Video & Multimedia
Related: About this forumPapantonio: Cash Hoarders Devastate Economy
This interview is a sneak peak of this weekends Ring of Fire on Free Speech TV. The wealthiest Americans are sitting on trillions of dollars in cash. They arent reinvesting, they arent giving workers a raise, and they arent spending. Ring of Fire host Mike Papantonio talks about how this affects our economy with Richard Eskow, a senior fellow at the Campaign for Americas Future.
More at Ring of Fire.
ErikJ
(6,335 posts)To keep the economy going?
NoMoreWarNow
(1,259 posts)the Fed wouldn't need to inject more cash into the economy.
tclambert
(11,087 posts)in the end, there can be only one . . . with ALL the wealth. Nobody else will have anything, not even air to breathe. It's nothing personal. That's just how the rules of the game work out.
Right now, it's the 1%. But we're working hard to shrink that down to .000000001%.
GreenStormCloud
(12,072 posts)Unless they are piling actual cash in a box somewhere, then they have that cash in some bank or other financial institution as liquid assests. From that cash in the bank, loans are made. The money is being used. There is no such thing as idle money, unless it is hidden in a home safe.
NoMoreWarNow
(1,259 posts)if it was taken as taxes, it could be spent by the govt and stimulate the economy, for instance.
GreenStormCloud
(12,072 posts)If the money is lent to someone to buy a new car, that is productive. If it is lent to buy a house, that is productive. If it is lent to someone to get an education, that is productive. If it is lent to someone to take a vacation, even that is productive. The only way that money isn't being productive if it is buried in the back yard.
NoMoreWarNow
(1,259 posts)for a variety of reasons.
GreenStormCloud
(12,072 posts)Only if the money is buried in the back yard is it out of circulation, and unproductive.