Flash Boys Has Been Dethroned At The Top Of The Amazon Bestseller List By This Book

Tyler Durden's picture

From a critique of pure capitalist algorithmic frontrunning (which was at the top Amazon bestseller spot until a few days ago)...

 

... we go to a critique of pure capitalism.

 

Which of course, is merely a rehash of a critique of all capitalism as expounded some 150 years ago by this book.

 

 

 

And to think all it took was 147 years of 'capitalism' for the circle to be complete from Das Kapital's labor-vs-capital Marxist manifesto to Thomas Piketty's Capital "exposing capitalism's fatal flaw" topping the Amazon book charts. One wonders who finds the time to read the 696 page tome whose core thesis is  well-known for socialists the world over: under capitalism the rich, or hoarders of capital, get steadily richer in relation to everyone else; inequality gets worse and worse and it's all unavoidable, between #Selfies, The Voice semi-finals, and Dance Moms finales.

One thing is certain: the financial asset tax we warned about back in 2011 is coming with a bang.

So, communism's heyday is coming again, right? Maybe. One thing is certain: liberals couldn't be more delighted about mandatory equality. But as we discussed yesterday, there is one thing that no one seems to want to discuss about Piketty's findings... gold...

Well, feature the chart that Professor Piketty publishes showing inequality in America. This appears in the book at figure 9.8; a similar version, shown alongside here, is offered on his Web site. It’s an illuminating chart. It shows the share of national income of the top decile of the population. It started the century at a bit above 40% and edged above 45% in the Roaring Twenties. It plunged during the Great Depression and edged down in World War II, and then steadied out, until we get to the 1970s. Something happened then that caused income inequality to start soaring. The top decile's share of income went from something like 33% in 1971 to above 47% by 2010.

Hmmm. What could account for that? Could it be the last broadcast of the “Lawrence Welk Show?” Or the blast off of the Apollo 14 mission to the Moon? Or could it have something to do with the mysterious D.B. Cooper, who bailed out of the plane he hijacked, never to be seen again? A timeline of 1971 offers so many possibilities. But, say, what about the possibility that it was in the middle of 1971, in August, that America closed the gold window at which it was supposed to redeem in specie dollars presented by foreign central banks. That was the default that ended the era of the Bretton Woods monetary system.

That’s the default that opened the age of fiat money. Or the era that President Nixon supposedly summed up in with Milton Friedman’s immortal words, “We’re all Keynesians now.” This is an age that has seen a sharp change in unemployment patterns. Before this date, unemployment was, by today’s standards, low. This was a pattern that held in Europe (these columns wrote about it in “George Soros’ Two Cents”) and in America (“Yellen’s Missing Jobs”). From 1947 to 1971, unemployment in America ran at the average rate of 4.7%; since 1971 the average unemployment rate has averaged 6.4%. Could this have been a factor in the soaring income inequality that also emerged in the age of fiat money?

This is the question the liberals don’t want to discuss, even acknowledge.

h/t @Not_Jim_Cramer

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Devotional's picture

you guys are lucky, I wake up every day to communist posters, communist street slogans, communist street graffiti and every day socialism on TV. It's depressing trust me ... shit thing is, these assholes want more of it!!!!

o_O

Grande Tetons's picture

Hey, how is the weather in Chicago? 

AlaricBalth's picture

I think Devotional is Jay Carney having a moment of clarity.

Devotional's picture

for real man, I live in a town in Portugal that is fucking COMMUNIST man!!!! It's fucking Mao, Lenin all the way. These people orgasm to Das Kapital and the communist manifesto!!!

I am having a hissy fit, I know!!!!

o_O

cougar_w's picture

Lenin is one thing, but Maoists will murder your entire family just because.

The Juggernaut's picture

The beauty about Capitalism is that wealth is indeed concentrated BUT always moves freely, not controlled like communism.  Entrepreneurism is Capitalism and it acknowledges the Individual.  Everyone can own something.  But when gov't represent large cap. Co.'s then wealth is concentrated AND controlled like fascism and communism. I'm writing a book on how to debunk Communism in 4 sentences.

macholatte's picture

 

 

From each according to his abilities, to each according to his needs.

Karl Marx

 

Yes……. But who decides?  Certainly not you.

