Товарищ

Isabeau

Merdeuse
Joined
Sep 20, 2018
Messages
8,180
Location
Montréal
SL Rez
2007


 

Khamon

Folk Harpist
Joined
Sep 23, 2018
Messages
2,869
Location
Alabama
SL Rez
2003
Joined SLU
2007

Evernote Link
I believe that citizens of democracies genuinely believe that their governments are obligated to maintain money barns. Americans, for example, believe that social security is (or was before Congress cashed it in as the urban legend goes) a vast investment fund rather than understanding the fact that is has always been funded by the current workforce. Communist governments are supposed to operate as an ultra-wealthy patron to the people. It looks good on paper. But no communist party on the planet actually does the job. Aristocrats and Oligarchs must accept the duty privately but, as the article says, it is too easy these days for them to simply relocate when rebellion brews.
 

Govi

Crazy woman yells at clouds
VVO Supporter 🍦🎈👾❤
Joined
Sep 20, 2018
Messages
1,487
Location
North of Surf City
SL Rez
2004
Joined SLU
27.05.2009
SLU Posts
5294

Innula Zenovka

Nasty Brit
VVO Supporter 🍦🎈👾❤
Joined
Sep 20, 2018
Messages
21,828
SLU Posts
18459

But here's the thing: for the first time in American history, we're looking at a generation where the majority of billionaire wealth will come from... wait for it... inheritance.

That's right. Forget the story of the scrappy entrepreneur building something new. We're entering an era of American aristocracy, where the defining feature of the ultra-wealthy isn't innovation or creation but having the right parents. This has never happened before in American history. Even during the Gilded Age, most massive fortunes were first-generation (problematic as they were).
But now? We're creating a permanent billionaire class that doesn't even have to pretend to innovate. They just have to be born. And when they do "innovate," it's usually through financial engineering, market manipulation, regulatory capture, and good old-fashioned rent-seeking.

When your business model is based on extracting value rather than creating it, you're not an innovator, you're a parasite with good PR. And increasingly, you're not even a self-made parasite, you're just someone who inherited a successful parasitic operation from daddy.