https://twitter.com/PikettyWIL/status/1780943104649920951
What happened in 1991 Mr Piketty?
This guy is this weird Liberal that loves to rediscover things Marxists have known for a century and, because he's a liberal, will refuse to follow any of these things to their logical conclusion
I think it's good that a liberal is sort of unwittingly churning out heaps of data that confirm Marxist Leninist theories. Not saying that he is a covert Marxist but by being a gullible liberal he can continue to do this without being ostracised and labelled a tankie or seeseepee shill.
Piketty's book "Capital in the 21st Century" put a huge crack in my liberal ideology, and I only read the first few chapters. Namely, when he pointed out how doggedly persistent the flow of capital was from poor to rich outside of WW2 and the black plague, it made me realize how inadequate liberal politics were to solve it. After that, it was easy for me to see through the DNC's machinations when they fucked Bernie over, which is when I went truly radical.
Piketty, advertantly or inadvertantly, puts stuff out that van awaken class consciousness
Credit to him for laying it out in plain detail with lots and lots of research. Also popularizing it. Capital in the 21st Century is the only book on a piece of economic research that I've seen people reading on the bus. More than once.
Yes, but Says and Ricardo did talk about what he mentions here rudimentary, too. Marx, but also later empirical economists and political economists more than 50 years ago did highlight that, too.
Maybe I'm an idiot but Imho Marx basically solved economics. Sure some adjustments for different situations but the core is more or less a lawof economics, as in a law of physics.
In the second chart, the inequality that already existed rapidly increases after 91
I wonder what major world event could have caused that
What would happen if capital succeeded in smashing the Republic of Soviets? There would set in an era of the blackest reaction in all the capitalist and colonial countries, the working class and the oppressed peoples would be seized by the throat, the positions of international communism would be lost.
The thing that annoys me about Piketty is he has all this analysis, but without the Marxism, so it leads to shit like this where there's basically no solutions presented.
Ooooooooo I like this graph. Now I have 2 graphs for 1991 shit. I'd love more.
It would be cool to have a website like the goldbug one with just graphs of shit getting worse after 1991
ohhhh yeah that was https://wtfhappenedin1971.com right? I think some of the graphs that site uses are probably useable tbh.
Whenever I see that site posted I use the opportunity to post this graph and talk about how it wasn't the gold standard but the ruling class deciding they had already won and could start increasing exploitation that caused a lot of these changes.
Show
The removal of the gold standard was important in that it signaled the complete domination of the USD and treasury bills as the international standard. I think it's pretty important in that it meant total capitulation of Europe to the US pushing their inflation onto other countries, thus worsening inequality there as they tried to make up for it by tightening the noose on labor.
become a rich world privilege
Wow, such insight from the liberal economist.
