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Ahh, yes the marxist slight of hand to turn compounding on foregone consumption into something evil rather than something that should be applauded and appreciat

Ahh, yes the marxist slight of hand to turn compounding on foregone consumption into something evil rather than something that should be applauded and appreciated. Interest/dividends are not claims on societal output. They are voluntary payment for foregoing consumption and allowing that consumption to be used in some enterprise. The profit cycle is just a dumber way of saying the natural outcome of a free market is monopoly, which leads to rent seeking and above marginal cost pricing. A revolution is the dumbest way to solve a monopoly, we have plenty examples of antitrust being used too effectively pre renquist supreme court and there's no reason we can't get back that direction.

lumost 3y ago
> Ahh, yes the marxist slight of hand to turn compounding on foregone consumption into something evil rather than something that should be applauded and appreciated. What's the foregone consumption on 1 Billion+ dollars of inheritance? These are sums that outstrip anything but the most conspicuous consumption. An individual who inherited such a sum could live with such consumption their entire lifetime. >antitrust being used too effectively pre renquist supreme court and there's no reason we can't get back that direction. This is likely a prime reason for US resilience to political instability. Recent moves have been to print money to make up for the short-falls induced by wealth concentrating at the top. However this only works provided that the folks to which wealth is concentrating fail to spend the wealth.
- snapplebobapple 3y ago
  Someone didn't consume at some point and invested that foregone consumption wisely to get that billion plus dollars, at least in North America. There are still a few left over [hereditary dictatorships] monarchies in Europe that still keep their wealth accumulated through [straight theft] taxation. You're really obsessed with wealth passing from parents to kids and that really isn't the problem. Eventually kids do something dumb enough to dissipate that wealth if they don't have sure thing companies with monopoly power to abuse to shore up their wealth, it just takes a few generations. Go look at where the wealth is from the gilded age families who were mostly broken up by antitrust law for example. There are still a bunch with 5-15 billion in wealth but it's spread out among several hundred families with only a few of them still having real wealth (usually from a later generation descedent making wise business choices for themselves for a long time). They overwhelmingly give it away to charity, drink it, put it up their noise, waste it in other fashions and that's way better to me than the government ruining any incentive to try to become the next rockefeller or gates because it doesnt' involve coercion and confiscation by the government. I think increasing antitrust enforcement and breaking up obviously monopolies/oligopolies is the actual thing we should be doing, it will b far better for society with far more immediate effect and without the outside profits from the private coercion that is an oligopoly it will alleviate some of that large profit you are complaining about being concentrated in a few hands.

lumost 3y ago

> Ahh, yes the marxist slight of hand to turn compounding on foregone consumption into something evil rather than something that should be applauded and appreciated. What's the foregone consumption on 1 Billion+ dollars of inheritance? These are sums that outstrip anything but the most conspicuous consumption. An individual who inherited such a sum could live with such consumption their entire lifetime. >antitrust being used too effectively pre renquist supreme court and there's no reason we can't get back that direction. This is likely a prime reason for US resilience to political instability. Recent moves have been to print money to make up for the short-falls induced by wealth concentrating at the top. However this only works provided that the folks to which wealth is concentrating fail to spend the wealth.

snapplebobapple 3y ago
Someone didn't consume at some point and invested that foregone consumption wisely to get that billion plus dollars, at least in North America. There are still a few left over [hereditary dictatorships] monarchies in Europe that still keep their wealth accumulated through [straight theft] taxation. You're really obsessed with wealth passing from parents to kids and that really isn't the problem. Eventually kids do something dumb enough to dissipate that wealth if they don't have sure thing companies with monopoly power to abuse to shore up their wealth, it just takes a few generations. Go look at where the wealth is from the gilded age families who were mostly broken up by antitrust law for example. There are still a bunch with 5-15 billion in wealth but it's spread out among several hundred families with only a few of them still having real wealth (usually from a later generation descedent making wise business choices for themselves for a long time). They overwhelmingly give it away to charity, drink it, put it up their noise, waste it in other fashions and that's way better to me than the government ruining any incentive to try to become the next rockefeller or gates because it doesnt' involve coercion and confiscation by the government. I think increasing antitrust enforcement and breaking up obviously monopolies/oligopolies is the actual thing we should be doing, it will b far better for society with far more immediate effect and without the outside profits from the private coercion that is an oligopoly it will alleviate some of that large profit you are complaining about being concentrated in a few hands.