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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (117552)	4/10/2016 2:59:54 AM
From: elmatador	Read Replies (1) \| Respond to of 217737

PIKETTY: Britain's economic policy is a 'complete contradiction' Will Martin Apr. 7, 2016, 9:49 AM 1,690 Economist Thomas Piketty has called the UK's economic policies a "complete contradiction." In an interview with the BBC, Piketty — best known for his book, "Capital in the Twenty-First Century" — questioned the government's decision to cut the deficit while also giving tax cuts to those with higher incomes. "What I find particularly incredible in this policy is that, OK, we need to cut the deficit, we don't have money, we need a surplus," he said. "But we have money to cut the tax of the higher-income groups, so I think it's a complete contradiction, and I think that's very hard to understand for the general public. Britain's Chancellor George Osborne has embarked on an extensive programme of cuts to lower Britain's fiscal deficit since taking the post in 2010, but has faced criticism, particularly since his last budget in March, for cutting disability benefits, while also giving wealthier individuals tax breaks. That led to the resignation of Work and Pensions Secretary Iain Duncan Smith. "I think you have some people in this country who have benefited from growth much more than others in the past decade, and you cannot just give more and more to those who already have more," Piketty said. His attacks on deficit-reduction programmes weren't just directed at the UK though, and Piketty effectively argued that public-deficit cuts in the eurozone caused the European recession of 2011, 2012, and 2013. Here's what he had to say (emphasis ours): "I think there has been an attempt, particularly in the eurozone, to reduce the public deficit too fast. When you look at the growth trajectory of Europe as compared to the United States, I think it's very clear that we started a new recession in 2011, 2012, 2013, because we have tried to reduce the public deficit too fast. "If we had taken our budgetary decision in a eurozone parliament in a democratic manner rather than through these automatic rules about budget deficit we could have avoided excessive austerity and the rise in unemployment and xenophobia right at the time when there was a true need for Europe to be more open with respect to the rest of the world, in particular regarding the refugee crisis." In his interview with the BBC, Piketty also argued that Europe should allow at least a million immigrants across its borders every year, something he says happened between 2000 and 2010, and worked "in the sense that unemployment was being reduced." Piketty found global fame in 2013 with his 700-page book, "Capital in the Twenty-First Century," which hit No. 1 on The New York Times and Amazon bestseller lists. In it, he proposed a system of progressive taxes to limit inequality and stop the majority of the world's wealth falling in to the hands of a minority.

To: Maurice Winn who wrote (117552)	4/10/2016 3:01:32 AM
From: elmatador	1 Recommendation Recommended By 3bar Read Replies (1) \| Respond to of 217737

I read Thomas Piketty when I was in Saudi Arabia back in 2014, The book is about inequality how the rich keep getting rich and poor poorer. And now with the Panama Papers, it becomes clear the mechanism. Picketty advocates in his book the taxation of the rich to equalize income. But If government gives the wealthy a tax cut, that money does not circulate into the economy. It is funneled to a tax heavens. When governments says> money will trickle down, do not believe, money does not trickle down. Money fly away! Now do like me: Get the 700 page "Capital in the Twenty-First Century,"and read ti cover to cover