For the last 9 or 10 weeks, I’ve been developing a set of ideas for achieving a global wealth tax.
Probably in your economics class, you learned about GDP.
But what I guarantee you were NOT told was that GDP doesn’t sublimate into the air every year – a large part of GDP accumulates year to year.
There is more wealth on Earth at this precise moment than has ever existed. There are building structures in Paris that are completely functional that were built in the 6th Century – that’s GDP from the 6th Century that remains as wealth TODAY.
HOWEVER, here’s something “funny,” somehow we are unable to afford ANYTHING!
Isn’t that strange? There exists more wealth than has ever existed, but we can’t afford anything?
This is because all this wealth accumulates TO a very, very tiny circle of agents – the 0.1%, large corporations, large foundations.
This circle is not content with JUST having ALL the wealth – according to them (and they call the shots), their governments and the rest of us poor schlubs, in addition, OWE them $244TR.
To counterbalance this sad state of affairs, I figured out how we could achieve a $15TR+/yr. global wealth tax.
If you make the global wealth tax 12%/yr. on their entire wealth, BUT only 4%/yr. IF they pay the tax with a bank loan, then those with all the wealth would “save” 8%/yr. of their entire wealth paying the tax with a bank loan.
So all of them would pay with bank loans, and the banks would make $800BN/yr. from the $15TR+/yr. in tax revenues.
It would be the most profitable event in the history of banking.
Since it would be the most profitable event in the history of banking, the BANK LOBBY, the most powerful lobby in the world, would make sure the global wealth tax came into being.
You might notice I created a topic thread about this idea on this very discussion board.
I’ve also emailed the write-up to a lot of important economists in the world.
Economics is so diseased, typically no one responds to my very polite emails. You’ll notice on this discussion board no one responded to my posting.
Btw, the banks would package the loans into Global Wealth Tax Collateralied Loan Obligation bonds.
$5TR worth of the bonds could be deposited into a Global Retirement Account for the 3 billion most indigent people in the world every year.
Within 8 years, poverty would no longer exist on the Earth.