Episode 105: The “Problem” with Billionaires
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The Role of Voluntary Transactions in the Economy
People think that somehow billionaires are sitting on, they use the term hoarding, hoarding this wealth. And that if we took it away from them and gave it to the people, the people would spend it in a way that was good for all of us. All of the money that billionaires have, all of their savings is spent. It just isn't spent by them. People who borrow it after they put it into the bank or into their investments or what have you,. Small businesses borrow it for the purpose of building up physical plants so that they can hire more people and produce more product - which is good for the rest of us.
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