Are billionaires harmful to the economy? They take billions out of circulation
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TitoWarren
Level 4
Mar 20, 2019
0
Out of circulation...seriously? Surely you must realize that billionaires don't have boat loads of cash. Their money is in use as capitol investment. They build businesses that hire people who earn wages.
Bumpkin111
Level 5
Mar 20, 2019
0
@bay0wulf so ur telling me that the amount of american dollars is infinate?and the transfer of billions of digital dollars 2 another country would have no effect on the current amount of dollars in the finite economie and i wanted opinions not 4 people 2 give me answers u aroggant fool
RockyKing
Level 3
Mar 20, 2019
1
Rocky ...
If you mean actual currency, there’s probably a good deal less than 10% of that in existence compared to what there is of “our money” allegedly” out there... oh, it might possibly be printed but it’s not distributed and I sincerely doubt it’s printed ...
That 2 billion dollars actually being there instead of here is good ... it helps keep the value of our currency relatively even thought it would be better used here.
Money in any financial institution doesn’t simply sit there ... with rare exception ... it’s pretty quickly loaned out to other people and businesses ... even offshore money is often immediately reinvested back into our own economy via stocks & etc ... it’s simply that the Tax Structure THERE has been better ...
That’s all the Free and Zipless Knowledge I’ll give you ...
Try looking into this stuff yourself ... there’s DOZENS of places where you can take FREE Courses on Economy and Finance ... and English Usage and Spelling.
As for “arrogant” OR “fool” ... take a good long look in the mirror.
Oh ... and you didn’t “ask” for opinions ... you ASKED a Specific Question.
The Koch bros. for example employ 80,000 employees, and put 300 million dollars of taxes back into your government by paying their wages. Businessmen are the only job title that arent interchangeable between capitalism and marxism. So low paid slaves under a marxist government put very few dollars back into the government coffers.
Drutter
Level 2
Mar 20, 2019
3
George Soros is a billionaire who gave 18 billion dollars to his Open Society organization and now there are thousands of community organizers running around creating political chaos who would normally be doing nothing. The fact he still has 60 billion, or however many more billions, left doesn't really affect the population. He may have to spend it all on lawyers someday.
FrankZeleniuk
Level 8
Mar 20, 2019
4
Where did u find the numbers on Soros? $78 bil? I only know of about 2-3 people at that level.
It is important I be right,George. Quit pointing out my mistakes. His net worth, if you google it, is around 8 billion. That's if you trust google. His hedge fund management company is worth about 27 billion. Of course he gave away that 18 billion. I think only Soros really knows his net worth. I'm sure he has a few billion stashed away somewhere not on the official record. Just guessing though.
@FrankZeleniuk I didn't point out any mistake. I asked for your source, which I do for many claims. If u can't back it then cool, no biggie. I'll wait for more solid evidence before I accept it as fact and repeat it. If u can back it up then cool as well, it will give me one more factual stat to bring to appropriate discussions.
Like I said, I only know about 2-3 that have that much that I can actually prove.
This theory suffers partly from the false premise known as the "zero sum game," which believes that the total amount of wealth in the world is a fixed amount.
Secondly, 'money' is simply a measure of value, just like anything else of value (gold, gems, real estate, etc). When you own something of value, is it "harmful to the economy," regardless of where you store it?
If I traded for a bunch of jewelry, and then stored all of the jewelry where nobody can use it, have I hurt the economy?
If I traded for a bunch of furniture, and then stored all of the furniture where nobody can use it, have I hurt the economy?
If I traded for a bunch of automobiles, and then hide them away, have I hurt the economy?
Billionaires have traded their time, effort, and ingenuity for dollars. Who are we to tell them what to do with those dollars?
jneedler
Level 6
Mar 20, 2019
3
im not saying do anything with money they legaly gain my idea is that our economy is based on the transfer of money but now people take billions out of circulation and put it in taxhavens so more money needs 2 b made to compinsate
@RockyKing the short answer to your question is:
The privately owned organization (not a government institution) referred to as the "Federal Reserve" creates as much money as they feel is needed.
That's literally what the United States' entire economy is based on. Disappointing, I know.
@RockyKing The confusion, I think, is the thought that money is being parked, or placed out of circulation...They may have a few bucks(exaggeration) under their pillow or mattress so to speak, but anything "parked", or as some say stashed in an offshore account even is still being invested. People with that kind of money don't just let it sit. When the money is invested, anywhere, it is funding companies in the form of capital or loans, which is being used to buy equipment, lease space for production, meet payroll etc. Folks with money almost never just let it sit. You can do the same with twenty bucks a week ...Bump your way up to a few hundred a month. Over time the market has averaged about 12% Not a bad return...You don't make that keeping you discretionary income under a pillow.
I'd like to be surrounded by billionaires. I like the people they hire, the products they make, the houses they build, the research they donate too. The only money they have was given to them voluntarily through free trade (I purchased Windows 10 because I wanted it, I use Amazon because its awesome). Its rightfully theirs. They can do anything they want with it.
Poor people are harmful to the economy. They use up more resources than they produce - schools, hospitals, streets, welfare, etc...
Instead of propping up poor people and their behaviors, I'd love to get rid of them by making them rich.
Instead of being jealous of the rich, try emulating them. You should be rich too.
RobBlair
Level 8
Mar 20, 2019
5
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