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  •  Frank, can you elucidate on this question? (2+ / 0-)
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    semiot, Justus

    Is there a difference between the "money" I control, which can be counted in a few tens of thousands of dollars, and the money Bill Gates controls?

    In terms of the consumer goods and services I can consume, the amount of money I possess is finite. In the same terms, Bill Gates cannot, in practical terms, exchange his "money" for stuff that he can actually consume.

    I'm not sure this question is well formed, but I hope you can see what I am getting at.

    Note to Boehner and McConnell: "You don't need a weatherman to know which way the wind blows." --Bob Dylan-- (-7.25, -6.21)

    by Tim DeLaney on Mon Jan 28, 2013 at 08:40:06 PM PST

    •  My two cents: (2+ / 0-)
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      cynndara, lotlizard

      Money for Bill Gates is not money, it's power. You use your money mostly to exchange for things you need or want, or to hold a modest reserve for future exchanges. Bill Gates uses his money power to move masses and associated assets in directions he wants to see movement in. At some point a change in money quantity results is a change in money quality. Bill's money is better than yours, because of the concentration of wealth power it represents.

      Courage is contagious. - Daniel Ellsberg

      by semiot on Tue Jan 29, 2013 at 09:30:29 AM PST

      [ Parent ]

      •  Well, that's sort of what I was getting at, but (1+ / 0-)
        Recommended by:
        semiot

        there is another question: Does money that is not spent just disappear? Isn't the wealth of the very wealthy equivalent to burying 100 dollar bills in your back yard?

        Note to Boehner and McConnell: "You don't need a weatherman to know which way the wind blows." --Bob Dylan-- (-7.25, -6.21)

        by Tim DeLaney on Tue Jan 29, 2013 at 09:51:51 AM PST

        [ Parent ]

        •  It depends (2+ / 0-)
          Recommended by:
          cynndara, Tim DeLaney

          What is Wealthy Person doing with their money?  If WP has a billion dollars and simply puts it in the bank and spends it at the inhuman rate of 10 million dollars per year, it would take 100 years to spend it all and it would be like the majority of the money was buried.  However, most of the very wealthy don't do that.  If they buy bonds, presumably the state, country or company who sold them the bonds is going to do something with the money (new issue), or needed money to build something in the past (existing issue).  They might buy stock in new or existing companies.  A new company might want to trade equity for the cash they need to expand.  Johnson & Johnson went public a long time ago and doesn't benefit directly if someone buys a million of their shares on the open market, but someone(s) somewhere decided to sell those shares that day intending to do something with the money.  They might also spend 100 million on art to hang on their wall or buy and drink $5,000 bottles of wine.  That's money wasted as far as I'm concerned, but WP bought those things from someone who now has that money to spend however they like.

          My problem is not with wealth per se, it's the idea that the wealthy are somehow special, smarter or better and therefore deserving of a lower tax rate.  If a person makes more money than they can spend, how does giving them more money help the economy.  Especially if you're getting that money from people who spend virtually all their income.  If person A spends all his income and person B saves 30% of his income, taking anything from person A and giving it to person B actually reduces economic activity.

    •  Well, bill Gates controls less MONEY than (0+ / 0-)

      Well, bill Gates controls less MONEY than people say. Bill Gates has property -- mostly stock in Microsoft, but more of dollars worht of other kinds of property than you do.

      We compare property by way of dollars. Else, it would be non-comparable. But we shouldn't count the property as dollars.

      There is certainly some ladder of stages:
      1) You can purchase what you need to live on NOW
      2) You can purchase as much as you want to consume now.
      3) You can purchase as much as you could possibly consume in the rest of your life.
      4) You have enough to purchase what your descendants might like to have for the foreseeable future.
      5) You have real powwer in property.

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