October 21, 2026 Riot and rebellion are acts of extremely high risk and they are a sign of an epidemic sweeping the Western world — an epidemic of billionaires.
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In his short but superb essay on the education protests that sparked rebellion in France, Thomas Piketty includes this devastating passage.
“To justify the inadequacy of education funding, and in particular the decrease in spending per student, the government and its supporters argue that France cannot afford to invest more. They are making two reasoning errors. Public debt has indeed risen from 20% of GDP in 1970 to 120% today. But at the same time, private wealth has grown much more dramatically: It has gone from 300% to 600% of GDP, with extreme concentration among the wealthiest financial fortunes. In other words, France’s national wealth – the sum of private and public assets minus private and public debts – has never been so high, not only in absolute terms but also as a percentage of GDP (which itself has never been higher).In other words, France has never been richer. The problem to solve is simply one of distribution.”
Precisely the same is true in the U.K. It has never been richer. The problem is of distribution. It is true across the Western world. The living standards and the prospects of betterment for ordinary people are in slow but apparently irreversible decline. This is indeed due to an epidemic sweeping the western world. It is an epidemic of billionaires.....
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