I’m with you on most of that. But I think the problem is more fundamental: the money devalues at a rate of 2-5% a year.
Think about it. Why wouldn’t the wealthy just hoard money? Because you can’t just hoard money. It devalues. You have to monetize other assets. So they buy real estate, with money they made from you when prices go up but your wages haven’t gone up yet. They benefit from the cantillion effect and in the process siphon wealth from the bottom. and as they accumulate non-money assets, that effect compounds because the prices go up some more. The wealth gap, all of this, it stems directly from our inflationary monetary system. Their trick is that they get to fuck with the money.
I’m with you on most of that. But I think the problem is more fundamental: the money devalues at a rate of 2-5% a year.
Think about it. Why wouldn’t the wealthy just hoard money? Because you can’t just hoard money. It devalues. You have to monetize other assets. So they buy real estate, with money they made from you when prices go up but your wages haven’t gone up yet. They benefit from the cantillion effect and in the process siphon wealth from the bottom. and as they accumulate non-money assets, that effect compounds because the prices go up some more. The wealth gap, all of this, it stems directly from our inflationary monetary system. Their trick is that they get to fuck with the money.