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ScallionPancake on scored.co
5 days ago0 points(+0/-0)1 child
> If money is printed and handed to poor people they use it to buy resources that would've been otherwise left for the rich.
They can't, because that much printing would devalue the money to the point of them not being able to afford the valuable resource any more.
For example, look at housing the US now. Nearly nobody can afford to buy a house. Why? Because the (((federal reserve))) printed $4 Trillion dollars during COVID, which devalued the dollar by 30-40%.
Edit: Okay, I just watched the full video. I think what you're saying applies to an actual scarce resource, for example.. land, gold, a car, etc. There is only so much of it in the world that even if everyone had infinite money, not everyone could obtain it.
But the example he provided was of food, which he said we have enough to feed every mouth in the world. Which, he isn't wrong about. The world does produce enough food to feed everyone, but we still have people who starve to death. In this case, food is not a scarce resource, so the dynamic is different.
> Food is still a scarce resource because it requires labor to produce.
Requiring labor doesn't make something scarce, it's supply compared to demand does. We have more than enough food in the world right now to feed everyone.
> If everyone was given money why would they produce anything
That's his point, he mentions it in the video even.. the reason why they make money scarce is to make it so people are compelled to work.
Labor IS a scarce resource. Anything finite has a scarcity. You have to incentivize labor to produce it. We incentivize with reward(money). Reward without labor means nothing gets made, making EVERY RESOURCE scarce.
Yes. It is. We live in a scarcity society. And it os exactly the definition of scarce that matters. We only have more food produced BECAUSE people labor to make it and produce it FOR MONEY. And we would NOT produce it, or anything without the incentive of reducing scarcity in our lives.
If we lived in a post scarcity society things would be different, but that's not possible until we conquer death, because life is the ultimate scarce resource and that's what we trade for other wcarcities. Time(labor) for goods.
They can't, because that much printing would devalue the money to the point of them not being able to afford the valuable resource any more.
For example, look at housing the US now. Nearly nobody can afford to buy a house. Why? Because the (((federal reserve))) printed $4 Trillion dollars during COVID, which devalued the dollar by 30-40%.
Edit: Okay, I just watched the full video. I think what you're saying applies to an actual scarce resource, for example.. land, gold, a car, etc. There is only so much of it in the world that even if everyone had infinite money, not everyone could obtain it.
But the example he provided was of food, which he said we have enough to feed every mouth in the world. Which, he isn't wrong about. The world does produce enough food to feed everyone, but we still have people who starve to death. In this case, food is not a scarce resource, so the dynamic is different.
Requiring labor doesn't make something scarce, it's supply compared to demand does. We have more than enough food in the world right now to feed everyone.
> If everyone was given money why would they produce anything
That's his point, he mentions it in the video even.. the reason why they make money scarce is to make it so people are compelled to work.
Food is not scarce, we produce 75% more food than is required to food the entire world. Food is abundant.
> Anything finite has a scarcity
Air is finite, is air scarce on earth? No.
If we lived in a post scarcity society things would be different, but that's not possible until we conquer death, because life is the ultimate scarce resource and that's what we trade for other wcarcities. Time(labor) for goods.