The U.S. government’s failed 1890s attempt to forge unity through currency

Re:The U.S. government’s failed 1890s attempt to forge unity... by imtringued on Friday June 11, 2021 @06:14PM (#27479146)

Yeah the flaw is that if the rich get the money early and don't generate inflation, it implies they haven't spent it and thus do not significantly benefit from inflation. They may have gotten a greater share of all USD but they haven't redeemed that share in a way that takes resources away from the poor.

If they spend it, poor people would still benefit because the spending is creating jobs in the process. Really, the only problem is land ownership (renting out buildings is fine) and that has nothing to do with inflation, rent seeking is a fundamental problem that drains productivity from the economy.

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Re:The U.S. government’s failed 1890s attempt to forge unity... by notahacker on Friday June 11, 2021 @06:40PM (#27479383)

The money isn't given and isn't targeted at "the rich" anyway. It's lent, with interest. If it wasn't lent, people would have to borrow money from the [mostly] rich, at higher interest rates, so in that respect the rich actually lose a subsidy.

Sure, some rich people take out loans (but have to pay it back, which often they do by spending the loan on stuff that creates jobs) and some benefit very indirectly from asset prices rising. But as a general rule the poorest demographic borrows more than they own and lends absolutely nothing, and the richest demographic borrows less than it lends, and sees returns to its lending fall

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Re:The U.S. government’s failed 1890s attempt to forge unity... by billytetrud on Friday June 11, 2021 @06:29PM (#27479276)

Renting land is actually not "rent seeking". Tho I can see how people make that association. Rent seeking is specifically the act of manipulating pulic policy to gain more money without providing anything in return.

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