Society/Culture Billionaires

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Taylor

Community Leader
Jul 16, 2009
56,275
64,825
Perth
AFL Club
Fremantle
At some point the reward isn’t honest and it’s earned off the back of workers who are not allowed to unionise and fight harsh working conditions or unfair contract terms.

Regulatory capture is a big issue. The people who write rules are beholden to the people the rules apply to.
I would have thought that a system where the will of the people is expressed through elections would protect them from business interests controlling legislation that allows union forming restriction is not capitalist, there's nothing free market about that.

Corporatism, absolutely. Corrupt politicians for sure.

The easy solution is fixing the politics.
 

Coolangatta

Premiership Player
Oct 27, 2007
3,550
3,056
Western Australia
AFL Club
Brisbane Lions
That’s saying everyone should be equal economically, which is Lenin/Trotsky nonsense.
It's not saying that. That wouldn't even be true if the wealth redistribution went entirely into income equality, which it wouldn't. You could still make 1 million a MONTH. That doesn't mean everyone would be making that much, ya muppet.
 

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Grin

Brownlow Medallist
Feb 8, 2006
15,161
17,870
Port Adelaide
AFL Club
Richmond
Being rich gives you options and means to whatever reasonable ends your heart desires.

I feel with the mega rich, wealth actually becomes that end. Like some big dick measuring contest. They forget about what truly makes for a happy life.

There are exceptions, kudos to Bill Gates for his work vaccinating third world countries and making a difference.
I've got a billionaire mate. Known him since I was young and we still catch uo for beer once in a blue moon. He said to me once that the person who dies with the most, wins. I suspect he wasn't being entirely tongue-in-cheek.
 

kickazz

Norm Smith Medallist
Apr 12, 2010
9,880
13,639
Melbourne
AFL Club
Geelong
I've got a billionaire mate. Known him since I was young and we still catch uo for beer once in a blue moon. He said to me once that the person who dies with the most, wins. I suspect he wasn't being entirely tongue-in-cheek.
Ironic in its simplicity - for when we all die, we all end up with the same - nothing.
 

Seeds

Hall of Famer
Sep 15, 2007
44,413
40,395
I don't know
AFL Club
Geelong
I've got a billionaire mate. Known him since I was young and we still catch uo for beer once in a blue moon. He said to me once that the person who dies with the most, wins. I suspect he wasn't being entirely tongue-in-cheek.
Is your billionaire mate Australian?

if so which of the top 38 is he?
 

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Seeds

Hall of Famer
Sep 15, 2007
44,413
40,395
I don't know
AFL Club
Geelong
Useful list to figure out which sectors get the best deals from the government.
There was an Interesting book released a few years ago whose name escape me. but it counted the proportion of billionaires in each region that were self made vs those that either inherited most of their wealth or benefitted from massive government support in rent seeking industries such as mining/media/real estate etc.


it found that Australia had one of the highest proportion of billionaires in the developed world coming from the latter group. I.e. our bilionaires dont deserve their money. They are rent extractors/inheritors.
 

Mateyman

Brownlow Medallist
Jun 16, 2012
11,513
8,359
AFL Club
Collingwood
There was an Interesting book released a few years ago whose name escape me. but it counted the proportion of billionaires in each region that were self made vs those that either inherited most of their wealth or benefitted from massive government support in rent seeking industries such as mining/media/real estate etc.


it found that Australia had one of the highest proportion of billionaires in the developed world coming from the latter group. I.e. our bilionaires dont deserve their money. They are rent extractors/inheritors.
I think you're thinking of Game of Mates – How favours bleed the nationhttps://gameofmates.com
 

ShanDog

Brownlow Medallist
Aug 12, 2012
20,354
39,243
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AFL Club
Carlton
Other Teams
Edmonton Oilers
I think my main concern with legislating billionaires away with taxation is the loss of that 'fu** you money' craziness that leads to unique innovation. Think old mate Musk and SpaceX. Would that money in the hands of government become used like that? Wouldn't think so.

It's obviously hypothetical and therefore limited in accuracy, but if I could be shown that we'd all be significantly better off by putting caps on wealth and having the excess managed by the State, then I'd be happy to support it.
 

Coolangatta

Premiership Player
Oct 27, 2007
3,550
3,056
Western Australia
AFL Club
Brisbane Lions
I think my main concern with legislating billionaires away with taxation is the loss of that 'fu** you money' craziness that leads to unique innovation. Think old mate Musk and SpaceX. Would that money in the hands of government become used like that? Wouldn't think so.

It's obviously hypothetical and therefore limited in accuracy, but if I could be shown that we'd all be significantly better off by putting caps on wealth and having the excess managed by the State, then I'd be happy to support it.
From my understanding, preventing Elon Musk from owning more than 1 billion worth of stock doesn't stop SpaceX from being worth about 74 billion USD. As long as Elon owns more than the other shareholders, he controls the company and strongly influences what that company does with its profits, right?

But as for his actual individual net worth, he won't ever need 150 billion or whatever stock he owns. I suppose by capping how much he has would handicap him from using his own liquidations to put into his businesses, so yeah, I don't have all the answers, and I get where you're coming from.
 

ShanDog

Brownlow Medallist
Aug 12, 2012
20,354
39,243
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AFL Club
Carlton
Other Teams
Edmonton Oilers
The US government gave him $5 billion or so didn’t they?
Wouldn't surprise me - governments probably see value in giving people like that some money in order to stake a claim on whatever the output is. They reduce their risk of loss, and increase the potential gain. Again, no billionaires = no government investment in some whacky things.
 

Chief

Shill
Dec 1, 1999
101,168
80,087
Gates' Payroll
AFL Club
Carlton
Wouldn't surprise me - governments probably see value in giving people like that some money in order to stake a claim on whatever the output is. They reduce their risk of loss, and increase the potential gain. Again, no billionaires = no government investment in some whacky things.
Only I don't think they ever took a stake. Just gave Tesla government grants.
 

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