By Thomas Piketty
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Thomas Piketty's paintings has proved that unfettered markets result in expanding inequality. with no significant legislation, capitalist economies will focus wealth in an ever smaller variety of palms. Armed with this data, democratic societies face a defining problem: heading off a brand new aristocracy.
For years, Piketty has wrestled with this challenge in his per month newspaper column, which pierces the skin of present occasions to bare the commercial forces beneath. Why store the Bankers? brings jointly chosen columns, now translated and annotated, from the interval book-ended via the September 2008 cave in of Lehman Brothers and the Paris assaults of November 2015. In among, writing from the vantage aspect of his local France, Piketty brilliantly decodes the eu sovereign debt situation, an pressing fight opposed to the tyranny of markets that bears classes for the area at huge. And alongside the best way, he weighs in on oligarchy within the usa, wonders no matter if money owed really need to be paid again, and discovers striking classes approximately inequality through studying the profession of Steve Jobs.
Coursing with perception and flashes of wit, those short essays provide a view of modern historical past throughout the eyes of 1 of the main influential monetary thinkers of our time.
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Extra info for Why Save the Bankers?: And Other Essays on Our Economic and Political Crisis
Second, aggressive financial regulation must be put in place to ensure that toxic assets can no longer be sold into the markets—with the same vigor that food regulators use when supervising the introduction of new products. This will never be possible as long as we leave more than $10 trillion in assets to be managed in tax havens in the most opaque fashion. Finally, we have to put an end to the obscene compensation packages of the financial sector, which helped stimulate excessive risk-taking.
These loans help guarantee the solvency of the entire financial system. The enormous flows of deposits and withdrawals carried out by households and businesses never actually balance out perfectly, down to the day, for each individual bank. This lending role has traditionally been more important in Europe, given the importance of banks in financing the economy, which in the United States is more reliant on financial markets. What have the central banks been doing for the past year? Roughly speaking, they’ve doubled their size—a bit more in the United States, a bit less in Europe.
Another solution, discussed in my November 22, 2011, column, would be to create a kind of “European Senate,” bringing together members of the finance and social affairs committees of the national parliaments of those countries wishing to mutualize their debts. This body would have the final say over decisions on issuing common European debt (which wouldn’t prevent each country from issuing national debt if it wishes, but national debt would not be collectively guaranteed). The important point is that this group would make its decisions via simple majority, like all parliaments, and its debates would be public, transparent, and democratic.