Please address increasing high incomes and profits, and debt money creation as counterfeiting

Hi Richard, after analyzing economics for decades I feel there is a key narrative that is not being taken up that would help everyone (likely even many elites) to far better understand our modern economic crisis through the following very simple analysis: Especially now that money has become little more that imaginary electronic blips on computer hard drives, constantly increasing very high incomes and corporate profits (beyond inflation) and the endless expanding money creation through debt creation which fuels these endlessly increasing elite incomes and profits, can be very simply seen as nothing more complicated than a legalized form of counterfeiting. Seen in this light, it becomes a lot more clear why endless debt money creation and arbitrarily increasing elite incomes and profits, are so bad for the economy. This is because it is pretty easy for anyone to understand why physically printing endless private money supplies on paper is an economically destructive act. So why aren't we simply discussing debt money creation and arbitrarily and vastly increasing incomes and profits, as counterfeiting, and that the obvious needed correction to that counterfeiting is to remove all of that excess money through 90% to 100% taxes on high incomes and profits so that wealth disparity and inflation caused by this legal counterfeiting are strongly corrected; and disparities (as well as lack of investment in infrastructure, education, welfare, etc) are also corrected through redistribution? Let's open up this more simple way of looking at this problem. thanks Eric Brooks San Francisco, CA

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  • Robert Mitchell
    commented 2017-07-29 16:48:16 -0400
    I agree with your analysis, that private money is being created on a vast scale. Bain & Company estimated world capital is increasing at a rate of about $30 trillion a year, for a total of close to $1 quadrillion by 2020. However, I don’t agree with your proposed remedy of higher taxes. Instead, I propose we simply create public money for social spending (such as a basic income), and index everyone’s incomes to price rises to eliminate inflation fears.
  • Robert Mitchell
    tagged this with Important 2017-07-29 16:48:16 -0400
  • Eric Brooks
    published this page in Ask Prof. Wolff 2017-07-23 13:43:57 -0400