Hotshot French economist Thomas Piketty, of the Paris School of Economics, looked at the major democracies with North Atlantic coastlines over the past couple of centuries. He saw five striking facts: First, ownership of private wealth—with its power to command resources, dictate where and how people would work, and shape politics—was always highly concentrated. Second, 150 years—six generations—ago, the ratio of a country’s total private wealth to its total annual income was about six. Third, 50 years—two generations—ago, that capital-income ratio was about three. Fourth, over the past two generations that capital-income ratio has been rising rapidly. Fifth, the flow of income to the owner of the dollar capital did not rise when capital was relatively scarce, but plodded along at a typical net rate of profit of about 5% per year generation after generation. He wondered what these facts predicted for the shape of the major North Atlantic economies in the 21st century. And so he wrote a big book, Capital in the Twenty-First Century, that was published last year.
It has been a surprise […]
Oklahoma earthquake damage
Credit: AP
A few days after Thanksgiving, Oklahoma City residents huddled in their homes watching a thick layer of ice snap power lines and split stubby trees. Only a few days later, as the ice started to thaw and power was restored in most neighborhoods, a 4.7-magnitude earthquake shook the state a couple hours before dawn.
The epicenter was 100 miles north, in a region where oil and gas have for decades driven the state economy. Scientists suspect the practice of injecting deep into the earth the salty wastewater from the drilling process may be causing the earthquakes, or at least increasing the frequency.
Prior to 2009, the state had just two quakes per year. Now on average, quakes shake the state twice a day, more than anywhere in the lower 48 states, a fact that is stoking outrage among residents who are growing tired of worrying about the foundations of their homes and whether to buy earthquake insurance. The quakes are […]
Bernie Sanders speaks to reporters in the media filing center after a Democratic presidential primary debate Saturday, Dec. 19, 2015, at Saint Anselm College in Manchester, N.H.
Credit: AP Photo/Michael Dwyer
David Muir, setting up the first in an endless stream of questions about terrorism in Saturday evening’s Democratic primary debate, of which he was moderator, reminded Americans that it was “just six days before Christmas, as we all know in this country. It’s typically a joyful time, as it is this year, as well. But it’s also an anxious time.”
Remote Viewing the Year 2060
