If you handwaved the flight out of king dollar that would inevitably result from the forced conversion to cash and seizure of those funds resulting in the utter destruction of the currency.
This idea is more surreal than a fever dream
Spoiler: The problem is both. Wages stagnated decades ago, only the rich are getting richer with very few exceptions, it's also grossly mismanaged at every level of the public sector and there's like $38,000,000,000,000 of debt accruing interest.
The rich aren't necessarily the problem, but they definitely are recipients of the benefits of the problem.
Of course wages did stagnate because the labor pool grew massively, but the government wants you to own assets in part so that they can count the assets that you own. To incentivize this, they print a bunch of money and that money almost immediately ends up in the markets. Even when it doesn't end up in the markets, it basically ends up in the hands of government because a good chunk of it goes into bonds.
So you have three different things going on at once: because the labor will grows the value of an individual worker goes down. Because of inflation caused by debt and monetary policies, just giving workers fairly low wage increases is actually a huge pay cut, and most of that money that gets printed ends up in financial assets so people who own assets instead of selling their labor and up wealthier.
So once you reach a critical mass of assets, at that point basically you just keep getting richer and richer even though you're not actually doing anything productive.
Elon Musk is my favorite example of this. Earlier this week he had hit $500 billion of net worth. The fuckin guy doesn't have any successful businesses. Tesla is a barely profitable car company, SpaceX is a barely profitable space company, Twitter is a barely profitable social media site, but he's learned how to play the game and so all of that excess money has to go somewhere and a lot of it seems to be going to his companies.
You can't get that mad at him, if people kept throwing money at you what are you going to do, not take it?
Of course wages did stagnate because the labor pool grew massively, but the government wants you to own assets in part so that they can count the assets that you own. To incentivize this, they print a bunch of money and that money almost immediately ends up in the markets. Even when it doesn't end up in the markets, it basically ends up in the hands of government because a good chunk of it goes into bonds.
So you have three different things going on at once: because the labor will grows the value of an individual worker goes down. Because of inflation caused by debt and monetary policies, just giving workers fairly low wage increases is actually a huge pay cut, and most of that money that gets printed ends up in financial assets so people who own assets instead of selling their labor and up wealthier.
So once you reach a critical mass of assets, at that point basically you just keep getting richer and richer even though you're not actually doing anything productive.
Elon Musk is my favorite example of this. Earlier this week he had hit $500 billion of net worth. The fuckin guy doesn't have any successful businesses. Tesla is a barely profitable car company, SpaceX is a barely profitable space company, Twitter is a barely profitable social media site, but he's learned how to play the game and so all of that excess money has to go somewhere and a lot of it seems to be going to his companies.
You can't get that mad at him, if people kept throwing money at you what are you going to do, not take it?
- replies
- 2
- announces
- 1
- likes
- 3
@sj_zero @Sui @SpaceCadet
The voters wanted free stuff. Then they balked at the cost and blamed the Rich, the Jews, the Whites, the politicians, Satan, and anyone else who seemed to be suffering less than they were.
Typical democracy experience.
The voters wanted free stuff. Then they balked at the cost and blamed the Rich, the Jews, the Whites, the politicians, Satan, and anyone else who seemed to be suffering less than they were.
Typical democracy experience.
They kinda are a problem though, they're all lizard brained sociopaths. Most of them don't actually earn it in the traditional sense, they bribe/cheat/steal and "socialize" their way to the top whilst pushing everyone else down through lobbying.
Yeah they opened the floodgates to make GDP go brrr, printed a fuck load of money which didn't get distributed appropriately crippling the middle class, everything is extremely taxed multiple times unless you are in a high enough wealth bracket to avoid it. Don't forget AI and automation in general replacing the working (and now middle) class, as well as the rich choosing to buy foreign trash for more profit.
Nah I can get mad at the obscenely rich, it's actually quite easy. They have free will right? Then they're accountable for themselves. They choose to push others down to accrue amounts of assets that are unusable within their lifetimes, and their nepo baby heirs generally waste most of the wealth they inherit through incompetence and being sheltered into chronic ignorance. The world wouldn't be worse without any of them, as they don't earn their wealth in a way that benefits others.
Yeah they opened the floodgates to make GDP go brrr, printed a fuck load of money which didn't get distributed appropriately crippling the middle class, everything is extremely taxed multiple times unless you are in a high enough wealth bracket to avoid it. Don't forget AI and automation in general replacing the working (and now middle) class, as well as the rich choosing to buy foreign trash for more profit.
Nah I can get mad at the obscenely rich, it's actually quite easy. They have free will right? Then they're accountable for themselves. They choose to push others down to accrue amounts of assets that are unusable within their lifetimes, and their nepo baby heirs generally waste most of the wealth they inherit through incompetence and being sheltered into chronic ignorance. The world wouldn't be worse without any of them, as they don't earn their wealth in a way that benefits others.