 

We learned about honesty and integrity - that the truth matters... that you don't take shortcuts or play by your own set of rules... and success doesn't count unless you earn it fair and square. The truth is, in order to get things like universal health care and a revamped education system, then someone is going to have to give up a piece of their pie so that someone else can have more.

Michelle Obama

 

 

Argonne researchers 'hack' Diebold e-voting system

http://www.computerworld.com/s/article/9220356/Argonne_researchers_hack_Diebold_e_voting_system_

 

 

The Juggernaut's picture

Communism proclaims it has a "classless" society but that's fucking stupid because Communism needs a permanent class of people to steal wealth to redistribute.  They're meglo-fucking-maniacs.

 

Communism is a way for people to skim off the top (if not skim everything) of what they steal (tax).  Communism is for the Weak and Weak Nots.  The Weak get their shit stolen and the Weak Nots do the stealing under the guise of charity.  Its the biggest con of humanity and I'll wake up Karl to tell him then throw his ass back in the dirt.

Oh regional Indian's picture

I thought it was going to be 918 Shades of Grey or some such.

Also, Animal Farm splains Communism best....

Reality on two legs good...

ori

jbvtme's picture

paul, sanders, krugman...they're malcontents reading a script. collectivism is what's for dinner

DoChenRollingBearing's picture

AlaricBalth

Please see below re Lima restaurants.

Abi Normal's picture

Fuck all Communists, repeat, fuck all communists!

old naughty's picture

"This is the question the liberals don’t want to discuss, even acknowledge."

Um, I wonder why? As if cap2com and backNforth are any different?

Polonius's picture

Seems like we should give capitalism a try because I think it will probably work.  Anyone seen any capitalism around here lately?

tbone654's picture

I once said, "We will bury you," and I got into trouble with it. Of course we will not bury you with a shovel. Your own working class will bury you.
Nikita Khrushchev

The press is our chief ideological weapon.
Nikita Khrushchev

Politicians are the same all over. They promise to build bridges even when there are no rivers.
Nikita Khrushchev

tbone654's picture

10/28/11
Amusing

Here are two quotes from Nikita Krushchev that should send chills down any true blooded American’s spine.

“I can prophecy that your grandchildren in America will live under socialism…Our firm conviction is that sooner or later Capitalism will give way to Socialism. Whether you like it or not, history is on our side. We will bury you.” – Nikita Krushchev, July 1957

“The United States will eventually fly the Communist red flag…The American people will hoist it themselves.” – Nikita Krushchev, July 19, 1962

Was Krushchev right?

The new Obama mentality: “Ask not what I can do for America, ask what America can do for ME” may mean yes.

old naughty's picture

Are we still hanging-over all these -ism thingies?

 

Son of Loki's picture

Das what !?

Russian makes my head spin. Besides, I haven't finished "My Life Gigging the Frogs," a book [on sale for $1.28 at jcp when you combine 18 coupons and get cash back/rewards] by one of them Duck Dynasty TV peeple.

[BTW, that sweet $1.28 is available only if you use your jcp card]

old naughty's picture

Hey, you might get your wish...

now that the movie right is likely sold (Brad or not), no need to continue pumping.

The only thing I can't see happening is for O to hand it out free.

boogerbently's picture

Every year, since the printing press was invented, the NUMBER 1 BEST SELLER....has been the Bible.

That New York Times list, is always #2-11.

ebear's picture

Lots of motels in America.

cocoablini's picture

Communism as implemented in China and Warsaw pact nations is just another oligarchical set up-or totalitarianism. No need to bash "communism" because of bad implementation. The problem with communism is its impossible to implement because human nature sucks and it games every state. So, hence why communism begat socialism which begat euro social democracy which is what Michelle and Barack adhere to. European social democracy is rife with clubby public sector unions, slimey political class, some super corporate class and then the rest of us overpaying in taxes so the lazy can inherit the earth. 

dogbreath's picture

Oprah reccomends Karl Marx???

nmewn's picture

They all do, in their occasional spasms of guilt and deflecting, resulting in a brand new foundation for the blind or the starving or the always popular educating/indoctrination of the yutes (foundations to hide their wealth in, natch) or promoting some charity or gala for the homeless, starving, disenfranchised etc. (to write off on their taxes).

