Wednesday, November 28, 2012

The Left's Scrooge McDuck Mythology of the Wealthy

This is an excellent article about the liberal view of money.
Scrooge McDuck is wealthy. Thanks to Disney's distribution, Donald's rich uncle is known the world over. Everybody knows about McDuck's multi-story vault with a diving board, and how he literally "dives in," swimming through his fortune of gold bars, silver coins, and hundred dollar bills.

The money is just sitting there. Never mind Scrooge McDuck earned the money; he isn't using it, so McDuck doesn't need it. In fact, McDuck would still be rich if he gave over half of it away to those who really need it -- like kids in Mexico, the Philippines, and Afghanistan. Obviously, the rich foreigners, like McDuck, are selfish jerks for not sharing their 'luck.'

Reasonable adults can forgive the naiveté of poorly educated kids who don't understand finance. Educated people know Bill Gates, Steven Spielberg, Warren Buffett, George Soros, and Mike Bloomberg don't go swimming through their wealth in a high-rise vault like McDuck. Their money is invested; their wealth is primarily on paper. If the celebrity super-rich ever tried to liquidate their assets, much of the value would evaporate before they could click "sell". Even selling a small percentage of their holdings could cause key stocks to collapse, impact the wider market, and result in real -- not paper -- layoffs.

Read the entire article.

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