Non-dividend stock reinvesting cash? Some of the biggest are instead sitting on massive cash reserves not reinvesting and also not paying dividends.
When shares are created and sold initially, the comany receives the cash from those initial sales. But when investors buy stock and the stock goes up, and is traded, the company sees none of the "new value" of those shares.
TRUE, if the company makes subsequent offerings, they benefit from the higher price... while current holders get screwed by dilution, and the resulting lower price caused by the new offering. Hmmm.
As for "ponzi scheme" Perhaps not exactly... oh but do try to tell that to investors of ENRON or BoA at the meltdown or GM at their meltdown, or <insert massive list of investors that were literally destroyed by various "oh it's not really a ponzi scheme" right here>
The comparison to fiat currency is also not exact, but has interesting parallels if you look at it from the point of view of MMT.
To be sure, finanancial markets are a complicated, even abstract, world. A world where ever the most astute experts are frequently wrong (or are they?)
ALL THAT SAID: I am interested to hear your thoughts about the cash-hoarding aspects of holding high value non-dividend stock as it climbes higher due to market dynamics of limited supply of the shares and the belief in a pot of gold at the end of some future rainbow...