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Watch Kevin O’Leary blow a gasket over Thomas Piketty’s “insane” ideas

Kevin O’Leary, co-host of CBC’s Lang & O’Leary Exchange and “Mr. Wonderful” on CBS’s Shark Tank, thinks the ideas of world renowned economist Thomas Piketty about inequality and capitalism are “insane” and “evil.” Here’s the crux of Piketty’s seminal book, Capital in the Twenty First Century: When the rate of return on capital exceeds the rate […]

May 23, 2014

Kevin O’Leary, co-host of CBC’s Lang & O’Leary Exchange and “Mr. Wonderful” on CBS’s Shark Tank, thinks the ideas of world renowned economist Thomas Piketty about inequality and capitalism are “insane” and “evil.”

Here’s the crux of Piketty’s seminal book, Capital in the Twenty First Century:

When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.

“So what?,” snapped O’Leary to co-host Amanda Lang on Thursday, comparing progressive taxation to the former Soviet Union and North Korea.

This is the same guy who, just a few months ago, said “it’s fantastic” that the 85 richest people on the planet have as much wealth as the poorest 3.5 billion people (or half the world’s population.)

Watch O’Leary’s latest outburst: 

Photo: YouTube

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Thomas Piketty’s body blow to conventional economic wisdom

The Broadbent Institute

May 22, 2014