Should Billionaires Exist?

[sholomar]

This county worked better when we had higher income taxes and a mechanism to bleed liquidity from the top, because right now the system is gamed to allow people to get ridiculously wealthy, and then when they are at risk of default, central banks do QE and bail out the asset markets, making the rich richer.  The financialization of this nation is the major issue. 

How they convinced average people that lower taxes for the rich is a good  thing, quite a racket they managed to accomplish.   I'd argue that bleeding liquidity from the top is more healthy than monetizing debt and printing ever more money, that is taking us towards a bad outcome.  Taxes are merely a way to remove money from circulation and redistribute wealth, nothing more, nothing less. 

Problem is that they are simply creating more debt instead, and debt is simply printed money that may or may not ever get paid bank. Central banks just monetize debt now with something called "quantitative easing" which is an alternative to taxing the rich more.  They will never pay off their balance sheets, they will forever hold greater and greater amounts of "debt" which like was mentioned before, is just created money. 

We're already back into asset purchasing mode.

https://fred.stlouisfed.org/series/WALCL

Edited 2 hours ago by sholomar