I'm not sure I follow. Even if what you say is true, government with sovereign currencies can tax the capital and still pay out just as generous pensions. They

I'm not sure I follow. Even if what you say is true, government with sovereign currencies can tax the capital and still pay out just as generous pensions. They just have to tax capital even harder to keep inflation at bay. No? Basically if you look at taxation as a way to destroy money, and then you focus taxation on things you want to discourage (too high concentration of capital, unhealthy habits, environmental impact, etc.) you can incentivise and disincentivise whatever you want.