May 30th, 2014

WATCH: Balls Blocked From Bilderberg

The fearless truth seekers at InfoWars have captured the moment Ed Balls turned up at the Bilderberg conference in Copenhagen, only to be turned away by police at the gates who didn’t recognise who he was. The Shadow Chancellor apparently couldn’t find his invite. Despite his protestations that “that’s my name, I’m on the list to attend,” the guards wouldn’t let him in.

Your name’s not down, you’re not coming in.


162 Comments

  1. 1
    lescrompsblogg says:

    Ed Balls

  2. 2
    Liar.Politicians says:

    Bilderberg, full of Commie criminals who fuck over the 99%, to pass laws and make the 1%’ers like politicians even richer.

  3. 3
    Ed Balls says:

    Ed Balls

  4. 4
    Copper One says:

    Did I hear him say “fucking plebs, get out of my way”?
    I feel a T-shirt coming up.
    Oh, wait. Didn’t go too well last time.

  5. 5
    dai laughing says:

    arrogant git: don’t you know who i am?

    bloke in street: don’t you?

  6. 6
    Socialism is theft says:

    I see the USA is now experiencing negative growth and Europe is still struggling, while the UK is growing. So when is Balls going to admit he was totally wrong about plan B? He should be hung from a tree to point out that socialism is a crime against humanity.

  7. 7
    Anonymous says:

    “Don’t you know who I am?”

    No.

  8. 8
    Ed Moribund says:

    Just as well I didn’t go, absolutely no way they’d have believed I was supposed to be there.

  9. 9
    Son of Leon says:

    Ha Ha !

  10. 10
    Socialism is theft says:

    He was turned away because his fellow Ed gave Danish bacon a bad name.

  11. 11
    tee2greeny says:

    I hope he gets the same reaction at passport control on his way back.

  12. 12
    Scott Shearer says:

    I wonder what plebs is in Danish!

  13. 13
    Anonymous says:

    Wonder if he called them plebs.

  14. 14
    Peter Carter-Fuck says:

    That’ll teach him, now he’s got to spend the weekend at home with Olive Oyl.

  15. 15
    Hadley "Screaming Banshee" Freeman says:

    Hear me roar. I am offended on behalf of all imaginary women by joey barton’s sexist comment. He is a typical male, they are all evil and pushing their r.a.p.e. culture. SEXIST. Arghhh, trigger warning. White male! I’ve called the police expect arrests. Retweet Caroline criado Perez and Laurie penny. Barton is the same as that man (male) in California who murdered two women last week (some men were killed but they are irrelevant to my point because all men are sexist)

    #equalrights #smash the patriarchy #everydaysexism

  16. 16
    Direct Line says:

    Perhaps Ed Balls could have driven his car and crashed into the gates. And admit it a month later.

  17. 17
    Fred says:

    No you cant come in, you frucked the economy last time and you’re not having a say this time.

  18. 18
    Nick Griffin,Guest Moderator says:

    Apologies Ed Balls but

    Your comment is awaiting moderation.

  19. 19
    Anonymous says:

    So Kenny Clarke says all attendees are there in a private capacity and nothing to do with their day jobs – so I wonder what all those files Ed has on him are full of, surely not his holiday snaps!

  20. 20
    Dazza says:

    Security Ed… Bugger isn’t it?

  21. 21
    Norm Normal says:

    And we should trust this flabby idiot with the economy when he can’t even organise simple travel arrangements?

    I will not mention historic labour economic failure lets just concentrate on how much Ed Balls got wrong since 2010. Was that policeman doing the Balls flat-lining hand gesture? Har har!

  22. 22
    Nelson Muntz says:

  23. 23
    Mr Roy says:

    They knew who he was, they just don’t like the Hunt.

  24. 24
    Norm Normal says:

    Please don’t insult Olive with a comparison to the lesser Balls mutant.

  25. 25
    the braintree ripper says:

  26. 26
    Sod UKIP says:

    Can we hire these guys to keep him out of Westminster?

