Apparently, Ben Shapiro’s debate with Cenk Unger included promoting fractional reserve banking as a defense against taxing the rich,
It was repeated by the Roaming Millennial:
I am much closer to Shapiro than Unger.
- I don’t want the rich taxed at 70-90 percent because I want everyone’s taxes to be zero.
- If we discard such an ideal as utopian or dangerous or unbiblical, it still doesn’t make much sense to punish the rich. The rich are far more likely to grow the economy with their extra wealth. The extra spending by the middle class will boost the economy a paltry amount in comparison.
- Really, when you put super high tax rates on the rich, you are making sure that middle class purchasing never converts into investment into new industry and thus new jobs. The middle class spends and then the government grabs it before it can be invested.
So I want to be Team Shapiro and Team Roaming Millennial but I can’t be Team FRB.
If Salman Khan (of Khan Academy) can repudiate FRB, then I don’t see why anyone else finds it extreme to do so.