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America's 1% Has Taken $50T From the Bottom 90%

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Re: America's 1% Has Taken $50T From the Bottom 90%

#871

Earlier quoted context omitted.

Canadian cities population density don't even register compared to US cities... https://en.wikipedia.org/wiki/List_of_United_States_cities_b... vs. https://www12.statcan.gc.ca/census-recensement/2011/dp-pd/hl...

Comparing population densities does not seem to be very straightforward, since I'm finding contradictory information to your own. Your statcan link gives Toronto 945.4/km^2, but Wikipedia says 4334.4/km^2[0]. I'm more inclined to believe Wikipedia, since Toronto is supposed to be the 4th most populous city in North America. Wikipedia itself cites a different statcan link[1]. This would leave Toronto at #4 in your Wik…

> Wikipedia says 4334.4/km^2[0]. I'm more inclined to believe Wikipedia, since Toronto is supposed to be the 4th most populous city in North America. Wikipedia itself cites a different statcan link[1].

Wikipedia contradicts itself, as it puts Toronto as having 2,731,571 inhabitants, which would put it as second most populated city, right beside New York, cf. https://en.wikipedia.org/wiki/List_of_United_States_cities_b... for US numbers.

Re: America's 1% Has Taken $50T From the Bottom 90%

#872

Earlier quoted context omitted.

You don't have to be an austrian to acknowledge that some of what they say is sensible. Discarding a theory in toto because it's adherents are odious is exactly the sort of hubristic political bullshit that results in you fucking everyone over.

Sure, but you don't have to take any notice whatsoever of Austrian economics to critique the biases encoded in an economic model (indeed not being overtly hostile to the concept of economic modelling per se leads to much more parsimonious critiques of models and explicit identification of second order effects). I'm not really sure that Austrian economics has much to say that is sensible beyond illustrating basic micr…

I'm not austrian (for example, I believe that the velocity theory of monetary value is partially true). You're the one that boxed me into that category. Only about 20% of what they say is any good, but those parts are definitely not being said by anyone else.

Re: America's 1% Has Taken $50T From the Bottom 90%

#873
post #363

Earlier quoted context omitted.

A lot of magic is happening in your second paragraph. Inflation reduces debt and wealth at the same time. Wages at the low end rise with the cost of living. Debt and wealth are denominated nominally. The cost of a new car may go up, but the cost of the car you're currently driving (and haven't paid off) is going down. Printing money doesn't steal from the poor. Printing money and giving it to the rich steals from the…

Yeah I agree with this more, but let's ignore the US for a moment and observe that inflation has been steady and low for decades now in most wealthy countries. And then we observe the same is true in the US. So whatever the causes of the (I certainly agree) massive transfer of relative wealth to the 1%, I don't see much evidence that it's US government financial institutions that are to blame. As for fixing the probl…

The US Government effectively made all currencies fiat by ending gold convertibility of the Bretton Woods agreement. Severing the last remaining link to gold allowed all governments to pursue the same inflationary policy for political gain.

So, all governments are doing the same wealth transfer because they are run by humans with similar incentives and the US Government destroyed the leash.

The fix isn't to add more bandages over the wound. It is to repair the wound by putting government spending back on a leash.

Re: America's 1% Has Taken $50T From the Bottom 90%

#874

Earlier quoted context omitted.

Sure, but you don't have to take any notice whatsoever of Austrian economics to critique the biases encoded in an economic model (indeed not being overtly hostile to the concept of economic modelling per se leads to much more parsimonious critiques of models and explicit identification of second order effects). I'm not really sure that Austrian economics has much to say that is sensible beyond illustrating basic micr…

I'm not austrian (for example, I believe that the velocity theory of monetary value is partially true). You're the one that boxed me into that category. Only about 20% of what they say is any good, but those parts are definitely not being said by anyone else.

I didn't say you were an Austrian, though I must admit I'm intrigued by what you think they are saying that is useful and nobody else says (even arguments favouring gold standards are not unique to Austrians; a priori praxeology, perhaps, but I would have difficulty concluding their a priori praxeology was "any good"). At a stretch, maybe Hayek's free banking, but then others have described natural experiments with free banking but just reached somewhat different conclusions...

Re: America's 1% Has Taken $50T From the Bottom 90%

#875
post #832

Zero-sum thinking perceives situations as zero-sum games, where one person's gain would be another's loss. The term is derived from game theory. However, unlike the game theory concept, zero-sum thinking refers to a psychological construct—a person's subjective interpretation of a situation. Zero-sum thinking is captured by the saying "your gain is my loss" (or conversely, "your loss is my gain"). Rozycka-Tran et al.…

So what if it's not a zero-sum game? You're missing the point. Most people don't care if billionaires make more money. However the REAL problem is the fact that the bottom 90% are struggling to fulfill their basic needs, with prices of rent and water[1] skyrocketing.

[1] https://www.theguardian.com/us-news/series/americas-water-cr...