  27. 27
    bobhas1 says:

    yea we know who you are ED …. a fucking knobhead ! lol

  28. 28
    the braintree ripper says:

    This dwarf looks like Balls after a hot spin in a washing machine

  29. 29
    LabourNutter says:

    That would be “hanged”.

  30. 30
    Owen's Remedial English teacher says:

    It’s “You and I”, not “you and me”.
    Public school and Oxford was a waste of money.

  31. 31
    Not in my name says:

    Tell me Ed, how many times do you think security staff at any event hear the ” I have lost my invitation but I am on the guest list, honest…” line.

    You might get away with it if you were really well known, say Obama or Putin.

    But a fish faced non entity?

    You should have known better. The fact you tried to blag it speaks volumes: chance.

  32. 32
    Monika under fire says:

    I expected more from Barton, given the “Footballs intellectual tag” he has been gifted in the past. Really? As with his appearances on the football pitch, his mouth delivers, where his ability lags far behind.

    The Balls story has cheered me up immensely. The man’s a laughing stock, and God help us all if he is Chancellor after May 2015.

  33. 33
    Johnny Gurkha says:

    I’ll bet they knew exactly who he was…

  34. 34
    geordieboy says:

    Who paid for his fare?

  35. 35
    Ed Balls MP says:

    That’s not Ed Balls.
    I’m Ed Balls.

  36. 36
    Bill Quango MP says:

    Security – Your name’s not down, you’re not coming in.

    Ed – But my name is down! I’ve just lost my invite.

    Security – Wot’s your name then ?

    Ed – Balls!

    Security – NAME!

    ed – Balls! Its Balls!

    Security – Its not balls sir. Its security measures..and if you are going to take that attitude…

    Ed – NO! No! You misunderstand. My name is Balls ..its Edward Balls..Balls

    Security – {slowly reaching for holsters} Ok Sir..Very good..now I need you to lie down very slowly on the floor..Keep your hands out in front..no sudden movements..

  37. 37
    Sylph-like Bert says:

    He’s fat as well.

  38. 38
    Joey Barton says:

    What a thick twat

  39. 39
    ron Vibbentrop says:

    What is Danish for ‘fu*king plebs’?

  40. 40
    Corridor of Uncertainty says:

    Weren’t Tasers invented for precisely these circumstances?

  41. 41
    Don't look this way, look over there says:

    Maybe “hung” like in Halal, 10 days should ripen him a bit.

  42. 42
    Lord Mandelbum says:

    Edible Balls only please.

  43. 43
    Bouncer says:

    No trainers
    No dickheads

  44. 44
    Vote UKIP/Labour to ensure England stays in the EU says:

    hahahahahahahahahahahahahahahahahahahaha

    they just wanted him to clean the shithouse

  45. 45
    Goldman Suchs says:

    “Commies” – you sure about that?

  46. 46
    Austin Tash says:

    Joey Barton and Piers Morgan on the same program? I thought “Question Time” usually restricted themselves to one know-nothing, comedy guest.

  47. 47
    Northern Convert says:

    I bet there is a lackey with a bandaged head somewhere in westminster, having had a phone removed by surgery…. the apple never falls far from the tree.

  48. 48
    Mrs Balls says:

    Niver mind pet, tha’ can com ‘ome to a reet gradely plate of tripe and onions, man, pet, man.

  49. 49
  50. 50
    Oh, really? says:

    “Cheeky sod wouldn’t give us his name. When I asked him who he was, he shouted ‘balls!’ so we threw him out!”

  51. 51
    Flowers that get mown in spring tra la says:

    I’am praying he’s Chancellor if ED takes charge in 2015, within the year the country will be bankrupt, even the last of the Liebour braindead will move away from them when they find the country doesn’t have money to pay them benefits.

  52. 52
    the braintree ripper says:

    Amnesiaballs

    “Do you know who I am?”

    ” We have a mental patent at red gate who doesn’t know who he is
    Send an ambulance “

  53. 53
    The Camservative Party says:

    He’s the cabaret act,he does a fantastic Les Dawson tribute.

  54. 54
    Owen's Remedial English teacher says:

    Note that he conspicuously avoided saying his name out loud.

