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The low-end millionaires run interference for the billionaires. Regardless of who's actually at fault, if the low-end millionaires were to publicly and materia
by 59percentmore 2mo ago
The low-end millionaires run interference for the billionaires.
Regardless of who's actually at fault, if the low-end millionaires were to publicly and materially side with the remaining middle class, working class, poor, and indigent, their combined influence would be irresistable - which is basically what you said, I'll admit. But my point is that the millionaires are the last holdouts. Everyone else is ready to party.
If every American with a sub-8-figure net worth held back their property payments for 6 months, they could collectively have anything they asked for. Anything.
- elcritch 2mo ago> If every American with a sub-8-figure net worth held back their property payments for 6 months, they could collectively have anything they asked for. Anything. That'd not affect the federal government. It would however hurt schools & teachers, garbage men, police, etc as property taxes largely go to city and county governments which run those services.
- 59percentmore 2mo agoIt would cause an instant liquidity crisis that would lock up credit and securities markets. The federal government would be forced to backstop large market participants as years of suppressed price discovery was unleashed, decimating balance sheets worldwide. This would result in a fundamental rebalancing of apparent value, which those withholding payments would have a primary hand in influencing.