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Most that wealth only exists on paper sadly. If they were to actually withdraw it all at once and spend it, the value of the money itself would rapidly decrease
by Houshalter 11y ago
Most that wealth only exists on paper sadly. If they were to actually withdraw it all at once and spend it, the value of the money itself would rapidly decrease.
Likewise if you tried to tax all the wealth they are actually consuming, e.g. all their income or all their consumption, the amount doesn't come out so big either. IIRC it's between a few hundred and a few thousand dollars per person in the US.
- js8 11y agoBut that's exactly a sign of the problem! The money represent abstract power, not specific goods and services. This IMHO runs completely against the idea of free market, and the expectation that people will either consume or invest, instead of saving money (in order to gain power by postponing the economic decision).
- usrusr 11y agoYet ironically, the power derived from that wealth does not exist on paper, but is nonetheless very real.