Please note that Elon Musk doesn’t hoard money in the same way that Scrooge McDuck does
Man, I wish the world’s richest man was just a cheap skate instead of a corrupt sociopathic nazi fraud edgelord.
That’s pretty much always been an apt description of the World’s richest person.
Yes but he does hoard wealth and assets.
Please explain.
Still waiting for further explanation.
And schools should have economics and personal finances as part of the curriculum.
Nobody is hoarding money. Scrooge McDuck is a bad caricature of a rich person - that’s not how any of it works.
And schools should have economics and personal finances as part of the curriculum.
the problem with this “common sense” approach is that it emphasizes and reinforces personal responsibility in a system that’s rigged to take advantage of every human foible.
I call this the “late-fee” fallacy. As in the idea that video store late fees are intended to encourage responsible behavior, not a revenue stream that the business relies on. Overdraft fees are another great example.
Financial responsibility would ruin the economy.
It does. It’s called inflation.
Modern millionaires don’t hoard cash, just like ancient millionaires didn’t hoard apples or wheat. Sure, millionaires always had something perishable, but most of the wealth was/is tied in things like land, buildings, companies, ships, cattle, slaves, stocks, bonds, loans etc.
Inflation has little impact on the wealthy. I should have said wealth or assets
It makes them invest their money which puts it to good use. That makes credit cheaper for everyone else.
Inequality is an issue, but that’s what taxes are for. You don’t solve inequality by breaking the economy.
Yeah that’s a good clarification. If land and old paintings had had an expiration date…
I mean the Mexican government makes it so that land can only be owned for 100 years.
That still means that the rich kids can inherit land from their billionaire parents. Generational wealth can still exist.
Yeah, also the leases can be renewed and it just ends up being a way to collect taxes.
It already does, it’s called inflation.
Also are you talking about physical money, or bank accounts, or what…?
inflation has little effect on the wealthy. I should have said wealth or assets.
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How so? I support the idea of a wealth tax, but I would have expected the billionaires to be getting way above a 1% return on their assets.
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It may bring down the overall numbers, but given the rate of passive growth would still be several times the wealth tax, I see no reason they would disappear or new ones would stop appearing.
Norway as an example has had their wealth tax for over a century. They still have one of the highest rates of billionaires per capita worldwide.
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That would disproportionately affect the poor since the money owned by the wealthy is overwhelmingly tied up in other assets, index funds etc
Your right I should have said wealth or assets
This has actually been tried. It’s called [https://en.wikipedia.org/wiki/Demurrage_currency](demurrage currency). Basically, every note decreases in value every week: in 1930s Austria, this was accomplished by requiring people to get regular stamps to keep their money good, but every stamp reduced the value of the note.
This encourages people to spend money instead of hoarding it, but the obvious downside is that it makes saving functionally impossible.
very cool thanks :)
Its called inflation. And billionaires dont hoard money, they hoard assets. Most of the time inflation just makes them richer, as salaries drain out year over year and their stock prices keep going up.
Yes, only already rich should have an ability to use capital. Peons should be stripped of even theoretical possibility to get any capital-tier sum. Only gas and bread money.
I was thinking more of people having what they can use and not horad wealth and assets.
For Billionaires+ only
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Pro hoarders never hoard money
You mean gift cards?
Absolutely not
Do you mean cash, money, or wealth?
Sorry I should have said wealth or assets.
