There are also second order effects. Higher wealth taxation combined with clamp-downs on tax evasion, money laundering, and other illegal and semi-legal-for-now

There are also second order effects. Higher wealth taxation combined with clamp-downs on tax evasion, money laundering, and other illegal and semi-legal-for-now activities would stabilise money markets and keep Grandma's money safer. Extreme losses are caused by the manic-depressive boom-bust cycle which is in turn caused by plentiful money chasing fraudulent opportunities that don't really exist. (See also, S&L crisis, securitisation failures, and many many more.) Damping that cycle and turning it into an engine for national profit sharing would raise collective prosperity, increase social mobility, and create new opportunities.