Betsy DeVos is the religious fanatic whose access to two unearned fortunes -- one from the Amway Ponzi scheme, founded by her husband's father; the other from her own father's machining business -- has allowed her to project her ideas about eliminating secular public education in favor of Christian indoctrination schools over millions of peoples' lives, especially the lives of poor people. Read the rest

[We're delighted to have Rosemary Frei back with us, this time reporting on a global transformation: once, infrastructure was created efficiently with cheap central bank funding and now it's done with public-private partnerships, at much higher price-tags, creating massive transfers from taxpayers to the biggest businesses and private equity funds in the world. As we get ready for huge infrastructure buildouts to address climate change, the super-rich stand to reap trillions – money we could be spending on saving our lives and even our planet. -Cory]

Trillions of dollars are being plowed into high-tech hospitals, zero-emission public transit and other megaprojects around the globe. Shiny new infrastructure is popping up virtually everywhere, from Australia to Appalachia. Read the rest

Sure, the Demopublican Centrist Michael Bloomberg is spending a lot of money on his presidential bid, but the former mayor has a lot more money: $52 billion. Read the rest

The Fed's latest figures on American household wealth paint a rosy picture -- in the aggregate. US households now own a record-breaking $107T worth of assets! Read the rest

Elizabeth Warren fumbled at the latest Democratic leadership debate when she was pressed on the question of whether Medicare for All would raise taxes, and she refused to answer, creating a soundbite that made her look like a sneaky, evasive politician, to the delight of right wingers who've struggled with her image as a straight-shooting, super-competent, quick-witted daughter of the soil. Read the rest

Thomas Piketty, the French economist behind 2014's game-changing Capital in the 21st Century, has a new book, Capital and Ideology (out in France now, coming in English in 2020), which uses the same long-run economic series that Capital 21C benefited from to understand the relationship between wealth and ideology. Central to Piketty's thesis: that it's not enough to use class to understand how people vote -- you also have to take account of peoples' beliefs about class (this is a neat way of resolving the tension between traditional left class analysis and contemporary "identitarian" theories of leftist politics). Read the rest

French economist Thomas Piketty changed the world in 2014 with his magisterial Capital in the Twenty-First Century, a book that reported out an incredibly ambitious project to map out three centuries' worth of capital flows, and from that, to derive an empirical answer about whether markets are a machine for finding smart people and allocating capital to them so that they can invent things that make us all better off ("meritocracy"), or whether they simply make the people who happened to get rich (possibly by inventing something, more often by inheriting wealth or by being a sociopathic looter) even richer (spoiler: rg, which means that markets' long-run function is to increase inequality by allocating ever-larger pools of capital to rich people who don't do much that's socially beneficial with it). Read the rest

Multinationals are excellent players of the global financial tax system, using "profit shifting" (through which operating profits are remitted to phony sister companies in tax havens as "licensing fees" or "management fees") to make it look like wildly profitable companies are losing money, making them eligible for tax relief and rebates -- thus it is that companies can rake in billions and then receive millions more in corporate welfare. Read the rest

In my latest podcast (MP3), I read my essay Occupy Gotham, published in Detective Comics: 80 Years of Batman, commemorating the 1000th issue of Batman comics. It's an essay about the serious hard problem of trusting billionaires to solve your problems, given the likelihood that billionaires are the cause of your problems.

A thousand issues have gone by, nearly 80 years have passed, and Batman still hasn't cleaned up Gotham. If the formal definition of insanity it trying the same thing and expecting a different outcome, then Bruce Wayne belongs in a group therapy session in Arkham Asylum. Seriously, get that guy some Cognitive Behavioral Therapy before he gets into some *serious* trouble.

As Upton Sinclair wrote in his limited run of *Batman: Class War*[1], "It's impossible to get a man to understand something when his paycheck depends on his not understanding it."

Gotham is a city riven by inequality. In 1939, that prospect had a very different valence than it has in 2018. Back in 1939, the wealth of the world's elites had been seriously eroded, first by the Great War, then by the Great Crash and the interwar Great Depression, and what was left of those vast fortunes was being incinerated on the bonfire of WWII. Billionaire plutocrats were a curious relic of a nostalgic time before the intrinsic instability of extreme wealth inequality plunged the world into conflict.

MP3

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Back in 2017, The Nation ran a superb, in-depth story on "heirs' property," a legalized form of property theft that allows primarily rich white developers to expropriate land owned by the descendants of Black slaves. Read the rest

18 of the richest people in America have sent a letter to all the candidates for the 2020 Democratic presidential nomination, demanding that their election platform include a annual wealth tax on the largest American fortunes, something advocated by economist Thomas Piketty in his blockbuster book Capital in the 21st Century and subsequently integrated into Elizabeth Warren's campaign platform (with Piketty's endorsement). Read the rest

When Elizabeth Warren proposed a Thomas Piketty-style wealth tax (2% annually on family fortunes over $50m, 1% more on fortunes over $1b), she ballparked the returns at $1.9-2.75t over the first ten years. Read the rest

A new study from the United Way claims that 43% of American households are in a status called "asset limited, income constrained, employed" (ALICE), which denotes employed people who can't afford housing, food, childcare, healthcare, transportation, and a cellphone -- the basics of modern living. Read the rest

The British empire was a globe-spanning criminal enterprise that produced vast riches for England (and, to a lesser extent, Scotland and Wales) by stealing the lands of others while slaughtering and enslaving them; today the empire is in decline and the UK is no longer reliant on direct looting. Read the rest

Bloomberg's Ben Steverman offers a long and exciting profile of Gabriel Zucman (previously), a protege of Thomas Piketty (Zucman was one of the researchers on Piketty's blockbuster Capital in the 21st Century) who has gone on to a career at UC Berkeley, where he's done incredibly innovative blockbuster work of his own, particularly on estimating the true scale of the wealth gap in the USA and worldwide. Read the rest

The Notre Dame fire is a global tragedy, and it's also raising complicated questions about our present moment, including trenchant inquiries into which church fires merit global outpourings and whose sacred sites get mourned when they are destroyed. Read the rest

Guy Shrubsole is the author of Who Owns England? a forthcoming book that reports out a paintstaking researched data-set laying out, for the first time, a comprehensive view of the land ownership in England, finding that half of the country is owned by 1% of its people: a mere 25,000 aristocrats, oligarchs and corporations. Read the rest