The idiot proles eat that shit up, "They really care!!!"...lol.

The socialist oligarchs (now relieved of some perfunctory duty to themselves) of course, go shopping.

tonyw's picture

All ruling systems are  "oligarchical set up-or totalitarianism"

They all have their clique of rulers and the remainder who are kept distracted by bread and circuses.

Always has been and always will be.

Raging Debate's picture

Even simpler - Communism is what happens after corporation and governments merge to rob you call Fascism. Communism is what happens when those Fascists force those of the tiny remaining money to pay for the other guy to build you a road without bumps so the rulers get a smooth ride either way while you, the guy trying to innovate and add value eat shit and be called a criminal for protesting. "Doth thou protest too much"? Then go break rocks instead of continued funding the robbery... Oh yeah, 1/3 of the useless eater government gets cut in communism because there isn't enough graft left to go around. Who gets cut depends on how much dick you sucked above you. Have a nice day :)

falconflight's picture

Yeah, the DemPervs and Repubics simply believe their respective parties can more effectively implement socialism.  Their only value is as cattle feed.

nixy's picture

Nothing wrong with the lazy...... just as they (we) don't expect someone else to pay.

In fact .....IMHO...... that's half the trouble with the world.....not enough lazy paople. No-one should work (for money) for more than 10 hours a week.

Zombie_Economics's picture

Das Kapital was written by a German.  So many think Karl Marx was Russian, he certainly was not.  Karl Marx was German.  Not that this should make much difference since his ideas of communism proved to be an utter failure either way.  Just thought I'd drop the correction there since you'll be reading German, not Russian.

 

As for the current trend of communism making a comeback, this time around I am quite certain that it will fail before fully implemented.  When they play the socialist game, they tend to make small, incremental moves toward their collectivist utopian nightmare of the walking deadbeats with great success. This is because the retarded public rarely spots the move made like a subtle hand-job unter dem tische from your bosses wife while formally dining at his home.  Once they go full commie, you can rest assured they will be met with great resistance and violence like when the boss catches you boning his wife in the walk-in closet and his .45 is within reach.

 

One last note I remember from an old lecture I read more than a decade ago.  "A communist is nothing more than a socialist with a gun, and in a hurry.  A socialist is a communist that knows what he's doing."  So you see, once they play the commie card, the war starts.  This time, especially in America, we won't just lay down and let it happen.  You'll know when the time comes to chose your course of action.  Don't be a fucking coward on that day.

sleigher's picture

My good man, that day has arrived and is staring all of us in the face.

tonyw's picture

Don't be distracted by the old communist vs fascism, democrat vs republicans, us vs them foreigners ... propoganda crap.

I have widely travelled the globe and most people are very similar, they want a reasonable living and better chances for their family.

They don't want wars but can be swayed by constant one sided reporting in the MSM.

If that better chance is offered by being on welfare some people will take that option.

All ruling systems are  "oligarchical set up-or totalitarianism".

They all have their clique of rulers and the remainder of the people who are kept distracted by bread and circuses.

In the US the MIC funds politicians and provides a revolving door for future jobs so they effectively write the laws which of course benefit them and prevent competition.

For example, big ag makes it difficult for small farmers to sell direct.

In some places it is illegal to collect your own rainwater ......

 

Chuck Walla's picture

It only stands to reason that where there's sacrifice, there's someone collecting the sacrificial offerings. Where there's service, there is someone being served. The man who speaks to you of sacrifice is speaking of slaves and masters, and intends to be the master.

 

~ Ayn Rand

FORWARD SOVIET!
AnAnonymous's picture

Communism needs a permanent class of people to steal wealth to redistribute.

________________________________________________

It shared that point with 'americanism', even though 'americanism' predated communism by nearly some decades.

On the flipside, communism is no longer, 'americanism' still is and is the dominant global system by far.

Problem is that indians are gotten scarce these days and nobody seems eager of volunteering to fill the part.

falconflight's picture

Communism no longer out there?  I bet to differ.  Venezuela is rapidly transitioning, Cuba is still more than not, North Korea, oh China w/ a dash of free enterprise absolutely controlled by the state.  There are others....