Re: America's 1% Has Taken $50T From the Bottom 90%

#876
post #115

Correction: The Fed's policies have taken $50T of wealth from the Bottom 90%. When you bail out irresponsibly over-leveraged and nearly bankrupted banks and corporations, and pay for those bailouts with tax-payer money, you steal from the poor and give to the rich. Most importantly, when the Fed decides to print money ad nauseam, they create massive asset inflation, which steals from the poor and gives to the rich. T…

Naval had an extremely pertinent tweet [1]: The road to socialism via inflation: • Print money, crash the reserve currency, destroy savers, and force them into inflated assets. • Asset inflation leads to inequality. Demonize asset holders and tax the nominal gains, thereby confiscating the real value of the assets. [1] https://twitter.com/naval/status/1359650086221930496?s=21

Basic contradiction here

https://twitter.com/TheStalwart/status/1359890366149853191

Re: America's 1% Has Taken $50T From the Bottom 90%

#877

Wealth is not a zero-sum game. The whole premise that the rich make money by taking it from poor people is flawed. This premise has been the basis for many political uprisings (e.g. Venezuela) where wealth has been destroyed instead of created.

Wealth may not be a zero-sum game, but when millions of people are struggling to pay rent, that line of argument doesn't matter.

Re: America's 1% Has Taken $50T From the Bottom 90%

#878

Earlier quoted context omitted.

> Neither do you, let's get this proposal to the legislature. I’m representing the interests of society to you, the same as the legislature. You’re no more entitled to say “no” to me as either of us is to say “no” to them. > Perhaps the same can be said of all laws. Perhaps this idea of consent and aggression could lead us to a way of making laws that do not impose values on people without their consent. > The onus i…

> You’re no more entitled to say “no” to me as either of us is to say “no” to them. Unlike the legislature, I did not elect you, nor did I swear an oath to a constitution that empowers you. > Perhaps this idea of consent and aggression could lead us to a way of making laws that do not impose values on people without their consent. What makes taxation so much more objectionable than any other law? The vast majority of…

> Unlike the legislature, I did not elect you, nor did I swear an oath to a constitution that empowers you.

So you would agree with me that its immoral to collect taxes from someone who has neither voted for you not sworn an oath of loyalty? As opposed to the current system where the winner of the election exerts authority over the entire populace.

> What makes taxation so much more objectionable than any other law?

Its a mandate to appropriate someone else’s property. Its nonconsensual and results in one party benefitting at the expense of the other. The law codifies a differential status: a person who is required to produce value, and a person who is allowed to claim that value. The amount of the value is decided by the person claiming it, not the person providing it. Essantially this is a statutory codification of parasitism, Whereas an acceptable law, such as prohibitions against murder codifies conduct between peers (people with the same status). The law against murder says no one is allowed to murder, the law permitting taxation says one person pays and another person collects. Clearly this is abuse, just like a law specifying who we were allowed to murder.

> You are imposing a model upon a category that does not apply.

I’m not following. It seems like you’re pretending that its not possible to do without taxation without having identified any difficulties. I understand that taxation is literally what you want, that is to be able to avail yourself of other people’s money. I’m just not convinced that we would lose anything by choosing not to allow that.

> By what basis is it self-contradictory?

On the basis that he dictates acceptable use for a piece of property, which is exerting property rights. How come I’m not allowed to rent my machines, by Proudhon is allowed to tell me what I can do with my machines? Proudhon isn’t opposed to private property, he wants all the private property to belong to him.

> By what higher authority do you define the acceptable relations with regards to property rights?

The nature of property rights only begets logically consistent arrangments, on this basis logically inconsistent or incoherent arrangements are not recognized.

> Is someone allowed to set fire to his house, so that all his neighbor's homes downwind are also consumed by conflagration?

Once the effects of their actions have crossed crossed the boundary of the property line, conditions have been met for other people to intervene proportionately or tender a claim for damages. If someone inteferes with his actions because they anticipate the effects, then they incur liability for their inteference with his property. The specifics would depend on how the parties to the dispute felt about their particular circumstances. In essence, peer-to-peer dispute resolution.

> If you say no, then you have already begun to impose limits of what is acceptable or not to do with one's property.

The limits are other people’s property.

> According to Proudhon

Why would I or anyone else allow Proudhon to dictate the nature of property to us?

> Regardless of the debatable effects of rent, Proudhon would argue that property is backed by force, which makes it inherently a product of violence and aggression.

This is typical of the confused thinking that comes from many of these property revisionists. Property is a social arrangement and would be impossible to sustain by force in the absence of a suitable social environment. While it is true that property rights are usually/often enforced with force or the threat of force, characterizing this as aggression commits the fallacy of affirming the consequent. Its not aggression unless tou already agree that property is illegitimate.

