Mike Soja explodes the notion that compound interest can eventually give you the ability to buy the world.
This quote is poignant:

[Holden had] concluded that the earth had achieved “a stage of civilization when vested property rights will be unmolested even in the case of conquest.”

We’ve clearly moved away from that state of civilization. Now we’re so civilized that nobody needs to suffer. Except, somehow, they still do. From the same source, in the comments:

From this account, we can see the conceptual problem with trusts: they allow the dead to continue to live. And control wealth. That’s stupid (and potentially mindbogglingly mischievous in effect).

Why is it stupid to “allow the dead to continue to live”? Hasn’t that been the goal of civilization and religion forever? If that’s a problem, why not legislate “70 and out”….where you check into the hospital on your birthday and never check back out? Why should the almost-dead control wealth? Buffet and Soros can go first.

Kinsella buys more of the tripe, but with details:

To try to make his plan conform with legal requirements, Holdeen had named the Unitarian Universalist Church as a beneficiary of charitable trusts, with the understanding that the church would get a tiny portion of the yearly trust income.

While Holdeen was alive, church officials consented to the arrangement. After his death, the church filed suit in Orphans Court seeking all the income. Its lawyers contended that piling up money for 500 or 1,000 years was unreasonable and potentially dangerous.

Given that the U-Us believe in no morality that can’t be rationally argued, or argued out of, that was his first mistake. The second was in thinking that his trusts could replace taxes. Given that the national debt now exceeds the total wealth of the wealthy, there is no limit to government avarice.

The folks at Mises aren’t buying Kinsella much either.


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