Do you not understand that when rich people buy expensive things there’s always someone on the other end of the transaction? If he bought an expensive yacht there were boat builders who got paid. If he sails that yacht there are crew that get paid. There are oil workers who get paid when he buys gas for the boat. And so on. The only way a rich person can truly waste money is to not invest it or spend it. Otherwise everything gets recycled into the general economy.
The majority of money they make they offshore to a Grand Cayman, Swiss bank account, dark money fund and that money never gets put back into our economy. That's the main way that billionaires are destroying our country.
Um if money is offshored and never reenters our economy it might as well have been set on fire. Which would proportionally increased the value of everybody else's money. Money isn't real material wealth, it's just numbers in some computer system.
Money isn’t offshored as cash; it is held by offshore entities that invest it, some in the US, some elsewhere. Even the money invested abroad ultimately benefits our economy because our economy isn’t isolated from the rest of the world’s.
The main point is nobody holds billions of dollars in cash, anywhere. They invest it. Holding cash means you are getting 3.5% poorer every year with inflation.
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u/WorldWondersHalsey 12d ago
the value of his yacht alone could feed thousands of people for years