The charges are devastating, and there is plenty to back them up. And again, let's be abundantly clear: The Financial Times is accusing Thomas Piketty of dishonesty, of making up his arguments, of actively trying to mislead readers and actively trying to mischaracterize inequality trends. This mischaracterization leads to policy prescriptions on Piketty's part that are both entirely unrealistic in their design and implementation, and, more importantly, are wholly unsupported by the actual data on inequality . The main thrust of Thomas Piketty's book is entirely undermined, and his arguments and conclusions are annihilated. It is hard to imagine a more comprehensive refutation.
The second thing we ought to note is that neither Giles, nor Giugliano, nor the Financial Times would have discovered that Piketty's books is fundamentally flawed if they listened to Paul Krugman, who famously said on his blog that "if you think you've found an obvious hole, empirical or logical, in Piketty, you're very probably wrong. He's done his homework!" Yes, that was a real statement by Paul Krugman, and yes, it ought to haunt him for the rest of his lifeâ"and beyond. We now know that it is more accurate to say that Piketty fudged his homework. I doubt that Krugman knew that Piketty's conclusions were pretty much made up out of thin air-if he did, there is truly something rotten in the state of economics-but the point is that Krugman tried his damnedest to ensure that no one would take a critical eye to Piketty's data and conclusions.
And this is the same parade of no-talent rodeo clowns that embrace anthropogenic global warming (or whatever the term of the week is), abortion, ObamaCare, and pretty much every other intellectual cock-up going today. May God require of these idiots their idiocy.