The end of the American & Australian dreams
Where is this taking us? Thomas Piketty, whose work with Saez has transformed our understanding of income distribution, warns that current policies will eventually create "a class of rentiers in the U.S., whereby a small group of wealthy but untalented children controls vast segments of the US economy and penniless, talented children simply can't compete." If he's right--and I fear that he is--we will end up suffering not only from injustice, but from a vast waste of human potential.
· Goodbye, Horatio Alger. And goodbye, American Dream.
[ via Roadtosurfdom]
· Aussie $700bn credit binge [ courtesy of Gittins]
· Negative Gear [ via Road to Nowhere]