Source: Ludwig von Mises Institute
by Connor O’Keeffe
“The eye-catching dollar amounts reported as the net worths of the richest people in the world, like Elon Musk, are not large piles of cash sitting around in bank accounts gathering dust. They are mostly the present value of the companies they own. It is not even possible to tax or confiscate these assets without destroying most or all of the initial value. Figures like Warren and Newsom know this. But the implication that the rich are simply ‘hoarding’ trillions of dollars of wealth is useful to them. It feeds the impression that all of our economic problems are, in essence, problems with the distribution of final consumable wealth.” (06/17/26)
https://mises.org/mises-wire/musk-trillionaire-panic-distraction