  55. 55
    M­a­­q­b­o­­ul says:

    “Ja chief, there’s a fat bloke in a wig here trying to sneak in!”

  56. 56
    BBC Horizon says:

    “imaginary women”

    Women do actually exist.

  57. 57
    Copper says:

    I’m sorry sir, there’s no number eleventeen on this street. Have you tried the other side of the roundabout?

  58. 58
    it'd be rude not to says:

    Shoot him!

  59. 59
    Owen's Remedial English teacher's Remedial English teacher says:

    Public school and Oxford “were” a waste of money.

  60. 60
    still walking into darkness says:

    Us plebs have know for some time but I’m sure the Bildeberg luminaries would be impressed by such staggering ineptitude from inside their ranks, hopefully it’s enough to get him killed

  61. 61
    the braintree ripper says:

    Yvette joins in to help Ed

  62. 62
    Dr Wooster says:

    Surely the bandaging would be after the operation

  63. 63
    Northern Convert says:

    And No deficit denyer,s

  64. 64
    Bilderberg Bouncer says:

    Sorry, you are not coming in here, you’re not sexy enough. Don’t make me hurt you.

  65. 65
    jgm2 says:

    The other possibility is that he hasn’t been invited (ooooh, because, say, his economic policy has proven to be utterly fucked) and he really was just trying to blag his way in.

  66. 66
    Euro Bouncer says:

    Last picture I saw of you, you were dressed as a Nazi.

    We don’t encourage that sort of thing (any more).

  67. 67
    Northern Convert says:

    ” Having Had “….

  68. 68
    Euro Bouncer says:

    An economist you say?

    Are you taking the piss?

  69. 69
    Gheedough says:

    Somebody liked it. This Web 5.0 is going wonderfully. I’ll just tweet that like to my facebook page.

  70. 70
    The British media are cunts says:

    Hey Westminster plods. See how it’s done?

  71. 71
    Dr Wooster says:

    Don’t worry. I always fuck up a few times before getting it brilliantly right at the end of the episode.

  72. 72
    pookie snackumberger says:

    Put him out of our misery

  73. 73
    the braintree ripper says:

    He got sent home
    “Sir we export pigs, we dont import them”

  74. 74
    Jumping out of a lorry on the M25 says:

    Passport “Control” – you are joking it doesn’t exist.

  75. 75
    Euro Bouncer says:

    Let’s put it his way, sir.

    Your chances of entry are flat-lining. (annoying, stupid, hand gesture)

  76. 76
    Euro Bouncer says:

    And I’d like to enter Kylie Minogue – we can all dream, sir.

  77. 77
    Northern Convert says:

    Bertie! I didnt know they had made you a Doctor!! You could have operated!!!

  78. 78
    Euro Bouncer says:

    No I don’t know “who I am”, sir, was it by The Communards?

  79. 79
    Steve Miliband says:

    Arrogant fucker.

  80. 80
    nell says:

    why is he there anyway? I always understood bilderberg events had something to do with the economy so he’d only spend his time not understanding what was being talked about.

    Far better he stays at home and practices his piano pieces.

  81. 81
    Mornington Crescent says:

    To which you should always reply, out loud, “can anyone help, there’s a gentleman here who doesn’t know who he is…”

  82. 82
    average joanna says:

    This just proves what we all knew.
    Balls is a useless fuckwit.

  83. 83
    nell says:

    We did!!

  84. 84
    Steve Miliband says:

    Placebo Effect

    If he agrees with something it must be wrong

  85. 85
    Robin J Smith says:

    Oh, balls.

  86. 86
    Edward Balls says:

    “I thought you f***ing guys were supposed to help us. You don’t run this conference.

    “Tarquin you Spad, get me David Davis on the phone.”

  87. 87
  88. 88
    daviejohn says:

    Personally, I wouldn’t have let him in even if I did know him,nasty little tyke.

  89. 89
    Anonymous says:

    Who pays for the whole conference?
    Does the British taxpayer fund travel
    and accommodation for all MP’s etc
    who attend?If so, which budget does
    it come from?

  90. 90
    Sir Barrington Minge says:

    What’s the Danish for “Fuck off, Balls”?

