future where inherited wealth dominates the world, because the rate of return on capital outstrips the rate of growth in the economy, meaning the money your ancestors earned will always outstrip what you could earn. A new Boston Consulting Group report confirms Piketty's hypothesis, concluding that the share of wealth due to capital increased by 14% last year

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