5 ms·

In a time where money can be zipped around the world in seconds, and most transactions are cashless, what exactly is the advantage of 'keeping money in the comm

In a time where money can be zipped around the world in seconds, and most transactions are cashless, what exactly is the advantage of 'keeping money in the community'?

psychoslave 2y ago
Maybe more than money, let’s say assets. If no-one care about local community, then one can have all the world money in their digital wallet, there will be no place on earth where putting their human body in a safe and enjoyable place.
- randomdata 2y ago
  Perhaps the COVID situation saw a temporary exodus from the cities, but it seems since most people have returned. It would appear that people still care about concentrating assets in a community. That is, after all, why cities exist.
paxys 2y ago
Who do you think is paying for the roads, parks, schools around you? Is it Chase/Amazon/Apple/Google? Or is this stuff funded by taxes collected from local businesses and their employees? What happens to your town when the money in the latter category drops to 0?
- gruez 2y ago
  >Who do you think is paying for the roads, parks, schools around you? Is it Chase/Amazon/Apple/Google? They're paying state, local, and federal taxes, are they not?
  - paxys 2y ago
    The federal and state governments aren't paying to maintain your neighborhood. And they together contribute <50% of the budget of your local schools. If these mega corps don't operate in your city, they aren't contributing to it financially in any way.
    - gruez 2y ago
      >The federal and state governments aren't paying to maintain your neighborhood. That might be true in your state, but at least in Michigan it goes into a huge pot which is then redistributed to counties/cities. https://www.rcocweb.org/DocumentCenter/View/188/A-Guide-to-Roads-and-Road-Funding#page=9 https://www.rcocweb.org/DocumentCenter/View/188/A-Guide-to-R... >If these mega corps don't operate in your city, they aren't contributing to it financially in any way. But by your own admission they contribute at least a portion of the budget for local schools? I'm sure state and federal funding ends up at the city level through a multitude of other programs as well (eg. medicaid). Moreover, such companies have to exist somewhere. Your city might not have an office of megacorp A, but it might have an office for megacorp B. That doesn't mean you should only buy stuff from megacorp B, because it's more efficient for companies to consolidate their operations and adopting this attitude would make everyone worse off.
tivert 2y ago
> In a time where money can be zipped around the world in seconds, and most transactions are cashless, what exactly is the advantage of 'keeping money in the community'? Living in a community that isn't poor and decaying? When money leaves a community, it means that it won't be used to employ people in that community, buy goods in that community, or generate tax revenue for public good in that community. The market's relationship to the community can become much more extractive.

In a time where money can be zipped around the world in seconds, and most transactions are cashless, what exactly is the advantage of 'keeping money in the community'?

psychoslave 2y ago

Maybe more than money, let’s say assets. If no-one care about local community, then one can have all the world money in their digital wallet, there will be no place on earth where putting their human body in a safe and enjoyable place.

randomdata 2y ago
Perhaps the COVID situation saw a temporary exodus from the cities, but it seems since most people have returned. It would appear that people still care about concentrating assets in a community. That is, after all, why cities exist.

paxys 2y ago

Who do you think is paying for the roads, parks, schools around you? Is it Chase/Amazon/Apple/Google? Or is this stuff funded by taxes collected from local businesses and their employees? What happens to your town when the money in the latter category drops to 0?

gruez 2y ago
>Who do you think is paying for the roads, parks, schools around you? Is it Chase/Amazon/Apple/Google? They're paying state, local, and federal taxes, are they not?
- paxys 2y ago
  The federal and state governments aren't paying to maintain your neighborhood. And they together contribute <50% of the budget of your local schools. If these mega corps don't operate in your city, they aren't contributing to it financially in any way.
  - gruez 2y ago
    >The federal and state governments aren't paying to maintain your neighborhood. That might be true in your state, but at least in Michigan it goes into a huge pot which is then redistributed to counties/cities. https://www.rcocweb.org/DocumentCenter/View/188/A-Guide-to-Roads-and-Road-Funding#page=9 https://www.rcocweb.org/DocumentCenter/View/188/A-Guide-to-R... >If these mega corps don't operate in your city, they aren't contributing to it financially in any way. But by your own admission they contribute at least a portion of the budget for local schools? I'm sure state and federal funding ends up at the city level through a multitude of other programs as well (eg. medicaid). Moreover, such companies have to exist somewhere. Your city might not have an office of megacorp A, but it might have an office for megacorp B. That doesn't mean you should only buy stuff from megacorp B, because it's more efficient for companies to consolidate their operations and adopting this attitude would make everyone worse off.

tivert 2y ago

> In a time where money can be zipped around the world in seconds, and most transactions are cashless, what exactly is the advantage of 'keeping money in the community'? Living in a community that isn't poor and decaying? When money leaves a community, it means that it won't be used to employ people in that community, buy goods in that community, or generate tax revenue for public good in that community. The market's relationship to the community can become much more extractive.