Jarolleon
kiwifarms.net
- Joined
- Mar 23, 2019
So mass immigration is caused by bad economics turning the West into the civilizational equivalent of a paperclip maximizer? That's so stupid it's probably true. But why wait to import high time preference when you can instill it?If you're investing in startups or at the IPO, sure you're providing the company growth capital. Investing in your IRA/401k on the secondary market doesn't send money to the company (higher market cap can let them buy talent with equity vs. cash, or borrow against it, but this is somewhat indirect).
In a healthy economy this is ok. The average worker doesn't have the capital or risk tolerance to invest in early stage companies, so he goes into more mature companies with less risk but a bit less growth, builds a nest egg, and eventually spends down that savings in retirement. For the overleveraged, infini-deficit Keynesian crowd, this is the "paradox of thrift" that must be discouraged by constantly devaluing the currency.
This is why they love importing populations with high time preferences and a desire for the trappings of wealth: instead of buying things that last, when needed, they'll take on as much debt as they can to finance a new $1200 iphone every year.
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