Bernie Sanders: Keynesian on Steroids

Gary North has the article of the day:

We are told that younger voters favoring Bernie Sanders represent a wave of socialism. This is simply ridiculous. The young people who voted for Sanders have no more conception of socialist economics and Sanders does. They are simply Keynesians on steroids.

They do not like the Pareto distribution of wealth, but nobody has told them that this distribution of wealth has existed for well over 100 years. Vilfredo Pareto discovered it in the early 1890's, and reported on this in 1897, it created no furor. He recognized that something in the range of 20% of the population owns 80% of the capital and because this was a power law, it meant that about 4% of the population owns about two thirds of the capital, and 1% of the population owns about half the capital. If anything, the distribution of wealth today is slightly more egalitarian than what Pareto discovered in the 1890's. It doesn't matter what government has been elected, a Pareto-like distribution of wealth always exists. In other words, political reform doesn't change the distribution of wealth; at most, it changes who gets into the top of the pyramid of ownership. Students do not know this, but neither do their leftist teachers. Neither did the writers of 99.9% of the articles we read on the inequality of wealth today. We are never told that this structure of inequality is permanent, and it has been permanent since at least the end of the 19th century.

You'll want to read, the entire article.