[SeaGypsy]

Doesn't say anything about solutions?

[Outcast_Searcher]

Why do people get their panties in a bunch over what someone else earns? Is it jealousy?

No, it's not called "jealousy". It's called "knowledge of history". Do you also wonder why the slaves and serfs throughout the past thousands of years got their panties in a bunch over what their feudal masters were earning? After all, they were just jealous, right?

If you can't tell the difference between an actual slave and someone who won't get off the couch since liberals promised him/her a "fair" income for doing nothing, you're beyond hopeless.

[Graeme]

Doesn't say anything about solutions?

It does in the video near the end, and I've already given you a summary of the main "solutions".

[SeaGypsy]

Then said its not about what it looks to be about- open slather migration?

[Graeme]

No nothing to do with migration but more to do with changing existing economic system back to clinal economics. Solutions offered could work if they are implemented but everybody needs to persuade politicians that this is the only way to ensure a future for their children. Do you have a friend who has a larger data cap?

[Henriksson]

Why do people get their panties in a bunch over what someone else earns? Is it jealousy?

While certainly no one decent wants to emulate a spoiled brat, they are still toxic to the environment, and due to their all too grandiose delusions about themselves it is pretty difficult for them to change their habits.

If you want to make more money get off the computer and get to work.

You should really be more concerned about your safety, it's not healthy having a mindset like this.

[Outcast_Searcher]

If you want to make more money get off the computer and get to work.

You should really be more concerned about your safety, it's not healthy having a mindset like this.

So no we're suppressing free speech if it's not what YOU want to hear or politically correct enough? Do you expect to win an internet debate THAT way?

Are you resorting to implied threats of violence? Do you really consider the use of force if you don't get your way to be "fair", much less at all reasonable? (Hint: do you think that the attacking of police and the various riots stemming from certain social issues in recent months were a net plus for ANY group involved, considering the consequences?)

Or if you claim it's "unhealthy" to expect able bodied people to work for a living, THAT'S the core unhealthy attitude that is making The US less and less competitive over time. (It's unhealthy and mentally unbalanced to expect the universe (or the world) to magically reward you with something for nothing).

[Henriksson]

If you want to make more money get off the computer and get to work.

You should really be more concerned about your safety, it's not healthy having a mindset like this.

So no we're suppressing free speech if it's not what YOU want to hear or politically correct enough? Do you expect to win an internet debate THAT way?

Are you resorting to implied threats of violence? Do you really consider the use of force if you don't get your way to be "fair", much less at all reasonable? (Hint: do you think that the attacking of police and the various riots stemming from certain social issues in recent months were a net plus for ANY group involved, considering the consequences?)

Or if you claim it's "unhealthy" to expect able bodied people to work for a living, THAT'S the core unhealthy attitude that is making The US less and less competitive over time. (It's unhealthy and mentally unbalanced to expect the universe (or the world) to magically reward you with something for nothing).

When the Soviet Union collapsed a lot of competent men lost their way and succumbed to the bottle because their self-worth had severely inflated when they found themselves unemployed, which is a shame for society because a whole lot of experience and knowledge was lost with them. While the comparison is a perhaps a bit far-fetched, unless they are part of the very richest ppm of people, everyone will no doubt have things to lose in the coming decades. Therefore I advise people to be more humble and down-to-Earth and cast away self-aggrandizing delusions, for their own sake.

[onlooker]

Fair is some exotic rare thing here on Earth and has been it seems since the dawn of civilization. I do applaud Scandinavian countries for at least attempting to introduce some sense of economic equity and fairness. However the world as a whole is about might makes right. If you have money you have access to goods and services if you do not then you don't. It is as simple as that. That is why Organized Crime as thrived in recent times because people want and need money. That is why the underground or black market is so prevalent and ubiquitous around the world. If one thing I have learned in my 50 plus years of life is that do not expect fairness from this world and existence.

[Pops]

By the way, Shell bets on the mess.

Pretty good vid G, old hat for most here tho and really, too chock full O doom for the average commuter.

Although the "get a job" crowd should take particular note, one commenter pointed out that working poor people tend to be honest to a fault and will usually attempt to pay back a debt even if the debt was a scam. And the people who take advantage aren't.

Yet those same "we built that" crowd seem to think there should be even less regulation.

Must be the old bit about being poor is only tolerable as long as you can find someone else poorer.

[Graeme]

Pops, Glad you watched it! Hope SG and others can do the same.

Just wondering though whether you think any of the remedies mentioned near the end will work? I listed them earlier.
Might help if borrowers can avoid banks altogether and find other sources of finance provided it is interest free.

[Shaved Monkey]

It seems a boom is bad for equality but a good global recession works wonders when combined with a pension increase.

During the 1990s, inequality in Australia rose in line with the average of the OED, but the mining boom from 2004 to 2008 it increased faster than the rest of the OECD.

