There is nothing that one person can do for humanity that justifies creating $100M in poverty, let alone billions.

in #wealth3 years ago

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I had a seven year career programming household lighting computers for billionaires and cento-millionaires in New York area residences from $5M to $100M. I always googled them to find the source of their wealth and asked the question, is this fortune obtained ethically?

Most were legal, a lot were ethical by societal standards (including a major short seller!), but I came to the conclusion that we live on a finite planet, and all so-called "wealth creation" actions caused more environmental damage than profits, so the accumulation of a fortune was inherently immoral.

If you add up everything in the world and divide by 8 billion, you obtain an average wealth. Any amount the one person has more than the mean has to be balanced buy one or more people having less than average wealth, i.e.:

Σ(excess wealth) = Σ poverty

There are valuable tasks for society that the government is ideally best suited for, like education, health care and infra-structure. I am confident that printing currency is one of these. The government is partially corrupt, the Federal Reserve is a scam, limited liability corporations are a ripoff, health care is a travesty, the national debt is inexcusable and un-Constitutional, but consider:

Economics is highly irrational. largely based on the false desires for comfort, convenience, gluttony, and shiny objects, all of which are bad for our health as well as bad for the planet. Still, every time somebody increases the false wealth the currency has to expand to represent that perceived value and preserve stable prices. Crypto miners and holders then collect an amount equal to the "wealth creation" even though they contribute a tiny fraction of the labor and capital investment of the actual producers. Further, any crypto increase in value is deflation in goods and services, which is bad for the economy.

Government SHOULD be taxing inheritance, fortunes and incomes progressively over 90%, like under Roosevelt's New Deal and Eisenhower's infra-structure build-out, this period was the greatest economic boom in US history. Recycling the money through tax & spend is far more efficient than hoarding capital, which runs out of great new ideas to triple investment in two years.

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It's certainly a paradox I cannot explain but only the countries which allow unrestricted accumulation of wealth also allow the poor to get rich. In countries where the rich are persecuted Robin Hoods who care for the poor are generally in minority (if there are any at all) and in the end the poor are not allowed to escape their poverty.