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Are we the baddies?

(geohot.github.io)
693 points AndrewSwift | 1 comments | | HN request time: 0.233s | source
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hardwaresofton ◴[] No.44478703[source]
> If you open a government S&P 500 account for everyone with $1,000 at birth that’ll pay their social security cause it like…goes up…wait who’s creating this value again?

This is a good point. Some VCs were major proponents of this (and tons of other business people I'm sure), but this is of course just a guaranteed inflow into the largest companies and the companies that think they will be large some day. Yet another way to reallocate public cash to private companies.

Another similar example is UBI -- its proof of an economy that is not dynamic. It's a tacit approval and recognition of the fact that "no, you probably won't be able to find a job with dignity that can support you and your family, so the government will pay to make you comfortable while you exist".

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tossandthrow ◴[] No.44478933[source]
> make you comfortable while you exist

I don't think there are many proponents of that type of ubi.

The way, at least I, see ubi is absolute subsistence - with a right to earn above that without affecting your subsistence.

IMHO something along UBI is needed for a democratized market economy - and I think the Scandinavian countries are the support for this claim.

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al_borland ◴[] No.44479465[source]
If everyone gets an equal raise (whatever the UBI is), wouldn’t the entire market simply adjust to price that in, leaving everyone in the same relative position?
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1. komali2 ◴[] No.44505740[source]
People that admit "yes" to this (or similar ones: subsidization causing increasing rent to match, etc) are acknowledging that prices aren't really set by supply and demand, nor were they ever, nor will they ever be.

Prices are as high as companies can get away with charging, and they can collude to get these prices higher if need be, or lie about a product, or spend decades as an industry convincing you that you need something you don't.

If the market worked as economists always scold us that it does when they want less socialism, it wouldn't matter a lick what someone's salary is. That doesn't affect supply and demand, after all.