We should implement a wealth overflow. Once you get to a certain level of wealth, you wrap around to living on whatever universal income and social baseline everyone in your society gets. So it would be in your interests to ensure those improve with every lap around the track.
Or, even better, make it random. The moment being picked becomes something no one fears is the moment you know you have created a just, equitable, caring, and fair society.
@aral I like the idea, but would settle for a wealth cap in the form of increasing and unavoidable taxes. This would redustribute wealth to benefit the rest of society already, ideally leading to all of the upsides with none of the downsides.
I do enjoy your point of view, however, and agree with the principle. What is missing is a way for encouraging people to want to spread wealth around.
@aral sure, once every country has UBI, that wouldn't be too inequitable. I'd posit that it's something to be tried once UBI has gained acceptance first, as otherwise the noise about some capitalist who has more than they need having it all taken away would be used against UBI.
@aral I read that "if a monkey would hoard more bananas than it can eat and not let others eat it, we would study it to find out whats wrong with it. If a human does this he is on the cover of Time magazine"-joke a lot in the last months.
What if money had a kind of expiration date by which it becomes worhtless.
The mountain of bananas would go bad after a few weeks as well.
But people could give their "short-before-expiry" money to charity then
(or be assholes and let it expire)
@cybastl @aral The low interest rate environment makes this worse, I think: assets like housing and shares (capital) end up with a huge multiple of the annual payment (labour). Ironically because it's cheap to take out loans. Low interest rates are sold as "helping" the poor and middle class but I believe the opposite: they're an excuse to inflate asset prices. Loans are mainly given to people who are already wealthy.
@aral thing is; the wealth they hoard is still directly coming from the workers pockets ; they are still being exploited. instead we should be focusing on establishing workplace democracies. only those who work should have a political power inside these economical institutions.
but that means ppl need class consciousness. and we are far from it. very far.
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