Back in March of 2015, Thomas Piketty, famous economist who calls for a global wealth tax to fix the inequality of income, was interviewed on CNBC. It is clear from the interview that Piketty wants the global wealth tax to be administered nation by nation, with a sharing of financial information across national lines. [At the end of this article I will share what the IRS thinks about financial offshoring as a scam and my ideas for a market based solution.]

There is no doubt to me that this global lawmaking is a tempting proposal. Justice is, after all, a key to survival of the human race. But justice is quite flawed in its practice, and  big finance has the power to bend justice and even write into law what it thinks justice is.

So, it is clear that Piketty supports globalization and said so in the interview. He does not want middle class business owners thinking that globalization is not as good for them as it is for big business, which often pays a lower rate of tax than small business.

But Piketty does not want a world government to enforce the world wealth tax. He specifically said this in the interview. And that is where I believe the economist is being hopeful but naive.

In fact, globalists can take advantage of the weakness of sovereign nationality to put money offshore, hide assets when needed and even write laws making this legal in many instances. But globalists can also take advantage of a global law, administered by nations, and can simply turn around and treat it like they treated Dodd-Frank.

Globalists can say that the wealth law is being poorly administered on a nation by nation basis. They said Dodd-Frank was ineffective and should be scrapped. Ask Jamie Dimon about that. Criticism about Dodd-Frank weakness actually led to a watering down of the law. There will be an outcry from the globalists that the wealth tax is being poorly administered, and calls for a world agency to properly administer it. That is almost a guarantee.

So, as much as I would like to support a law creating a wealth tax worldwide, I think it is a very bad idea because of the unknown and partially understood consequences that could result from that law. Sovereign nations are still important in the world. Empire is created by force, as it was in Rome, and by financial power, as it is in our time.