this post was submitted on 28 Aug 2024
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I mean, I like to shit on Billionaires as much as anyone, but they don't really own a Billion dollars like sitting around in their bank accounts. They own it in assets like stocks of companies, real estate, etc. The money they spend are usually loans against these assets which they then pay back by selling some because their values usually increases more than the interest rates.
So I don't understand how you are envisioning this asset cap and going to social services. Imagine you have stock In a company that's growing more than a million dollars. Would they be forced to sell the stock to 'social services'? Who controls these assets then? Or are they forced to sell them? Then the assets just get passed around.
I don't think a solution is that simple. Maybe it would be better if we regulate the companies more. But for that we need to agree on rules on an international level because otherwise, as it is now already happening, they just switch their HQ to less regulated countries. The EU approaches this with regulations you need to follow if you want to operate in the EU at all. Which makes the corps found subcorps to operate in EU. They evade all regulations as long as we can't agree on an international standard.
Long story short. It's not the billionaires money that's the problem, it's the power they hold in their assets in multinational corporations that enables them to operate above any laws of one nation.