News

23287 readers

3792 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago

MODERATORS

[email protected]

849

An excess of billionaires is destabilising politics – just as academics predicted (www.theguardian.com)

submitted 2 weeks ago by [email protected] to c/[email protected]

46 comments fedilink hide all child comments

The concept of “elite overproduction” was developed by social scientist Peter Turchin around the turn of this century to describe something specific: too many rich people for not enough rich-person jobs. It’s a byproduct of inequality: a ton of poor people, sure, but also a superfluity of the wealthy, without enough positions to house them in the influence and status to which they think themselves entitled. In a modern context, that would mean senior positions in the government and civil service, along with the top tier of finance and law, but Turchin tested the hypothesis from ancient Rome to 19th-century Britain. The names and nature of the contested jobs and titles changed; the pattern remained. Turchin predicted in 2010 that by the 2020s it would be destabilising US politics.

Turchin didn’t specify exactly how much wealth puts you in a situation with an overproduced elite, but he didn’t mean debt-laden students; he didn’t mean MPs; he meant, for brevity, billionaires or the top 1%. When a lot of your media are billionaire-owned, those media sources become endlessly inventive in taking the heat off billionaires, nipping criticism in the bud by pilfering its vocabulary and throwing it back at everyone.

Elon Musk could never have got himself elected into office in the US. But as the cost-cutting tsar, a made-up role Trump has promised him, he would exert extraordinary power to cause pain, with the only choice left to citizens being whether or not to hug it. Another billionaire donor, John Paulson, has been floated for the treasury secretary job, and Trump has a track record of rewarding big-ticket donors with a seat at the table – the billionaire Stephen Schwarzman boasted in print about his role in the new North America Free Trade Agreement negotiations in 2018, and as part of Trump’s “strategic and policy forum” during the 2017 administration.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 15 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

While I agree, billionaires don't just have a 10+ figure checking account. Most of their networth is in non-liquid assets.

Which is why we should tax unrealized gains over a certain amount, and loans against those unrealized gains.

[–] [email protected] 9 points 2 weeks ago

Owning that much of a company that is valued that highly is still damaging to society, even if it isn't liquid cash. Even putting aside their ability to take out loans with the shares as collateral, if the company is really worth that much it should be owned by a larger number of people with each taking a reasonably sized share to ensure that decisions are not made selfishly.

Taxing unrealised gains also hurt working class people dabbling in the stock market to try and improve their circumstance. IMO once you reach a net worth of $1B you get a pat on the back that you won captalism, and a 200% tax rate on anything beyond that to force you to give it up. No one person should own and control so much of a company if it truely has so much value, divide it among those that created the value i.e. the employees.