There’s no inherent right to hoard
Just two multinational corporations – Apple and Google – have recently announced they’re holding between them over $100 billion in cash and liquid securities. Meanwhile, gold is over $1,500 an ounce and the food and oil markets are a frenzy of speculation. We have massive hedge funds which do nothing each day but gamble hundreds of billions in the currency and interest rate markets. And when money is finally spent, it’s inordinately devoted to mergers and acquisitions which do nothing for the greater population.
These are all symptoms of the same critical problem: the failure of wealth holders to spend on meaningful employment producing investment. They’re rejecting their side of an implicit bargain that requires them to re-circulate their incomes. Instead, they either bury it in non-productive cash, strategically target their competitors, or devote themselves to idle gambling in the global financial casino.
These mal-investors are now demanding that society reduce its living standards to match the meager circulation which still remains. They’re claiming an inherent right to hoard – i.e. to destroy purchasing power – and political parties in Europe and the US are fully acquiescing. The results are increasingly evident.
We can give in, serf-like, and see our living standards continue to erode or we can issue an ultimatum: spend on meaningful investment or we’ll assert our democratic sovereignty and spend for you.