Interesting what happens when you let ambitious people actually collect the fruits of their labor and then do what they want with their money, like start Tesla and SpaceX. Maybe they should try it out and see if they get innovation for once.
Too bad _most_ wealth isn't the fruit of labor but extracted rents and 'what they want' is to preserve those rents in inflated non-productive financial instruments.
If we thought like you, we would all be living in mud huts because fair is fair and nobody is allowed to have more than anyone else. Having a reward system for people who move production and efficiency forward to provide goods and services for everyone else is how humanity advances. Life is not completely fair but its the best system we have.
I agree with your comment but it feels out of place considering that the complaint is about unproductive financial instruments.
Low interest rates create zombie companies that are only staying alive thanks to cheap credit. If the Fed were to raise rates all those unproductive companies would go bankrupt at the same time and we would have the biggest crash in the last 80 years. The only reason you would keep this scheme going is because you care about the owners of those financial instruments and those owners aren't poor people.
Money hoarding doesn't directly affect other people in a fiat system; remember money is fake, we can just make more of it. Hoarding it is a deflationary pressure and is combated by inflating again. (this is called functional finance and of course isn't 100% true, you do have to reclaim the hoard through taxes or something eventually)
Rich people do things like own Amazon rather than own a huge pile of money; this makes them rich because a whole lot of other people are willing to give them money. This also doesn't directly affect you, but at least it indirectly affects you differently.
Money hoarding has nothing to do with your life quality as life quality is a logistical issue not a money issue. If I give everyone 1 million dollars for example, there are still only 30k nurses in the country for 320 million people. Nothing changes except for the price of nursing services. The same goes for homes, education, etc. And rich people dont take 50 nurses, buy all the single family homes, or eat 1000x their portion of food. Quit making excuses and being a negative person and learn to understand that life quality is about expanding economic production and efficiency through entrepreneurs, not being a negative jealous person trying to bring everyone down so its all fair and square but production comes to a halt and everyone is worse off. Socialist thinkers like yourself are really short sighted and the Karens of the economic world.
It's a tough sell, saying that Elon Musk and other entrepreneurs are more effective with their money than a democratically-elected board of experts might be.
Production doesn't come to a halt without entrepreneurs in any world except Ayn Rand's.
Yikes I couldn't disagree with this harder. Design by committee is a dumpster fire 99% of the time. Even "Mythical Man Month" discusses the importance of a top down design for software systems.
There's no such thing as money hoarding. If you keep cash in the mattress it loses value to inflation (i.e., to the state). If you keep money in the financial system then that money is _used_ to fund others' ventures. If you invest your money (e.g., in a business, in stocks, whatever) then the money gets transferred to others who will do similar things, and you now have possession of a (hopefully) productive asset!
There is no such thing as money hoarding. "Money hoarding" is ideological and utter nonsense.
Actually thats not the history of Elon at all. Maybe spend 5 seconds and read his Wikipedia page or something. Its always the people who do the least that complain about people actually doing something the most to try and boost their deflated ego/inferiority complex.
