The world could get its first trillionaire within 10 years(apnews.com)
apnews.com
The world could get its first trillionaire within 10 years
https://apnews.com/article/income-inequality-billionaires-davos-85baf23e9a2a7d4d94da5aca11f3ca5e
6 comments
Plausible and somewhat terrifying.
Why would that be terrifying?
Because of the amount of power that person would have. There is a reason we did away with monarchs as rulers.
I mean, that pales in comparison to the power the government has. And our government (in the US at least) is clearly not democratic (DNC rigged their primary to prevent Bernie from winning... we have an election between Trump & Biden and most Americans hate both choices, etc.)
You should be far,far more afraid of that since government spends more than a trillion every year.
So yeah, doesn't really make much sense.
You should be far,far more afraid of that since government spends more than a trillion every year.
So yeah, doesn't really make much sense.
Our government isn't authoritarian. It has executive function (and certainly a degree of corruption) but also an obligation to it's citizens. If you spend trillions (or even just millions) of taxpayer dollars without democratic oversight, you'll probably get investigated.
There is the whole "monopoly of violence" concept but that only works because lawmaking is largely a democratic process. It's harder for the government to agree on a 50 billion dollar transaction than it is for private citizens to do the same thing. There's ample reason to fear both, and I wouldn't suggest that individual agency and concentrations of wealth "pales in comparison" to government power (unless you're discussing combined-arms warfare).
There is the whole "monopoly of violence" concept but that only works because lawmaking is largely a democratic process. It's harder for the government to agree on a 50 billion dollar transaction than it is for private citizens to do the same thing. There's ample reason to fear both, and I wouldn't suggest that individual agency and concentrations of wealth "pales in comparison" to government power (unless you're discussing combined-arms warfare).
Real inflation (debasement) has increased from ~2%/y to ~10%/y in the last decade, in an exponentially increasing fashion.
So, as “looting the treasury” accelerates, the trend toward 100%+/y inflation seems likely, and then hyperinflation seems inevitable.
Trillion dollar bills are the outcome.