So when you find a person who thinks property is illegitimate, try a simple experiment. Wait until they are eating then take some food from their plate. Better yet, get the food out of their refrigerator and put it in yours. When they object, remind them that property is illegitimate. When they distinguish between the property that they want to own, and the property that they don’t want others to own, remind them that property is a mutual social agreement and inform them that you decline to recognize their proposed version of the agreement, in exactly the same way as they decline to recognize the right of a landlord to rent out an apartment, or whatever.

> The same regime that forces you to pay taxes is the same regime that uses those taxes to safeguard property and the rents acquired through property;

Yes, its literally a protection racket. Which is why its so depressing for people to defend the protection racket when it extorts the working class (taxes) and then turn around and assert that the working class doesn’t deserve to own anything anyway because “property is a system of oppression used to oppress the working class.”

> indeed, often force is also used by the state to accumulate property for its favored oligarchs and the conformists who support the state.

Yes, and this is why we oppose taxation. This behavior is justified using the exact same arguments as you have made and I have responded to in this interesting and gratifying discussion.

Thanks for your replies and thanks for enduring the downthread squeeze with me.

Re: America's 1% Has Taken $50T From the Bottom 90%

#879

Earlier quoted context omitted.

> You’re no more entitled to say “no” to me as either of us is to say “no” to them. Unlike the legislature, I did not elect you, nor did I swear an oath to a constitution that empowers you. > Perhaps this idea of consent and aggression could lead us to a way of making laws that do not impose values on people without their consent. What makes taxation so much more objectionable than any other law? The vast majority of…

> Unlike the legislature, I did not elect you, nor did I swear an oath to a constitution that empowers you. So you would agree with me that its immoral to collect taxes from someone who has neither voted for you not sworn an oath of loyalty? As opposed to the current system where the winner of the election exerts authority over the entire populace. > What makes taxation so much more objectionable than any other law?…

> So you would agree with me that its immoral to collect taxes from someone who has neither voted for you not sworn an oath of loyalty? As opposed to the current system where the winner of the election exerts authority over the entire populace.

The winner of the election is someone all citizens have indirectly sworn oaths of loyalties vis-a-vis the Constitution.

> Its nonconsensual and results in one party benefitting at the expense of the other.

Again, this is the same as nearly every other law in existence. When did you consent to laws governing public decency?

> Whereas an acceptable law, such as prohibitions against murder codifies conduct between peers (people with the same status).

What makes laws against murder acceptable? When did you consent to them?

> Essantially this is a statutory codification of parasitism

Right, like rentiership.

> Clearly this is abuse, just like a law specifying who we were allowed to murder.

The state holds a monopoly on sanctioned murder, via warfare and the death penalty. If your moral system believes the right to life to be more important than the right to property, surely those are of higher priority than taxation.

> its not possible to do without taxation without having identified any difficulties

No, the issue is your comparison of taxation to marital rape is a non sequitur explained by aforementioned reasons. Furthermore, the existence of a model for abolition does not mean there is a model for its replacement.

> The nature of property rights only begets logically consistent arrangments, on this basis logically inconsistent or incoherent arrangements are not recognized.

Who dictates the nature of property rights? Who determines what is logical?

> conditions have been met for other people to intervene proportionately or tender a claim for damages

That is steering dangerously into the territory of justifying taxation, on the basis of wealth inequality has detrimental affects for society. If you argue that it is harmful to destroy one's property in such a way that it negatively affects others', then you open the door to claiming that it is harmful to hoard one's earnings.

> Why would I or anyone else allow Proudhon to dictate the nature of property to us?

In the context of a discussion that mentions Proudhon, a clarification of his intentions is pertinent.

> So when you find a person who thinks property is illegitimate, try a simple experiment.

This sounds exactly applicable for someone who thinks taxation is illegitimate.

> Which is why its so depressing for people to defend the protection racket when it extorts the working class (taxes)

That is an argument to reforming a system so it doesn't act as a protection racket, but is instead progressive and correctly redistributes wealth in a way guided by fairness and ability and that is acceptable by all parties.

> assert that the working class doesn’t deserve to own anything anyway because “property is a system of oppression used to oppress the working class.”

But I don't actually believe in Proudhon.

> Yes, and this is why we oppose taxation.

So, if you oppose taxation, then you should also oppose property.

> Thanks for your replies and thanks for enduring the downthread squeeze with me.

Anytime. Here's to many more posts in this productive conversation.

Re: America's 1% Has Taken $50T From the Bottom 90%

#880
post #794

Earlier quoted context omitted.

Personal attacks are not cool on HN. We ban accounts that post like that. Please review https://news.ycombinator.com/newsguidelines.html and don't do it again. We detached this subthread from https://news.ycombinator.com/item?id=26103730 .

Duly noted, I regret bringing OPs education into question. Looks like I got emotionally swept up in fancying myself as defending the “common man.” I would remove the personally addressed portions if I could.

Thanks! We all get carried away. The main thing is just to learn for the future.
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