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by inglor_cz
1796 days ago
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So, you just gave the economy a one-time spending boost while "destroying the billionaires as a class". Let us also say that this action had no effect on purchasing power of the dollar, which is now mostly based on willingness of the rest of the world to trust it. (There are countries where 100 000 units of local currency won't buy you a nice dinner, but the US has never gone down this road, so most Americans just do not take this risk into account when modeling revolutionary changes.) A year passes. Now what? No more billionaires to fleece, but the population demands some more, because spending windfall money is such a fun. So the next move is to fleece the millionaires... Already the Ancient Greeks knew quite a lot about populist rule and its consequences. And the 20th century definitely tried it out in much larger dimensions, to much worse outcomes. |
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