A reader with (considering the question) the very appropriate name of Moore writes in to ask:
Economically and socially speaking, is there any amount of wealth that is ‘too much’?
Here’s the analogy: we have a right to bear arms. Nonetheless, I can’t own a fully-functioning tank, or an MX missile, or a nuclear bomb. And most of us (I presume – please correct me if I’m wrong) are OK with that. There’s a limit – someplace – to what it means to ‘bear arms’, and hunting rifles are within it and F-16s are beyond it.
Similarly, we have a right to property. Now we don’t often see someone who controls $10B as being as dangerous as someone with a squad of M-1 tanks, but my question is: why not? As someone who has spent years in the finance industry, that rich man, and what he is capable of, is every bit as scary and dangerous as somebody with a hundred fully automatic assault rifles, probably more. For if the guy with the assault rifles decides to, he (and 99 of his buddies) could take over a city kill some people, until the police, the national guard and the other armed citizens take them out. The guy with a few billion dollars, with a few of his buddies, can, say, bring down the economy in order to profit by having bought ‘insurance’ that only pays off if the economy collapses – and then get his people in the government to fund the payoff of his insurance. Millions of innocent people lose jobs, pensions and billions of dollars in the value of their holdings and we all inherit trillions in debt as a result of these moves. More or less – this is the ‘atomic bomb’ level. Something like this did just happen.
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