  91. 91
    Ed Balls says:

    Don’t you know WHO I am! Open the gate you f*$king pleb! You would do well to know your place.

  92. 92
    Village Idiot says:

    ….To lose ones’ invite to an important gathering like that is beyond careless!.The man is flawed and must not get near the levers of power!
    Wonder what World Order they are dreaming up?

  93. 93
    Seymour says:

    Of course the taxpayer pays for it all.
    The cost will appear on the politicians expenses and the business people will have it against necessary expenses and write it off against tax.
    .
    Only the little people pay tax

  94. 94
    Dottie says:

    Fucking Plebs.

  95. 95
    Anonymous says:

    Possibly not Ob ama. Don’t they all look alike?

  96. 96
    Anonymous says:

    Stop looking in the mirror.

  97. 97
    Maimed Codger says:

    Good job it wasn’t the British Police……

  98. 98
    Spartacus says:

    The True Story of the Bilderberg Group – Daniel Estulin

  99. 99
    UK Wide Open Border's Agency & Not Acountable to Anyone says:

    Can we hire these guys to keep Ed Balls*Up out of the UK
    for ever !!!!

  100. 100
    Anonymous says:

    Well it’s the only time he gets on telly.

  101. 101
    The assembled throng says:

    Oh fuckety fuck! Who is going to play the piano at coffee break now?

  102. 102
    Albert Pierpoint says:

    No. That’s decapitated.
    Paintings are “hung”; people are “hanged”.

  103. 103

    Did he know the camera was on him, do you think?

    Seemed pretty calm actually, considering; surely he can just make a phone call to..oh, I don’t know..Mandelson or someone, to open the back door?!

  104. 104
    The assembled throng says:

    .. plus not one of the Brit attendees would volunteer to vouch for him.

    Hee hee hee… :-)

  105. 105
    the braintree ripper says:

    Lord Fondlebum knows all about getting in through the backdoor

  106. 106
    The assembled throng says:

    In English the proper word is ‘invitation’. Please do not mimic uneducated Yanks.Thank you.

  107. 107
    Plod on the Gate says:

    The next time some clever Hunt with a bike demands anything, we aren’t going to mess about. All the shit we got from the last clever little bleeder wasn’t worth it. Any other shit comes here gets shot. Yes, it will make a mess but I am up to my fucking armpits in clever pillocks who can decline Pleb in their sleep and now tell me their names is “Balls”. It will be all balls, all over, oh yes!

  108. 108
    Roland Garros says:

    New Balls please!

  109. 109
    Sir Mary Flappes says:

    It was his turn to wear the Goat outfit with no arse in it too.

  110. 110
    Tim Yeo-Yo says:

    They will just borrow more money.

  111. 111
    Mark Worthless says:

    I heard they called him a Pleb which is what they thought was the title for an M.P.

  112. 112
    Tom Catesby says:

    Heeh, heeh, heeh, heeh,heeh, heeh.

  113. 113
    Tom Catesby says:

    Ed Says…..”Let me in!!! I need to get my orders for after the GE 2015(assuming the British people are completely stupid and elect us again)”.

  114. 114
    Tom Catesby says:

    Less rain, fewer raindrops.

  115. 115
    Tom Catesby says:

    Plóbs

  116. 116
    Tom Catesby says:

    Where was his bike?

  117. 117
    Tom Catesby says:

    ‘There in a private capacity, not because of their day jobs’, they could have asked me.

  118. 118
    Tom Catesby says:

    Fécking plóbs

  119. 119
    Anonymous says:

    I know a guy who is hung

  120. 120
    Don't You Know Who I Am!? says:

    …”sprechen sie Englisch?”….

    …”sweety wrappers, ball of string, an old peg…” …”Nope, I cannot find my invite anywhere. I think mummy must have put it in my other Trousers”…

    These ‘Johnny foreigner’ Coppers cannot seem to grasp just how important I am!

