When we say capitalism eats itself. This is the kind of thing we’re referring to. Terminal end stage profit seeking. To the detriment of literally, literally everyone. Job seekers, the currently employed who will have their wages even more heavily suppressed, even career employees who will be pushed out so they can be replaced. Even ultimately the businesses engaging in this suicidal nonsense themselves.
How does capitalism continue its fantasy of endless growth on a finite planet if nobody has money to spend on products and services? Short answer is that it doesn’t. It will limp along on financialization and debt. But that correction will ineviably come.
Me too. I am even going to enjoy these corporations get fucked over it. I wish there was a way to create a parallel economy that don’t rely on massive corporations as being the driving force. One that prioritizes humanity over economic gain.
Yes. Since the late 90s. But we’re reaching thr end now. It’s taken this long for the chickens of Reaganomics to come home to roost. The fruits of “fiduciary responsibility” to bear out.
Don’t some people think that it started even earlier than that, when we abandoned the gold standard? I always saw that as some kind of crank theory, but nowadays I’m not so sure. I haven’t looked at that debate much in depth though.
I don’t know. I’ve likewise dismissed gold standard discourse as boomer nonsense forever. Doesn’t matter now. There isn’t enough gold on earth to service our current debt. Forget about paying it off or building a functional economy. We’ve grown beyond it.
Buy with regards to supply side economics. It blew its whole load in the late 80s and 90s. By 2000 we were going downhill. Those old enough might remember the news of the day talking about us becoming a “service economy”
That was the point.
When we say capitalism eats itself. This is the kind of thing we’re referring to. Terminal end stage profit seeking. To the detriment of literally, literally everyone. Job seekers, the currently employed who will have their wages even more heavily suppressed, even career employees who will be pushed out so they can be replaced. Even ultimately the businesses engaging in this suicidal nonsense themselves.
How does capitalism continue its fantasy of endless growth on a finite planet if nobody has money to spend on products and services? Short answer is that it doesn’t. It will limp along on financialization and debt. But that correction will ineviably come.
I’m going to enjoy watching the AI bubble burst.
Me too. I am even going to enjoy these corporations get fucked over it. I wish there was a way to create a parallel economy that don’t rely on massive corporations as being the driving force. One that prioritizes humanity over economic gain.
Maybe not, but a guy can dream.
I’m far from an expert or even very knowledgeable about economics (never taken macro or micro economics), but hasn’t that been the case for decades?
Yes. Since the late 90s. But we’re reaching thr end now. It’s taken this long for the chickens of Reaganomics to come home to roost. The fruits of “fiduciary responsibility” to bear out.
Don’t some people think that it started even earlier than that, when we abandoned the gold standard? I always saw that as some kind of crank theory, but nowadays I’m not so sure. I haven’t looked at that debate much in depth though.
I don’t know. I’ve likewise dismissed gold standard discourse as boomer nonsense forever. Doesn’t matter now. There isn’t enough gold on earth to service our current debt. Forget about paying it off or building a functional economy. We’ve grown beyond it.
Buy with regards to supply side economics. It blew its whole load in the late 80s and 90s. By 2000 we were going downhill. Those old enough might remember the news of the day talking about us becoming a “service economy”
Good points, and I agree with all of it. I definitely remember all the talk about becoming a “service economy”.