2 Matching Annotations
  1. Apr 2016
    1. By valuing capital gains above all others, we end up extracting the value of our marketplaces and rendering them incapable of generating economic activity. As a Deloitte study showed, corporate profits over net worth have been decreasing for 75 years. Corporations are great at accumulating capital, but terrible at deploying it. They vacuum the money off the playing field altogether, impoverishing the markets and consumers–not to mention the employees–on whom they ultimately depend.
  2. Mar 2016
    1. I'm talking about optimizing the economy for the velocity of money rather than for the conversion of money into capital. It's going from a growth model to a flow model. Why are we, for instance, taxing capital gains at almost nothing but taxing dividends and earnings so high? That's a tax policy that is meant to favor the extraction of capital and to punish the exchange of things.