As I have noted previously, Australia came out of the GFC more equal than when it entered. Among the reasons for this were our comparative small rise in unemployment, the large increase in pensions in 2009, as well as the decline in income of the wealthiest partly due to falls in the share market:

http://www.theguardian.com/business/gro ... ets-a-tick

[SeaGypsy]

I will watch it at uni next few days G.
In general my thought on subverting the dominant economic paradigm at least on a personal level is pretty obviously about forming new collectives & deepening/ extending & organising existing ones. That is why orthodox Jews & Amish for example tend to thrive economically, they have very strong internal networks, discipline & resources to enable their clans to avoid mainstream banking dependency. They believe in their own people & invest accordingly. They don't isolate into single person or nuclear family or sole parent households. To my view this avoids the primary economic traps, ursury & isolation. The implication overlooked by most neo collectives is the level of discipline & communication & trust required. Most of us have not grown up in such an environment & they are not easy to replicate.

[Pops]

Piketty said that inequality grows when the rate of returns on capital exceed rate of growth, and inequality grows the most when growth is slow because of excess labor depressing wages. He said wealth accumulation and inequality falls the most when big changes happen, like WWI & II.

I have a hard time with listing a bunch of things that "all collapsing empires" experience. It is just too had to say, "Oh that's us!" whether it really is or not. But my knee jerk is that financialization and the information economy is certainly a "dot." Did you see the story on the front page where Jack Ma (the Alibaba guy) said we won't need oil because mining data will replace it in the near future?

[SeaGypsy]

Oil energy slave equations & global inequality in increasingly global economic empire render economic & empire theory mostly void in the current era, their use for predicting timelines particularly dodgy.

[Graeme]

SG, Yes, localization is mentioned in the video. We don't have to believe what oil companies say or stages of empire theory.

Pops, Pleased you are keeping discussion relevant to theme of inequality and mentioning Piketty. Incidentally, he also suggests taxes as a remedy.

Turning from analysis to policy, Piketty sees the need for a regulated form of capitalism to put some limits on the rising inequality seen over the past 30 years. He recognises the value of the free market economy and is not advocating widespread renationalisation or protectionism, but he does argue for stronger social protection for lower income groups. He sees progressive taxes on wealth and unearned income in particular as the fairest way to fund this provision.

I think jack Ma is talking about the Internet of Things, and of course he's right!

[Outcast_Searcher]

When the Soviet Union collapsed a lot of competent men lost their way and succumbed to the bottle because their self-worth had severely inflated when they found themselves unemployed, which is a shame for society because a whole lot of experience and knowledge was lost with them. While the comparison is a perhaps a bit far-fetched, unless they are part of the very richest ppm of people, everyone will no doubt have things to lose in the coming decades. Therefore I advise people to be more humble and down-to-Earth and cast away self-aggrandizing delusions, for their own sake.

Absolutely brilliant! (except it's NOT).

So if you don't have any answers to any of the questions challenging your post:

1). Post something extremely far fetched, that seems to have little bearing on the issue (Russian drunks).

2). Instead of addressing the issue of "fairness" including a fair day's work for a fair day's pay, pretend to be the Pope, and preach about being humble, and casting away delusions as you "advise" people, since you can't speak concretely about the issue.

OK.

Speaking of delusional, are you running for US senate any time soon?

Hey, but if typical liberal moralistic content free chest thumping is your goal, congrats, you win a shiny gold star...

[Henriksson]

When the Soviet Union collapsed a lot of competent men lost their way and succumbed to the bottle because their self-worth had severely inflated when they found themselves unemployed, which is a shame for society because a whole lot of experience and knowledge was lost with them. While the comparison is a perhaps a bit far-fetched, unless they are part of the very richest ppm of people, everyone will no doubt have things to lose in the coming decades. Therefore I advise people to be more humble and down-to-Earth and cast away self-aggrandizing delusions, for their own sake.

Absolutely brilliant! (except it's NOT).

So if you don't have any answers to any of the questions challenging your post:

1). Post something extremely far fetched, that seems to have little bearing on the issue (Russian drunks).

2). Instead of addressing the issue of "fairness" including a fair day's work for a fair day's pay, pretend to be the Pope, and preach about being humble, and casting away delusions as you "advise" people, since you can't speak concretely about the issue.

OK.

Speaking of delusional, are you running for US senate any time soon?

Hey, but if typical liberal moralistic content free chest thumping is your goal, congrats, you win a shiny gold star...

The only "typical liberal moralistic content free chest thumping" I've seen so far in this thread is from you and Cog...

Are you one of the few richest people on the Earth? They're wondering what's going to be for dinner and they're not picky about what ends up on the plate.

[Graeme]

OECD Forum 2015: Income Inequality in Figures

The gap between rich and poor is growing …

Income inequality has reached record highs in most OECD countries. In the 1980s, the richest 10% of the population had 7 times the income of the poorest 10%; they now have almost 10 times the income of the poorest 10%.

Over the past several decades, the income gap has grown in both good times and bad. It’s been driven by a surge in incomes for high earners, especially among the top 1%, and much slower income growth – and even declines during economic downturns – for low earners.

oecd

They note that when women work, inequality falls.