Daydreaming Idly
"It is reality that awakens possibilities, and nothing would be more perverse than to deny it. Even so, it will always be the same possibilities, either in sum or on the average, that go on repeating themselves until a man comes along who does not value the actuality over the idea. It is he who first gives the new possibilities their meaning, their directions, and he awakens them."
- Robert Musil, The Man Without Qualities
"The truth will set you free. But not until it is done with you."
- David Foster Wallace
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The problem is that the wealthy have broken their social contract in capitalism. There is nothing wrong with being rich, but those involved in investing and banking are robbing value from society, not adding to it. The rich have a role in capitalism: it is to invest, lend, and grant their capital. It is to reinvest in their companies and employees or reinvest into other enterprises for a risk of greater gain. They have to manage their enterprises and assets wisely—to grow their capital by taking risks funding other people’s ventures.
They’re not doing that. They are taking large amounts of liquid capital and sitting on it. Their cash holdings aren’t being lent out by banks to would be entrepreneurs. Most of that capital is going into the multi-trillion dollar derivatives casino that Wall Street has devolved into. Speculation runs rampant, leading to a volatile market that only benefits the people who took the dangerous economic risks in the first place. They’re not investing in actual business, which would grow the economy and help everybody.
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