People who hoard more money than they can spend in several lifetimes while people are literally dying in the streets cannot be good. These things are mutually exclusive.
Moving to: m/AskMbin!
### We are moving! **Join us in our new journey as we take a new direction towards the future for this community at mbin, find our new community here and read this post to know more about why we are moving. Thank you and we hope to see you there!**
Agreed.
For me personally it's more a question of does your money hoarding system exploit people or is it family money that's been made unethically. I think keeping that kind of money to yourself is unethical. And I don't mean you should go living from riches to rags but recognize that you own something to society and do something about it.
Another way to describe individuals who hoard enormous amounts of wealth to the detriment of society and other humans is ... pathologically unsound and incapable of compassion or empathy for others around them
I don't mean doctor-making-150k-a-year rich, I mean properly rich with millions to billions of dollars.
I firmly believe there are no ways to become "properly" rich that don't require you to be a bad person.
To get out of that "doctor-making-150k-a-year" category you need some combination of greed, exploitative practices, manipulating broken capitalist systems, nepotism, ruthlessness, corruption, bribery, and outright lying.
idk, you probably have a small number of artists and genuinely lucky-sons-of-bitches who get proper rich without being bad people. Or at least with their wealth not coming from being a bad person.
Yeah, fair enough, I'm not too arrogant to admit there are exceptions to every rule.
And more power to artists and exotic chefs and others, who are able to get sociopath billionaires to fork out crazy amounts of money for their work.
They still benefit from regime in place to maintain their wealth and many are by default daddy's lap dogs.
People love putting up singers or athletes as they earned their money "fair" etc but these people end shilling for the benefit of the same rich daddies
Their art literally supports the status quo.
For example NBA players and China, rappers shilling "prosperity rap" and many singers putting out generic catchy music. Wouldn't want to bite the hand that feeds them, ay?
They mostly never take a stand but to be fair those that do get punished and removed from public eye.
George Carlin was an OG about it, said shit that was so true when most of us were still shitting diapers.
You can turn any of his content on today. 100% on point and relavent. It is a bit uncanny.
I am sure he made good money but at least he didn't lie about how it works. Most celebs are more worried about other celebs accepting them into rich daddy club... Not their audiences
I agree totally, which is why I made that distinction. And my last point about participating in the system that oppresses the poor just to maintain your own wealth. I can't see how someone like that could be considered good.
You can be born into it.
I’d say you’re a bad person if you’re born into it and don’t actively try to get rid of it.
I think the point of being a rich asshole is 1 billion dollars usd. Even 999mm is too much, but over 1 bil is an easy demarcation of excessive wealth.
I find this take so hypocritical.
I bet you have more food than some people. Are you giving it to them?
You have a roof over your head, other people don’t. Are you giving it to them?
You most likely have more money than others, considering your access to the internet and ability to think up this post - are you donating all of your excess that isn’t going to your bills and food?
Calling it “hoarding” is just intentionally vilifying having money. Are some rich people bad? Absolutely. Are they bad because they’re rich? No. Do they have an obligation to give their money away? Also no.
I think you're missing the points about scale and marginal utility. If you have more food than 3 generations of your family will ever eat, and continue to take more while others are starving, you can make a moral argument that maybe you shouldn't have so much food. Much less continue to try and get more. It becomes more egregious when you, say, take food from your employees who don't always have enough.
Agree with this. We should remember that doctor-making-150k is far closer to being homeless than they are to a billionaire, with their individual wealth rivaling small countries.
Most doctors are one of us as many other well compensated professionals.
You better save that money while you can because if you are not able to trade your labour for money you are back where you started among the peasants.
I think you're missing the points about scale and marginal utility.
Missing the point and misconstruing the argument to protect the wealthy is the point.
Bear with me here, I’m thinking about all this as a thought experiment…please don’t jump on me all at once :)
I don’t disagree with you, there is a difference in utility, however what would you say to someone who has two homes? Say a vacation home on a lake? This wasn’t uncommon for persons of older generations (before shit got expensive). Because while two homes may not seem egregious to citizens of highly developed countries, it is, relatively speaking, a true extreme luxury in many parts of the world, perhaps even obscene if you consider those who live in shanty towns or those who are homeless.
And what about extra cars? Or any other luxury for that matter? Anything that explains why those in less developed countries see middle-class individuals in developed countries as “rich”?
Now these are nothing in comparison to the several orders of magnitude greater that a billion dollars is, but take them as the best examples I can think of off the top of my head lol.
Remember marginal utility is relative. My point is that, who decides what defines excess to the point where you’d make the argument you just made? where is the line? Certainly billionaires qualify, but how many millions does one need to hit that threshold? And who makes that determination? The individual with the extreme wealth will have warped perceptions (“It’s one banana, Michael. What could it cost, $10?”), so then it must be the non-wealthy who have insight, if any, or is it all relative?
