Regardless of their wealth being in M1, M2, or M3, it is wealth taken off the backs of the working class and given to the hands of a few people. Taxing it is the most conservative approach to giving it back to the people who actually created that wealth; it’s a solution that works within the existing political system.
Money itself is an abstraction for wealth. Sometimes, it can be a useful one. But take the abstraction away and think about the stuff it actually represents. Taxing that “unrealized wealth” may reduce GDP in a technical sense, but GDP is an abstraction built on an abstraction. Constantly rising GDP is not a good end goal in itself. Ensuring that everyone has their basic needs met is a much better one.
It won’t be just a “drop in GDP”. It will be investments falling apart, industries closing down, credit getting scarce, unemployment, misery, destitution and death.
Money is a very real driver of the world. It is also the realest manifestation of wealth. Only a fool would call it an abstraction.
What else would it be but an abstraction? As I said, it’s sometimes a useful one, but it’s an abstraction. It’s not dirt or concrete or computer chips or food.
Maybe we shouldn’t build a whole society around an abstraction like that?
Regardless of their wealth being in M1, M2, or M3, it is wealth taken off the backs of the working class and given to the hands of a few people. Taxing it is the most conservative approach to giving it back to the people who actually created that wealth; it’s a solution that works within the existing political system.
Money itself is an abstraction for wealth. Sometimes, it can be a useful one. But take the abstraction away and think about the stuff it actually represents. Taxing that “unrealized wealth” may reduce GDP in a technical sense, but GDP is an abstraction built on an abstraction. Constantly rising GDP is not a good end goal in itself. Ensuring that everyone has their basic needs met is a much better one.
Lots of big words but nothing of value. Answer the question buddy, how will you tax people on money they don’t have?
They will sell it.
That’s why I say it’s going to cause a drop in GDP, but that’s only a problem if you hold tightly to the abstraction.
It won’t be just a “drop in GDP”. It will be investments falling apart, industries closing down, credit getting scarce, unemployment, misery, destitution and death.
Money is a very real driver of the world. It is also the realest manifestation of wealth. Only a fool would call it an abstraction.
What else would it be but an abstraction? As I said, it’s sometimes a useful one, but it’s an abstraction. It’s not dirt or concrete or computer chips or food.
Maybe we shouldn’t build a whole society around an abstraction like that?