Some Thoughts on Thomas Piketty’s ‘The Question of Public Debt’

Ignorance is bliss, but sometimes it’s an outright curse.

Origin of Specious

capital_in_the_twenty-first_century_front_coverThis is a chapter of Piketty’s (in?)famous Capital in the Twenty-First Century.

There’s a lot I can say about Piketty’s main thesis, and I have in the past.

But it surprises me to see a book so popular with the ‘thinking’ left to include a chapter that seems to misunderstand the nature of public debt in so many ways.

It all contributes to my general feeling that Piketty represents the inaccurate and self-serving worldview peddled by financial vested interests in order to blind the public to the real possibilities of economic organization within the capitalist system. I can’t avoid the thought that Piketty is just more Mammon dressed up as lamb.

Here are some thoughts.

There are two main ways for a government to finance its expenses: taxes and debt.

Government spending isn’t financed by anything. The government pays for everything by crediting the non-government sector (employees, companies, foreign governments, etc.)…

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