I’m not trying to defend or apologise for the ultra-rich, but I think about these things in the sense of: what would I do if I won the mega-millions? Or had some secret unknown relative bestow obscene wealth on me? Never in a million years of course, but I’m the kind of person who likes to have positions that don’t change situationally, I’d like to be confident enough of my beliefs that I’d know what I’d do if the situation were reversed.
Anyway, thanks for coming to my Ted Talk lol. Again please don’t think i’m trying troll or something, this is a philosophical question for me.
It's important to recognize just how much more billionaires make than millionaires, but at the same time, no, neither of them are good or can be while maintaining that amount of wealth, and the reason is because you cannot make that much money by working. The ONLY way to make that much money is by making profit off of others.
Idk man in some areas a house costs a million. If two people go into debt their whole life and work their butts off to pay for a house that now costs a million, I still think of them as normal people somehow yaknow
A lot of that is because we're in the middle of a housing crisis thanks to enormous companies buying up all the property, pushing normal people out of the house market to renting. On top of that, buying a 1 million dollar house doesn't make one a millionaire.
Have you looked up how much a Billion dollars really is? Billionaires are not living paycheck to paycheck. They could do so fucking much with their money and resources, but they choose to invest in shitty submarines and privatized space travel. I am all for pursuing advances in tech and life, but let's solve the issues with earth first like world hunger, homelessness, and climate change.
For context: https://mkorostoff.github.io/1-pixel-wealth/
Fantastic fucking visual.
Holy shit somehow this struck harder than the Tom Scot video where he drives the length of the thickness of a billion dollar bills.
I suggest to scroll the entire page. Including the 3.2 trillion of the richest 400 americans. And remember that the tiniest scroll you can make would lead to you becoming a multi-multi millionaire that never has to look at their bank account ever again.
WOW!!
Everyone please see this!!
There's a huge difference between having food to eat
And having millions of dollars doing nothing
Or me living in an apartment
And someone living in a building that could take up a whole city block
It's not the fact that they have money. It's how they get it and what they do with it.
I have money, but I don't have enough to save. I don't make enough to do much outside of maybe buy a small amount of food for a homeless person. I'm not solving shit. However, living in the city I have had people ask for some change, and I've done it. But I can't do shit.
However, there are people who can actually help that won't. They get more money than they need and then just sit on it. Many of them get it through exploiting others.
But if we want to ignore things scaling and just reach, if I give a homeless person a dollar, should he not share that?
I have nothing new to reply to this with because others who have replied to you have already said what I would have said perfectly. I do want to say I find your reply incredibly ignorant and I hope the other replies have opened your eyes a bit.
are you donating all of your excess that isn’t going to your bills and food?
My 'excess' that doesn't go to bills and food is like 15 bucks, while theirs is several hundred million. Great comparison 👍🏼
I don't think everyone should be forced to give away everything they don't need to survive, I just think (in America's case) if you have enough wealth for several generations to live in luxury while our people are dying from inaccessible medicine and healthcare and more than half of our country has no savings living paycheck to paycheck, we've massively failed as a society to provide basic needs for our people. You could fund universal healthcare with just a tax on billionaires and they wouldn't have to change their lifestyle at all. If I had enough money that I lost 90% of it and I literally couldn't notice the difference, I'd be full of guilt every night watching people die because they rationed their insulin.
Even without a tax in place (and I seriously and truly support putting a tax in place), millionaires and billionaires could take relatively small steps to improve life for a lot of people.
Do you remember last year that news story where a church used the donations from the collection plate to buy up the medical debt for some people? If I'm recalling correctly, the church bought up the debt, pennies on the dollar, and with like $50k were able to help over 100 people. I may have wrong figures for the money value and the number of people impacted, but I think the point remains that a lot of people's lives got better without the medical debt, both financially and emotionally.
Billionaires have the capacity to do this same type of thing. Just pick any city and throw money at a major problem that directly impacts citizens. You don't even need to work with the city or state government there! Get together with your other billionaire friends and strategize to pick a variety of cities. Make a game out of it about who can afford to pay off the problems in Los Angeles or Chicago, and who can only afford to pay off the problems in Sacramento or Springfield.
Yeah this is missing magnitudes of scale here. Someone with 100,000 and someone with 1,000,000,000 are wildly different scales of magnitude. It's like people who look at a mag-4, mag-5, and mag-6 earthquake. Each of those is on a log scale, so while you're just going form 4 to 5, the scaling means that's a massive amount of change.
Same diff here. The economy is mostly based around the buying power of the median. So every log₁₀ past that point means massive change. So going from 100,000 to 1,000,000 is a pretty big change in the amount of security one has. So going from 1e5 to 1e9, that's a change of 1000 on the scale. The level of change between those two is absolutely astronomical.
