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I think the biggest mistake people make when counting this wealth is that if it is hoarded and never spent then it might as well not exist and should be viewed
by mentos 9y ago
I think the biggest mistake people make when counting this wealth is that if it is hoarded and never spent then it might as well not exist and should be viewed as anti-inflationary.
What if all the billionaires in the world decided 'let me just hit delete on all of the zeroes in my bank account' what affect would that have on the rest of the world?
- maxerickson 9y agoThe banks are using the zeros to back loans. Most wealth already isn't hoarded. It's things like amazon.com and jets and buildings and so on.
- zaroth 9y agoNot so much hoarded as invested. Warren Buffet primarily keeps his money in BerkHa stock, which itself puts its money to work employing nearly half a million people. If the wealthiest 1% had their assets wiped out tomorrow, most of us wouldn’t have a job the next day.
- mpweiher 9y agoDefine "wiped out". If the wealth were simply redistributed, for example the ownership of the companies transferred to the employees, no jobs would be lost. Not that I am an advocate of that.
- deleted 9y ago[deleted]
- eeZah7Ux 9y ago> What if all the billionaires in the world decided 'let me just hit delete on all of the zeroes in my bank account' what affect would that have on the rest of the world? In the long term, nothing.