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Aral Balkan (aral@mastodon.ar.al)'s status on Tuesday, 02-Jul-2024 15:56:45 JST Aral Balkan
in reply to
@pinguino @paradigma @HarbingerOfSalem @freakyselena Banks literally create money out of thin air the moment they issue a loan.

In conversation about 5 months ago from mastodon.ar.al permalink
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  pinguino (pinguino@social.linux.pizza)'s status on Tuesday, 02-Jul-2024 15:56:46 JST pinguino
  in reply to
  - Paradigma
  - Selena Gomez
  @paradigma @HarbingerOfSalem @freakyselena @aral
  Money have existed long before any bank or state.
  Current fiat money is not created by banks but states (through central banking).
  Fixing capitalism fails because there is nothing to fix.
  
  In conversation about 5 months ago permalink
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  Paradigma (paradigma@mastodon.social)'s status on Tuesday, 02-Jul-2024 15:56:47 JST Paradigma
  in reply to
  - pinguino
  - Selena Gomez
  @pinguino @HarbingerOfSalem @freakyselena @aral
  Every type of theory that tries to fix this capitalism thing will fail, every single one. They just not address the root cause, which is, money is created by private corporations that we call banks, without any valid argument. This is like asking to Mcdolands for a billion USD to fix the economy. We are owe by a handful of people just because we ignore this little fact.
  Every digits belongs to them. Money is just debt.
  
  In conversation about 5 months ago permalink
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  pinguino (pinguino@social.linux.pizza)'s status on Tuesday, 02-Jul-2024 15:56:48 JST pinguino
  - Paradigma
  - Selena Gomez
  @HarbingerOfSalem @freakyselena @paradigma @aral
  Here's a link for the article in the screenshot: https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century#Criticism
  It has an unusual amount of criticism for something that is mathematically beyond refute.
  In conversation about 5 months ago permalink
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    Capital in the Twenty-First Century
    
    Capital in the Twenty-First Century (French: Le Capital au XXIe siècle) is a book written by French economist Thomas Piketty. It focuses on wealth and income inequality in Europe and the United States since the 18th century. It was first published in French (as Le Capital au XXIe siècle) in August 2013; an English translation by Arthur Goldhammer followed in April 2014. The book's central thesis is that when the rate of return on capital (r) is greater than the rate of economic growth (g) over the long term, the result is concentration of wealth, and this unequal distribution of wealth causes social and economic instability. Piketty proposes a global system of progressive wealth taxes to help reduce inequality and avoid the vast majority of wealth coming under the control of a tiny minority. At the end of 2014, Piketty released a paper where he stated that he does not consider the relationship between the rate of return on capital and the rate of economic growth as the only or primary tool for considering changes in income and wealth inequality. He also noted that r > g...

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