How Did Sam Bankman-Fried Get Bail?

Re:How Did Sam Bankman-Fried Get Bail? by djrobstep on Sunday December 25, 2022 @07:23PM (#34133104)

The root of poverty is hoarding. Poverty is a shortage of money - we can fix it redistributing money from rich to poor, but we don’t do this because rich people don’t want that and would rather hoard it.

The US has some good welfare state elements, but overall it’s very bad and far inferior to places that do it well. The consequence is vastly higher poverty rates.

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Re:How Did Sam Bankman-Fried Get Bail? by josephcsible on Sunday December 25, 2022 @07:34PM (#34133198)

Taking money from people who aren't spending it and giving it all to people who will spend it all immediately doesn't fix poverty. It just causes hyperinflation.

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Re:How Did Sam Bankman-Fried Get Bail? by djrobstep on Sunday December 25, 2022 @08:03PM (#34133385)

No it doesn’t. The Nordics don’t suffer from hyperinflation, in spite of their much larger welfare states.

Redistribution increases demand in the short term, but in the longer term production shifts accordingly to match. Which really is the whole point: Changing the economy to produce more of what ordinary people need.

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Re:How Did Sam Bankman-Fried Get Bail? by josephcsible on Sunday December 25, 2022 @08:07PM (#34133407)

> in the longer term production shifts accordingly to match

Isn't the long-run aggregate supply curve basically completely price inelastic?

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Re:How Did Sam Bankman-Fried Get Bail? by djrobstep on Sunday December 25, 2022 @08:27PM (#34133532)

I’m saying that production shifts to produce more of what poor people want (food etc) and less of what that rich people want (Lamborghinis etc).

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