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Banking floods fiat ahead of wealth creation to capture labour. These guys didn't create billions in value. They didn't enable it either. They are part of a sys

Banking floods fiat ahead of wealth creation to capture labour. These guys didn't create billions in value. They didn't enable it either. They are part of a system that forces us to go to them, pledge our labour for the right to exist. You have the cart before the horse. They also do not allocate resources efficiently. Most bank lending is into land. These guys ride that to steal labour. They do not add this much value, they appropriate it.

infinite8s 10y ago
Can you propose an alternative for capital allocation? Perhaps some magic central planning AI?
- branchless 10y ago
  Land value tax and state issuance of money via basic income funded by LVT, expansion of said money to be roughly based on projected wealth creation. No income tax. No sales tax or not much of one. Or we could just stick with boom and bust where the banks clean up every time and the west is slowly sinking.
  - verbify 10y ago
    > Land value tax This has nothing to do with allocation of land. If you have a land value tax there'll still be property companies with shares and people who arbitrage them. > state issuance of money via basic income Again, nothing to do with arbitrage. > No income tax. No sales tax or not much of one. Not sure property tax will match income + sales tax, but again, nothing to do with arbitrage. Look, I agree there are people with wealth who don't deserve it. But in my opinion, these are people with inherited wealth. Or the people who got wealth through ill-gotten means. Or the people who avoid taxes. But the people who are in finance? By the time they die they're usually multi-millionaires, not billionaires. And the market as a mechanism is not fundamentally flawed - it just needs careful and judicious regulation.
    - branchless 10y ago
      Land value tax is aimed at suppressing land speculation. I'm not sure why you are contrasting my mentioning LVT to the original topic, as I put that in because the parent poster said, in a very supercilious way: > Can you propose an alternative for capital allocation? Perhaps some magic central planning AI? The system we have is fundamentally flawed.
      - infinite8s 10y ago
        How do we decide what to build? Or who to give money to to build those things?
        branchless 10y ago
        That is not land value tax at all. http://www.landvaluetax.org/what-is-lvt/ http://www.landvaluetax.org/what-is-lvt/

infinite8s 10y ago

Can you propose an alternative for capital allocation? Perhaps some magic central planning AI?

branchless 10y ago
Land value tax and state issuance of money via basic income funded by LVT, expansion of said money to be roughly based on projected wealth creation. No income tax. No sales tax or not much of one. Or we could just stick with boom and bust where the banks clean up every time and the west is slowly sinking.
- verbify 10y ago
  > Land value tax This has nothing to do with allocation of land. If you have a land value tax there'll still be property companies with shares and people who arbitrage them. > state issuance of money via basic income Again, nothing to do with arbitrage. > No income tax. No sales tax or not much of one. Not sure property tax will match income + sales tax, but again, nothing to do with arbitrage. Look, I agree there are people with wealth who don't deserve it. But in my opinion, these are people with inherited wealth. Or the people who got wealth through ill-gotten means. Or the people who avoid taxes. But the people who are in finance? By the time they die they're usually multi-millionaires, not billionaires. And the market as a mechanism is not fundamentally flawed - it just needs careful and judicious regulation.
  - branchless 10y ago
    Land value tax is aimed at suppressing land speculation. I'm not sure why you are contrasting my mentioning LVT to the original topic, as I put that in because the parent poster said, in a very supercilious way: > Can you propose an alternative for capital allocation? Perhaps some magic central planning AI? The system we have is fundamentally flawed.
    - infinite8s 10y ago
      How do we decide what to build? Or who to give money to to build those things?
      - branchless 10y ago
        That is not land value tax at all. http://www.landvaluetax.org/what-is-lvt/ http://www.landvaluetax.org/what-is-lvt/