  121. 121
    jb fan says:

    hes a silly twat

  122. 122
    Ed Balls says:

    Plebs…

  123. 123
    what a furking liberty says:

    scruffy c’unt turns up with his ‘ittle bag with his jammies in’ … what a waste of space the moron is

  124. 124
    Aunt Hilda says:

    the beeb uses the you and me phrasing almost totally now … it still grates every time I hear it

  125. 125
    Millis minuteman says:

    Nay laddie, you’re down for the ‘Balls da birk’ conference next door!

  126. 126
    thostids says:

    Like the £1 Trillion that the “Austerity” Coalition Government has increased the National Debt by? Seeing that there has been no slowing down in public deficit spending why vote for any f the Legacy Parties?
    If you actually would like ANY bit of your Country, it’s Assets or even it’s History left for your children then you had better vote for UKIP because the rest of them don’t do democracy. They simply expect you to put them back into power so they can go on debouching everything you stand for.

  127. 127
    The two Muppets says:

    What the hell was he invited for anyway . The muppet along with the one eyed
    worst Prime Minister in British history trashed our country with their amateur
    economics .

  128. 128

    Yvette will NOT be pleased !!

    ” When will you ever stop showing up the family and dragging its name through the mud with your endless freak ups ? Couldn ‘ t get in ? You couldn ‘ t get arrested !! Why d you think I keep my maiden name ? Saves endless hours of explanation ! “

  129. 129

    JEEVES SAYS

    er … indubitably sir .

  130. 130

    Yeah ,,, you know …. the oligarch type of commies that were great drinking buddies with Boris Yeltsin and got him to sign over various State enterprises to them when he was drunk .
    I believe one might be running Chelsea and another Arsenal.

  131. 131

    Perhaps they ll make him dance naked in the moonlight at the next Illuminati
    hoedown at Bohemian Grove …

  132. 132

    Yes .. he d taste very ” gamey ” by then ..

    Just in time for barbecue season .

  133. 133

    Ahh yes Miili , Denmark — the land of the midnight sun and very hostile porkers .

  134. 134

    He ll be stateless marooned on an oil platform somewhere in the North Sea .

  135. 135
    Tom collins says:

    They obviously didn’t know how important this prat was.

  136. 136
    Anonymous says:

    Watch him regularly at Loftus Road do you?

  137. 137
    gildedtumbril says:

    Yvette’s beard.

  138. 138
    maryjf says:

    Seems as though he missed nothing anyway. According to the FT The political elite were all camped out at Mansion House yesterday, listening to the ‘socialist bible according to Pikkety, in which everybody is taxed out of property, not allowed to inherit anything

    Piketty’s Envy Problem – article as published on mining dot com
    Forward By Martin Armstrong:Armstrong economics blog

    “We are seeing the most dangerous trend ever. There is an agenda behind the curtain and that is to sustain government at all costs and that includes everything you own. I have warned that either government will move toward a totalitarian state or to real democracy – real Athens style without the career politicians. This takes no secret agenda of sinister corporations, Rockefellers, Rothschilds, or Bildebergs. This is plain old Adam Smith where those in government will never admit they are wrong so the reason they are losing their grip on our politic-social-economy is because they just don’t have enough resources. Piketty did not appear out of nowhere. This is a coordinated assault to set the stage for massive taxation increases without a one-world government, just a one-world agreement to hunt down capital hiding everywhere. Exceptions may be China and Russia. Even the pretend conspirators inside the Bildebergs are getting nervous because there will be no exceptions. This is not fascism – it is old fashion totalitarianism. I fear those trying so hard to point people at the Bildebergs is a deliberate diversion from the Bureaucrats desperate for money.”

    artiicle :There can be little doubt that Thomas Piketty’s new book Capital in the 21st Century has struck a nerve globally. In fact, the Piketty phenomenon (the economic equivalent to Beatlemania) has in some ways become a bigger story than the ideas themselves. However, the book’s popularity is not at all surprising when you consider that its central premise: how radical wealth redistribution will create a better society, has always had its enthusiastic champions (many of whom instigated revolts and revolutions). What is surprising, however, is that the absurd ideas contained in the book could captivate so many supposedly intelligent people.

