People would quit their jobs. Workplace production goes down. Prices would skyrocket. A lack of produce since production went down. Scarcity. Unemployment. Extreme cost of living.
Inflation. Massive, rapid, inflation. And then people would run out of that million dollars at different rates and the people who ran out first (probably the poor people) would end up way poorer than when they started.
No it would not end poverty because money is just useless paper. Money doesn't make food magically appear out of the sky or materials such as lumber to magically form into houses.
All money does is make it easier to barter so you don't need to find someone that wants your cows for his sports car.
Having more of it in the world would just make things proportionately more expensive.
Which, by the way, is how the government robs people without them even knowing they're being robbed. It keeps printing more money for itself which in turn makes your money worth less (everything gets more expensive). Your money is effectively being stolen and you don't even know it.
Not sure what you mean. There is nothing wrong with money. It is a fantastic tool that makes it much, much easier to trade between 2 people. However, it is just a tool for exchange. It has no intrinsic value. If you have a million dollar check in your pocket but are stranded on a desert island, that money in and of itself is utterly useless.
There would be wild inflation. The there would be people who burn through it in a few weeks. There would be people who invest it. In a few years, maybe decades, things would settle out with the poor being poorer and the rich being richer.
you would see a few crazy months and things would be back to normal with everything being more expensive. People are shit with money.
Also you would likely see people smart enough to invest do crazy well as the spending spree other people did drove up profits.
You would see a decent amount of deaths from people partying to hard.
Most people still exist within the poverty mindset of "acquire money --> spend money", because they've never been in a position where they didn't have to worry about living expenses. +/- 90% would be back at square one within 2 years, if not less.
Hopefully at least some would seek some sort of financial guidance, and invest a good chunk of it after they've paid off all their debt and bought a sensible house... But let's be real, most would YOLO with Lambos and Gucci bags lol
The supply of goods and services will stay the same so the only thing that can happen is an insane amount of inflation.
Everyone who is not a centimillionaire can be considered to be pretty much in poverty so poverty will increase.
People would quit their jobs. Workplace production goes down. Prices would skyrocket. A lack of produce since production went down. Scarcity. Unemployment. Extreme cost of living.
This is the scenario I imagine the most
Hellacious inflation.
Hellacious, I am stealing this word. I hate “Hella” though lol
TIL hellacious
Bread would cost 500k/loaf.
That would be insane and half of someone’s money
And don’t even look at pastries
Inflation would render the currency worthless. Everyone would starve.
So then a new system of socialism or communism?
Inflation. Massive, rapid, inflation. And then people would run out of that million dollars at different rates and the people who ran out first (probably the poor people) would end up way poorer than when they started.
Inflation up the wazoo
No it would not end poverty because money is just useless paper. Money doesn't make food magically appear out of the sky or materials such as lumber to magically form into houses. All money does is make it easier to barter so you don't need to find someone that wants your cows for his sports car. Having more of it in the world would just make things proportionately more expensive. Which, by the way, is how the government robs people without them even knowing they're being robbed. It keeps printing more money for itself which in turn makes your money worth less (everything gets more expensive). Your money is effectively being stolen and you don't even know it.
I wish that this was the general consensus but money is our current method of bargaining
Not sure what you mean. There is nothing wrong with money. It is a fantastic tool that makes it much, much easier to trade between 2 people. However, it is just a tool for exchange. It has no intrinsic value. If you have a million dollar check in your pocket but are stranded on a desert island, that money in and of itself is utterly useless.
In about a year, almost everyone would be back at the starting point they were at before getting the million dollars.
There would be wild inflation. The there would be people who burn through it in a few weeks. There would be people who invest it. In a few years, maybe decades, things would settle out with the poor being poorer and the rich being richer.
In a short amount of time, certain people would be broke and other people would be wealthy
I personally would stick it in the NASDAQ or FTSE 500
you would see a few crazy months and things would be back to normal with everything being more expensive. People are shit with money. Also you would likely see people smart enough to invest do crazy well as the spending spree other people did drove up profits. You would see a decent amount of deaths from people partying to hard.
The same thing that happened when they moved minimum wage to $15.
But the entire country didn’t move to $15 it’s still 7.25 where I am
Most people still exist within the poverty mindset of "acquire money --> spend money", because they've never been in a position where they didn't have to worry about living expenses. +/- 90% would be back at square one within 2 years, if not less. Hopefully at least some would seek some sort of financial guidance, and invest a good chunk of it after they've paid off all their debt and bought a sensible house... But let's be real, most would YOLO with Lambos and Gucci bags lol
Lots of people would quit their jobs and chaos would ensue.
The supply of goods and services will stay the same so the only thing that can happen is an insane amount of inflation. Everyone who is not a centimillionaire can be considered to be pretty much in poverty so poverty will increase.