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Google co-founder Sergey Brin has now spent $100 million to fight the billionaire tax (techcrunch.com)
submitted 2 weeks ago by to c/usa@midwest.social
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[–] 2 points 2 weeks ago (1 child)

The point is that a lot of this money doesn't exist. So if someone were to call it all in, the financial system would suddenly be faced with some very difficult truths.

Calling in a reasonable portion of it shouldn't be an issue.

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  • [–] 1 point 2 weeks ago (1 child)

    I don't understand all that. The money they have doesn't exist?

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  • [–] 2 points 2 weeks ago (1 child)

    One of the examples: Amazon promised $4 billion to OpenAI as an investment. OpenAI then invested in AWS for infrastructure/training.
    The money never changed hands, never existed, but is talked about as if it's real. In reality AWS gives computing power to OpenAI in return for some stake in their business.

    A brief explainer: https://www.bloomberg.com/graphics/2026-ai-circular-deals/

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  • [–] 1 point 2 weeks ago*

    I feel like that should be illegal when dealing with that much money. You can't just invent that much new money as if it exists or as if you paid someone. It's bad enough that banks do that.

    How about I go and "promise" I'll pay the grocery store for all the food I'm about to take home. They'll say I'm "sTeALiNg".

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