    Prior to the 20th Century, the urge to redistribute was held in check only by the unassailable power of the ruling classes, and to a lesser extent by moral and practical reservations against theft. Karl Marx did an end-run around the moral objections by asserting that the rich became so only through theft, and that the elimination of private property held the key to economic growth. But the dismal results of the 20th Century’s communist revolutions took the wind out of the sails of the redistributionists. After such a drubbing, bold new ideas were needed to rescue the cause. Piketty’s 700 pages have apparently filled that void.

    Any modern political pollster will tell you that the battle of ideas is won or lost in the first 15 seconds. Piketty’s primary achievement lies not in the heft of his book, or in his analysis of centuries of income data (which has shown signs of fraying), but in conjuring a seductively simple and emotionally satisfying idea: that the rich got that way because the return on invested capital (r) is generally two to three percentage points higher annually than economic growth (g). Therefore, people with money to invest (the wealthy) will always get richer, at a faster pace, than everyone else. Free markets, therefore, are a one-way road towards ever-greater inequality.

    Since Piketty sees wealth in terms of zero sum gains (someone gets rich by making another poor) he believes that the suffering of the masses will increase until this cycle is broken by either: 1) wealth destruction that occurs during war or depression (which makes the wealthy poorer) or 2) wealth re-distribution achieved through income, wealth, or property taxes. And although Piketty seems to admire the results achieved by war and depression, he does not advocate them as matters of policy. This leaves taxes, which he believes should be raised high enough to prevent both high incomes and the potential for inherited wealth.

    Before proceeding to dismantle the core of his thesis, one must marvel at the absurdity of his premise. In the book, he states “For those who work for a living, the level of inequality in the United States is probably higher than in any other society at any time in the past, anywhere in the world.” Given that equality is his yardstick for economic success, this means that he believes that America is likely the worst place for a non-rich person to ever have been born. That’s a very big statement. And it is true in a very limited and superficial sense. For instance, according to Forbes, Bill Gates is $78 billion richer than the poorest American. Finding another instance of that much monetary disparity may be difficult. But wealth is measured far more effectively in other ways, living standards in particular.

    For instance, the wealthiest Roman is widely believed to have been Crassus, a first century BC landowner. At a time when a loaf of bread sold for ½ of a sestertius, Crassus had an estimated net worth of 200 million sestertii, or about 400 million loaves of bread. Today, in the U.S., where a loaf of bread costs about $3, Bill Gates could buy about 25 billion of them. So when measured in terms of bread, Gates is richer. But that’s about the only category where that is true.

    Crassus lived in a palace that would have been beyond comprehension for most Romans. He had as much exotic food and fine wines as he could stuff into his body, he had hot baths every day, and had his own staff of servants, bearers, cooks, performers, masseurs, entertainers, and musicians. His children had private tutors. If it got too hot, he was carried in a private coach to his beach homes and had his servants fan him 24 hours a day. In contrast, the poorest Romans, if they were not chained to an oar or fighting wild beasts in the arena, were likely toiling in the fields eating nothing but bread, if they were lucky. Unlike Crassus, they had no access to a varied diet, health care, education, entertainment, or indoor plumbing.

    In contrast, look at how Bill Gates lives in comparison to the poorest Americans. The commodes used by both are remarkably similar, and both enjoy hot and cold running water. Gates certainly has access to better food and better health care, but Americans do not die of hunger or drop dead in the streets from disease, and they certainly have more to eat than just bread. For entertainment, Bill Gates likely turns on the TV and sees the same shows that even the poorest Americans watch, and when it gets hot he turns on the air conditioning, something that many poor Americans can also do. Certainly flipping burgers in a McDonald’s is no walk in the park, but it is far better than being a galley slave. The same disparity can be made throughout history, from Kublai Khan, to Louis XIV. Monarchs and nobility achieved unimagined wealth while surrounded by abject poverty. The same thing happens today in places like North Korea, where Kim Jong-un lives in splendor while his citizens literally starve to death.

    Unemployment, infirmity or disabilities are not death sentences in America as they were in many other places throughout history. In fact, it’s very possible here to earn more by not working. Yet Piketty would have us believe that the inequality in the U.S. now is worse than in any other place, at any other time. If you can swallow that, I guess you are open to anything else he has to serve.

