Piketty vs Bastiat: Fallacy vs Common Sense.

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In this report, I cover the early market action from London on Friday, December 14th, 2108. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of oil.

Today I look at two French economists from different eras and compare the philosophy behind their works and ideas.

The first economist is the modern-day Ph.D. economist Thomas Piketty who works is very popular amongst the mainstream and especially socialists or left wingers. His major work is "Capital in the 21st Century" and the basic premise of his book is that government should intervene in order to redistribute wealth and cure the huge wealth inequality existent in the West today.

Last but not least I look at mid-19th-century economist Frederic Bastiat, With his major work The Law Bastiat shows how the State perverts justice and uses its power to legally plunder wealth instead of protecting the individual's right to life, liberty and property.

My conclusion is that Piketty believes that only the State and bureaucrats are capable of running the economy and society while Bastiat believes that the purpose of the State is only to safeguard life. liberty and property and that people are capable of running their own affairs.

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