 

centerline's picture

Don't feed the one trick pony.  He is just reading from script.

Joenobody12's picture

Communism in China ? Where the fxxk have you been ? Try facism. Try mafia state. 

AnAnonymous's picture

'Americans' playing the last resort card...

Apart from China, that is not communist by the way, who else is able to be a game changer?

'Americans' are ready to hide behind anything: it would be enough that one day, the only person on Earth to claim to be a communism is a that guy who is about to die in one second.

'Americans' will come and state that communism still is.

Matt's picture

You may be on the right track. You know what else happened around 1971, besides going off the gold standard? Take a look at American oil production:

http://img186.imageshack.us/img186/6025/mcrfpus2a.jpg

and oil imports:

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRIMUS1&f=M

Without slaves, coal or oil to do all the hard work, someone has to do it.

prains's picture

Juggs

 

all the "isms" are just a letter j away from being a stain. They're all just words and ideas, the real practice of ism is Oligarchism. Millenia of practice in method, means they don't even have to bother with any of the other isms... they're all totally useless in the face of well practiced Oligarchism

PT's picture

I think communists are pretty "good" at extracting from each according to their abilities.  It is bit about distribution "to each according to his needs" that gets fucked up.

The problem with capitalism is that, for the lucky few, there comes a point where there is no longer any competition to keep them honest.  "Doesn't matter, because then they'll get over-priced, fat and lazy and a lean, mean competitor will replace them."  Well, I guess that is more peaceful than a revolution, but it seems to be taking its time.

falconflight's picture

The free enterprise system created the most fruitful, invention booming era in human history.  Liberty means some will opt or not opt to be at the first rung of the ladder their whole life.  Nothing is perfect.

PT's picture

and for some reason it could not sustain itself.

AchtungAffen's picture

Start by learning what communism really is mate.

hobopants's picture

Marx was a man who never stepped foot in a factory, never held a job, never paid his debts to Engels or his family (and then had a hissy fit when they wouldn't lend anymore to him). He was also grotesquely fat, abandoned an illegitamate child, and put his bad habits before the well being of his family. In short, the man was a repuslive loser.

If you want to understand communism look no further than the character of the man who developed it. I wouldn't purchase a diet book written by a fat guy, and I sure as hell wouldn't buy into any economic theory written by this clown.

Oh and even he realized that a capatalist free market was a necessary "evil" within the grander "Marxist" dialectic. 

Chuck Walla's picture

Nonetheless, the Theory of Surplus Value is the explanation of Capitalism. For that,he should be commended, for the rest, some totalitarian somewhere would have hit on the formula to take control of the lives of others with a pretty sounding theory and a bloody and violent reality.

 

FORWARD SOVIET!

hobopants's picture

I never got the big deal about that either...Surplus value is expressed as the value created by the productivity of the worker in excess of his wage right? That is the economic equivalent of saying the sky is blue. You could have asked any factory owner at the time and they could have told you the same thing.

disabledvet's picture

sounds simple enough doesn't it?

yet ironically in this "growth recession" what no one can explain (save Karl Marx) is "where is the huge rise in inventories?" as this is a growth driver.

Karl Marx...who "veered" in a lot of directions...would in my view notice this immediately as a problem and diagnose this problem with the solution of "inventory promotion."

Ronald Reagan was one of the greatest masters of this "trade" ("get Government off the backs of the people") and business went about the business of creating massive amounts of surplus production.

This did result in the Savings and Loan debacle...but that pales in comparison to 2008...when there was little to ZERO surplus production going on...and which is still true today..."until now."

And this in my view is Marx's genius...his analysis of how Great Britain dealt with this problem in a vastly superior way to Continental Europe is absolutely critical to understanding not just economics...but its intersection with polity and "empire."

The Scottish invented the theories that surrounded the introduction of technology to a society. This caused total social mayhem on the Continent...but not Great Britain.

Karl Marx is your starting point for the study of said reasons. In effect however one would have to study the history of the British Empire however to truly begin to understand the complexities of "surplus production" and its malcontents.

NidStyles's picture

You are an economic neanderthal, and I do believe I have schooled you before. I wouldn't take economic thought from you just like I would not take dieting advice from Marx. ;-)