The money they pay also has 0 tangible value. You can't pay humanity out of poverty, that's a ficticious dream. Poverty is a structural problem, and a political one. It has more to do with what other countries are allowed and not allowed to do within the larger financial superstructure dominated by western capital.
That money absolutely has tangible value. If Jeff Bezos is willing to pay $500 million for a yacht, but I'm willing to pay $600 million to build schools, the market should favor building the schools and society ends up with a bunch of schools rather than a single super yacht.
That's why we need some kind of significant wealth tax. Take the money away from people that will choose to allocate resources to yacht building and other frivolous things and spend it on stuff that has an obvious benefit to society.
Inflation may be a bitch, but last I checked I could walk into McDonald's with a green piece of paper with a "$5" printed on it and walk out with a Big Mac, no questions asked.
That's what "fiat currency" means. The green piece of paper is useless in a vacuum (maybe unless you're a fan of tiny origami or in search of kindling), but because everyone just agrees (and the US government enforces) that a particular kind of green paper with a "$5" printed on it has a certain value, then it can be used as a medium of exchange.
It doesn't scale, is the thing. You can't walk into a macdonalds and walk out with a billion burgers just because you're a billionaire. What seems to make sense on a micro level is completely nonsensical on a macro level. Money is mostly tied up in property, stock, loans and financial derivatives anyway. It's largely a ficticious element, which is printed by the billions every day.
Of course it scales. Sure, he'd probably need to call ahead (like, way ahead), but if a billionaire wanted to buy a billion burgers, it's not like that's an impossibility.
> It doesn't scale, is the thing. You can't walk into a macdonalds and walk out with a billion burgers just because you're a billionaire.
That's only because the super rich are dictating what's in demand. If you take all the money being spent on luxury watches and start spending it on dental care for children, the market should reduce the supply of watch makers and increase the supply of dentists in order to meet the demand for each.
Most money is invested in assets designed to retain wealth or increase profits, directly or indirectly. Their wealth and power is contingent upon that very scheme.
you can't pay humanity out of poverty, but you can help humans out of poverty. don't look at it as a global problem, it's an individual problem. so the thousands of dollars that went to stupid monkeys, if you take just 1% and give it to someone that values it is much much better
