this post was submitted on 26 Aug 2024
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it's not even about labour and capital at this point. West doesn't have much capital at this point. A lot of it is just money that exists in databases and spreadsheets, along with the war machinery that forces the rest of the west to pretend its real.
The West has de-industrialized to a large extent, but it also has financial instruments which it uses to extract superprofits from its neocolonies in the Global South. That "money" that exists in databases and spreadsheets allows them to underdevelop the rest of the world, control the primary production of raw resources, and restrict the movement of advanced technology outside the West.
Although the murder machines definitely help turn those financial instruments into real tools of underdevelopment.
I was more referring to the fact how the USD is not backed by anything material. Vibes based currency.