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The political power associated with having tens of billions of dollars is what ends up becoming the reinforcing structural problem with the economy. Accumulate
by bparsons 3y ago
The political power associated with having tens of billions of dollars is what ends up becoming the reinforcing structural problem with the economy.
Accumulated capital is a type of artificial intelligence. Its goal is to defend its existence and accumulate more. When it accumulates more, it needs to defend itself more. This means tax laws and interpretations that benefit a very certain type of citizen. It means international treaties that allow the movement of capital when the local laws become inconvenient. It means business regulations that protects investor instead of consumer interests.
If you let this go on for a certain amount of time, the structure of the economy starts to make no sense to the vast majority of the participants.