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Is it? Since most of their money exists only on paper (they don't just have a bunch of gold in their basement), all you need to do is stop respecting the wealth
by pliny 11y ago
Is it? Since most of their money exists only on paper (they don't just have a bunch of gold in their basement), all you need to do is stop respecting the wealth (change the currency / nationalize the corporations that they own part of / default of the bonds they own), and that scales up for any number of oligarchs.
- RobertoG 11y agoYou don't need to nationalize anything(1). Property rights are important. We just have to realize that society is the issuer of currency and can just spend when necessary. One of the big debates of the 21th century should be the nature of fiat money. Money is now a social construct (2). Money is infrastructure and it's all that society need to advance common goals (3). (1) except maybe monopolistic public utilities (2)http://www.nakedcapitalism.com/2013/03/what-is-modern-monetary-theory-or-mmt.html http://www.nakedcapitalism.com/2013/03/what-is-modern-moneta...). (3)http://www.nakedcapitalism.com/2015/01/bill-mitchell-demystifying-modern-monetary-theory.html http://www.nakedcapitalism.com/2015/01/bill-mitchell-demysti...
- wpietri 11y agoFew think property rights aren't important. But it's a relatively small number of people who think they're more important than anything else. Property rights fundamentalists, like all fundamentalists, have the emotional benefit of experiencing low cognitive dissonance. But if inequality keeps increasing, they're going to be very surprised when they discover that when push comes to shove, most people value other things over property rights.
- laotzu 11y ago>Despising money is like toppling a king off his throne. -Chamfort, yeah, the French guy that shot himself in the head twice and still didn't finish the job