this is the result of crony policies such as too big too fail... increased taxation and devaluation of the dollar. you have to be in the top one or two percent to accumulate enough assets to beat the wealth destruction caused by massive taxation and overspending. if we eliminate the income tax we would be talking a hell of a lot more fairness. or just take a straight 20% on incomes over 1 million and 2 % on assets over 20 million... including the federal reserves. all of a sudden you would see balanced budgets and no need for an income tax. But of course that won't happen because the cronies own the democrat politicians (and establishment Rs) and their class warfare.
This is root of the inequality right here. The privately owned Federal Reserve... makes money out of thin air and destroys the value of the dollar... which helps democrats and establishment Rs... spend their asses off. Which also allows business connected to the free money made by the bank... to buy the politicians. Their policies make sure few of the masses save enough to accumulate any savings and if they do... they have the death tax. Its central bank slavery for the 99%. And it is facilitated by the left. U.S. FOOD INFLATION RUNNING AT 22% http://www.breitbart.com/Big-Government/2014/05/24/U-S-Food-Inflation-Running-at-22 The DOA tried to blame food inflation on the drought conditions in California, but last yearâs drought was worse and food prices fell by -6%. The real problem is Federal Reserve monetary stimulus is stimulating inflation. I reported in "Food Price Inflation Scares the Fedâ two months ago that commodity food costs were exploding on the upside. Given the lag in commodity costs impacting prices on grocery store shelves, annual U.S. food inflation is now running at +22% and rising. ... more at the link..
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Another 180 on Piketty's Measurement By Francis X. Diebold 14 Jun 2014 "My Piketty Post 1 unabashedly praised Piketty's measurement (if not his theory): "Piketty's book truly shines on the data side. ... Its tables and figures...provide a rich and jaw-dropping image, like a new high-resolution photo of a previously-unseen galaxy. I'm grateful to Piketty for sending it our way, for heightening awareness, and for raising important questions." "Measurement endorsements don't come much stronger. "Then I did a 180. Upon belatedly reading the Financial Times' Piketty piece, I felt I'd been had, truly had. Out poured my Piketty Post 2, written in a near-rage, without time to digest Piketty's response. "Now, with the benefit of more time to read, re-read, and reflect, yes, I'm doing another 180. It seems clear that the bulk of the evidence suggests that the FT, not Piketty, is guilty of sloppiness. Piketty's response is convincing, and all-told, his book (with its thoughtful discussion, meticulous footnotes, detailed online technical appendix, freely-available datasets, etc. -- see his website) appears to remain a model of careful social-science measurement. "Ironically, then, as the smoke clears my Piketty Post 1 probably best continues to describe my view of the book's measurement. I should have left well-enough alone." Article, links>>
In other news the noonereadsthisblog,com... announced that Francis Diebold has been selected as the most obscure blogger Ricter has ever read. He is also the secret chair of the school for govt subsidies and propaganda at upenn. (i really have no idea about the quality of diebolds thoughts... but anyone who supports pikety without concluding its the cronies, the govt and the federal reserve picking winners... is not very observant.