The Crisis Reaches the Master Class
Or rather, those who supposed they were in the Master Class and are finding out that wasn't so true after all. I don't know much about economics. Maybe Forbes does, though. I read this with great interest, for all I probably didn't understand it. Here's my dramatic oversimplification/reaction:
Taxation, and regulation, of the superwealthy and large corporations, is an essential good for society. Without it, "the economy" is little more than a gambling exercise played by the very rich for the even richer, and everyone with less than $100m is left out in the cold, to suffer and die after slaving their lives away, the better to hand over 90% of what they produce to those who produce nothing. Ahem, the *unelected, un-transparent, unregulated* "those who produce nothing."
Taxation is good. Because it swells government coffers, and pays for programs and development from which everyone can benefit. The internet wasn't developed because some VC firms thought it would be a great thing to invest in. Initially, what got the Internet ball rolling was... government research money. We could be heavily taxing the rich right now, and using that money for research and development into alternative energy technology, or technology that can help us restore the environment and deal with a changing climate. Etc. Anyway, this is me laughing at a bunch of VC suits I used to hang with. HA-ha! 5%? I guess you guys aren't the superbrain masters of the universe after all. Seems I'm not the only one who "doesn't know much" about High Finance.
...sorry for the flappity posting habits of late. Life sucks. And then you have to share a computer with a really shitty connection. And then you die.