The american legal system is catered to one principal:
if you owe your bank $10 that’s your problem, if you owe your bank $10 billion dollars, that is your banks’ problem.
This is why salespeople and scammers flourish in america: get enough loans and debt and you can uno reverse any monetary problem here but often rich people and bullshit artists are the only ones who have enough collateral to get that kind of debt.
The courts are designed to take a lifetime to figure that kind of stuff out - it keeps going as long as you have money. This is why republicans are obsessed with the estate tax: if you pass it on to your kids before the scam gets sorted out, all the ill gotten gains are laundered. Your kids are set for life and all the people you conned foot the bill.
It also shows how much a high estate tax would cripple these incentives.
This is why republicans are obsessed with the estate tax: if you pass it on to your kids before the scam gets sorted out
Same thing with the AI bubble. Sure it will burst, companies will go bankrupt, millions of peoples retirement savings will disappear, and many will suffer /die from the economic aftershock…
BUT
The rich will have already realized their dividends / capital gains
The rich will have already purchased the land / property
The rich will already have the data centers / ram / AI
They rich will have their assets and eat ours to
…
The whole system is a kleptocracy and the AI bubble bursting will make late stage capitalism worse not better.
The american legal system is catered to one principal:
if you owe your bank $10 that’s your problem, if you owe your bank $10 billion dollars, that is your banks’ problem.
This is why salespeople and scammers flourish in america: get enough loans and debt and you can uno reverse any monetary problem here but often rich people and bullshit artists are the only ones who have enough collateral to get that kind of debt.
The courts are designed to take a lifetime to figure that kind of stuff out - it keeps going as long as you have money. This is why republicans are obsessed with the estate tax: if you pass it on to your kids before the scam gets sorted out, all the ill gotten gains are laundered. Your kids are set for life and all the people you conned foot the bill.
It also shows how much a high estate tax would cripple these incentives.
Same thing with the AI bubble. Sure it will burst, companies will go bankrupt, millions of peoples retirement savings will disappear, and many will suffer /die from the economic aftershock…
BUT
The rich will have already realized their dividends / capital gains
The rich will have already purchased the land / property
The rich will already have the data centers / ram / AI
They rich will have their assets and eat ours to
…
The whole system is a kleptocracy and the AI bubble bursting will make late stage capitalism worse not better.
Have to agree there.
How does the financial system work