I get this facet of mathematics eludes folks. All the while the whole "double the number of grains per square on a chessboard" thing we all like to play with because it's interesting. But this is that IRL. The average person and the average billionaire are on two totally different scales. It's like saying, "why a beetle doesn't glow when the sun does?" Like you can't reasonably compare those two things. Yeah, both contain hydrogen at some level but in massively, massively different quantities. It's like saying, your computer is just an overgrown abacus. It's just ignoring scale so much that it veers into very wrong.
I get what you're trying to say. But you've got to acknowledge the vast difference of scale here and that your point is not just oversimplification of an issue, but a gross by planetary magnitudes oversimplification of an issue. Just mathematically speaking, the average person and the average billionaire are not even close to the same kind of person in economic terms. It's just completely unreasonable to even remotely think they are. The numbers are just too far apart, to even attempt this argument in good faith.
I'm sorry, but being able to feed yourself and dedicate decades of your life saving for a home, is not comparable to having multiple homes, and going on holidays for half of the year.
I'm probably more on the extreme than most people here but I don't completely agree with some of the things others say on here. I do see that in our system, the kind of person and the things that you have to do to attain that kind of money requires that you be a sociopath. There are certain points on the path to that kind of wealth where you consciously make decisions that are unethical.
What that looks like is making the conscious decision to fire thousands of people, real people who have families to feed, health insurance they may depend on their employment which in the end which ultimately simply boils down to wanting to have a bigger profit margin.
I mean even just thinking about it—when you have
much more money than anything for one single person to do with, why hoard it when there's so much you can do in the world with it? The moment you begin to care for things beyond yourself is the moment you realize that no matter how much money in the world you attain, there still would never be enough left over for you to be able to be wealthy.
I think if a good person were to amass half a billion dollars they would spent enough of it on charity that they could never become a billionaire. So there are no good billionaires, but perhaps a few good millionaires moving to ex-millionaire.
Moving to ex-millionaire? A million isn't even enough to retire in the US.
My thoughts as well, pretty much exactly what I meant in my post.
if you're a good person, you wouldn't be rich.
Hardly any millionaires become ex-millionaires by choice, it's that difference that can help distinguish the 'good ones' from the 'not good ones'. If they chose that route through donation, charity, whatever it may be, they are good. If it had to be ripped away from them through just natural shitty circumstances, and otherwise would keep being hoarded, not so much.
No.
I think a mistake in thought you might be making is that people are not simply "good" or "bad." I 100% agree with @UziBobuzi that hoarding more wealth than you or your descendants could ever reasonably spend is a "bad thing." And maybe that's a "very bad thing," that would tend to cast a dark shadow on other "good" things the person might do. Still, those good things are not erased; they still exist, and should not be subtracted.
Another important concept is that, while there is a lot of overlap, a person's actions are not the entirety of who they are. We all have bad habits, and regrets, and other shortcomings that we are fully aware of and have difficulty rising above. That doesn't make us bad people, it just makes us people.
Beyond the already presented arguments from the utilitarian perspectives and the perspective of active wealth accumulation that requires a lack of morals, I want to offer a perspective on the control that this much money gives you. Since a billion dollars, or even further, the billions of dollars that billionaires have are hard to imagine/visualize, here is a handy visualization which i urge you to scroll through. (you have to scroll to the right)
Now, beyond being simply astonishingly awful because of the amount of good those people choose not to do, it's evil (I dont like the word in this context but I lack a better one) because of the control these people gain. Having billions of dollars is not just money in the sense you and I think about it. Its control, its capital. Simply through its absurd quantities it gains the emergent property of influencing millions and billions of peoples lifes, often in subtle ways like where factories are built or how resources are allocated, decisions that should by all means have democratic legitimization but are controlled by individuals like feudal lords.
And beyond that, this power influences elections through voters or through plain and simple corruption. But not the kind of small level nepotism we think of where a company wins a bid for some building, but corrpution on a level that influences state legislature and millions of people for decades to come.
No
Many rich people fall into the trap of legitimizing their wealth to themselves the wrong way. Everyone, not just super rich people, had some help during their career. Everyone got lucky at some point too. Connections, inheritances, family friends and so on.
But the wrong way to go about it is to just say, if I can do it and so many others cant, it must be their fault. They must be lazy or stupid or both…
Even people who just won the lottery, so actually really just got lucky, can fall into that trap. And then they start to treat others according to their net worth.
Good people don't become super wealthy because once they get enough to live comfortably they start sharing it with people around them or people that need help.
millions to billions of dollars.
2 million and two billion are different worlds.
How rich are we talking about?