this post was submitted on 28 Jul 2024
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Is an American with a small house in some hyper-inflated corner of the California real estate market really wealthier than a guy out in Malaysia or Nigeria who owes property that's 1/10th the price but can pay $2/day for an army of laborers?
I think this puts too much faith in the value of the American dollar relative to the functional value of real estate and human labor trading at a fraction of the price thousands of miles away. Real wealth needs to have some degree of political power behind it. A guy with a $500 rifle who can command a hundred acres of turf and a thousand other people is - in my opinion - substantially wealthier than a guy with a $500,000 condo who owes his continued existence to some Madison Avenue ad agency.
All the people in Congress and the Senate command votes in one of the wealthiest political bodies on the planet. Having a 1/438 share in the $5T us appropriations budget is worth far more than a piddly million dollars in a savings account.