    All economists, regardless of their political orientation, acknowledge that improving productive capital is essential for economic growth. We are only as good as the tools we have. Food, clothing and shelter are so much more plentiful now than they were 200 years ago because modern capital equipment makes the processes of farming, manufacturing, and building so much more efficient and productive (despite government regulations and taxes that undermine those efficiencies). Piketty tries to show that he has moved past Marx by acknowledging the failures of state-planned economies.

    But he believes that the state should place upper limits on the amount of wealth the capitalists are allowed to retain from the fruits of their efforts. To do this, he imagines income tax rates that would approach 80% on incomes over $500,000 or so, combined with an annual 10% tax on existing wealth (in all its forms: land, housing, art, intellectual property, etc.). To be effective, he argues that these confiscatory taxes should be imposed globally so that wealthy people could not shift assets around the world to avoid taxes. He admits that these transferences may not actually increase tax revenues, which could be used, supposedly, to help the lives of the poor. Instead he claims the point is simply to prevent rich people from staying that way or getting that way in the first place.

    Since it would be naive to assume that the wealthy would continue to work and invest at their usual pace once they crossed over Piketty’s income and wealth thresholds, he clearly believes that the economy would not suffer from their disengagement. Given the effort it takes to earn money and the value everyone places on their limited leisure time, it is likely that many entrepreneurs will simply decide that 100% effort for a 20% return is no longer worth it. Does Piketty really believe that the economy would be helped if the Steve Jobses and Bill Gateses of the world simply decided to stop working once they earned a half a million dollars?

    Because he sees inherited wealth as the original economic sin, he also advocates tax policies that will put an end to it. What will this accomplish? By barring the possibility of passing on money or property to children, successful people will be much more inclined to spend on luxury services (travel and entertainment) than to save or plan for the future. While most modern economists believe that savings detract from an economy by reducing current spending, it is actually the seed capital that funds future economic growth. In addition, businesses managed for the long haul tend to offer incremental value to society. Bringing children into the family business also creates value, not just for shareholders but for customers. But Piketty would prefer that business owners pull the plug on their own companies long before they reach their potential value and before they can bring their children into the business. How exactly does this benefit society?

    If income and wealth are capped, people with capital and incomes above the threshold will have no incentive to invest or make loans. After all, why take the risks when almost all the rewards would go to taxes? This means that there will be less capital available to lend to businesses and individuals. This will cause interest rates to rise, thereby dampening economic growth. Wealth taxes would exert similar upward pressure on interest rates by cutting down on the pool of capital that is available to be lent. Wealthy people will know that any unspent wealth will be taxed at 10% annually, so only investments that are likely to earn more than 10%, by a margin wide enough to compensate for the risk, would be considered. That’s a high threshold.

    The primary flaw in his arguments are not moral, or even computational, but logical. He notes that the return of capital is greater than economic growth, but he fails to consider how capital itself “returns” benefits for all. For instance, it’s easy to see that Steve Jobs made billions by developing and selling Apple products. All you need to do is look at his bank account. But it’s much harder, if not impossible, to measure the much greater benefit that everyone else received from his ideas. It only comes out if you ask the right questions. For instance, how much would someone need to pay you to voluntarily give up the Internet for a year? It’s likely that most Americans would pick a number north of $10,000. This for a service that most people pay less than $80 per month (sometimes it’s free with a cup of coffee). This differential is the “dark matter” that Piketty fails to see, because he doesn’t even bother to look.

    Somehow in his decades of research, Piketty overlooks the fact that the industrial revolution reduced the consequences of inequality. Peasants, who had been locked into subsistence farming for centuries, found themselves with stunningly improved economic prospects in just a few generations. So, whereas feudal society was divided into a few people who were stunningly rich and the masses who were miserably poor, capitalism created the middle class for the first time in history and allowed for the possibility of real economic mobility. As a by-product, some of the more successful entrepreneurs generated the largest fortunes ever measured. But for Piketty it’s only the extremes that matter. That’s because he, and his adherents, are more driven by envy than by a desire for success. But in the real world, where envy is inedible, living standards are the only things that matter.

    Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, best-selling author and host of syndicated Peter Schiff Show.

  139. 139
    Anon says:

    Or print it

  140. 140
    Wankerwatcher says:

    Balls by name; Balls by nature.

  141. 141
    Banned says:

    Could you expand on that please?

  142. 142

    someone called gidedtumbril is ” stalking ” me by Liking most of my posts .

    I don t mind ( though if you re male I’ m chunkily hetero ) but cannot find your alleged blog site on google . Do you have one so I can oeruse ?

    Email ne at archived address.

  143. 143
    Maimed Codger says:

    Your Bike is Illegally Parked Sir.

  144. 144
    RichUpNorth says:

    Why didn’t he show them his lizard eyes and tongue?

  145. 145
    Aerobubble says:

    Should have taken off his shoes and socks and shown them his lizard feet.

  146. 146
    Anonymous says:

    So no trained monkey to dance on the organ then.
    How do you trust Ed Balls to run the economy when he can’t even keep an invitation safe for 10 minutes ?

  147. 147
    Just Saying. says:

    But we KNOW WHAT you are.

  148. 148
    Just Saying. says:

    He has wheeled luggage with him.
    Change of socks and a Mars bar more likely.

  149. 149
    NE Frontiersman says:

    This book will make Mr Piketty very rich. It will be fun seeing where he keeps his money, or chooses to live.

  150. 150
    Southern Softy says:

    “We know exactly who you are Mr Balls – now fuck off!

  151. 151
    Anonymous says:

    Ha, ha, ha, sums the chump up perfectly!

  152. 152
    Anonymous says:

    Balls is not a socialist!

  153. 153
    There is a difference. says:

    That’s not how you spell Pierrepoint.

  154. 154
    Anonymous says:

    “Balls Blocked From Bilderberg”
    In the words of the song. Ain’t that a kick in the Ed?

  155. 155
    cynic says:

    Did he call them ‘plebs’?

  156. 156
    Anonymous says:

    Well after that staggering diatribe I don’t know what to think.

    What I do know ( and maybe Picketty doesn’t know it either) is that the world essentially is divide by two classes. The exploited and the exploiters ( Ooh misses very Marxist!) and that is about it. Put simply Capital pays you a fiver an hour and charges you ten or fifteen ( depending on the latest modern machinery ) when you buy the stuff you or your foreign worker mates made. You can add borrowing the money to buy the stuff if you want. It ain’t rocket science and the expectation or belief that the rich are going to ‘ Re-distribute ‘ that away for a brighter future is naive at best and ( the left is often accused of this ) Utopian at worst.

    Capitalism is as Capitalism does. No moralising here but the above is as useful as a chocolate fireguard as a guide to the future of the planet and the poor sods who have to live on it.

    p.s What about the Owl Ceremony at something? Grove. Is that worse and will Owls
    inevitably take over the earth? Or is that the province of the Apes? I saw it at the movies once and have never trusted a Chimp since. Some of my best mates are Chimps. Or world leaders as they are sometimes called. My favourite chimp of the moment is John Kerry. Roddy McDowell played him in Planet of the Apes.

    If they take over the earth We’re all doomed and they will ban booze and make us drink tea in adverts. I’m sure of that.

    Send for UKIP. Protect me Nigel for goodness sake!!!!!!!

    I’m OK now> I’ve had a tablet.

  157. 157
    Anonymous says:

    No. I bet he said that and they said – Yes that’s why you’re not coming in.

    Endogenous Growth theory… my ass!!

    Where does this guy get this from? JEEZ!

    Courtesy of Ben Bernancke I reckon.

  158. 158
    Julian Gibb says:

    It’s “hing”
    However we should stop talking about it and get on with it!

  159. 159
    Julian Gibb says:

    ssh!

    I’ll let you in on a secret…none of the Labour party are now.

  160. 160
    Julian Gibb says:

    Thanks :( now I don’t see the point of getting up in the morning

  161. 161
    Julian Gibb says:

    Nice try – you won’t have any after September and we don’t want him.

  162. 162
    Julian Gibb says:

    Chancellor of rUK.
    John Swinney for Scotland.


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