The more money there is on the stock market, the less money there is circulating in the real economy.
Until the next bubble is found it will continue to exist. Seems like investors don't want returns on their investments anymore.
I think a big part of the AI hype might be that the oligarchs decided that AI is how they're going to be able to compete with China. They're drinking their own koolaid thinking they're going to be able to automate everything within a few years. As a result we're seeing effectively unlimited money being poured into this tech.
At this point I feels like it's all part of one big "everything bubble." The whole damn western economy is one big ass bubble. It's just not a big, uniform bubble, but like a lumpy bubble formed by all the bubbles mushing together. And right now, AI is one of the more prominent ones.
And yeah, none of it will be allowed to pop unless something utterly extreme happens. Wall Street has spent decades changing the rules. They also pretty much have all the money now. Unlike in the past when the workers could actually do bank runs or all pull out of a stock. Now though, the working class doesn't have a pot to piss in. Wall Street has all the money.
Then they use assets from debt that you can't file bankruptcy on (like Student dept). Things got dicey with all the remote work crashing the corporate real estate markets so they had the government start attacking businesses and forcing return to office shit. They control it all at this point. If Wall Street said the bubble will pop unless we start grinding children into paste, the government would be knocking on every door. Police would be stomping children in the streets. Hell some people would willingly drag their kicking and screaming children to the grinder for the glorious economy.
Good point. I suppose this might be the extract phase of the bubble. Businesses have been known to do this as they start with market destroying cheap prices, then once the market is wrecked and eveyone else wont come in, they jack up the prices until consumers jump, then they jack up business prices until businesses jump and then they die (pretty much cory doctorrows main narrative). It sounds like the stock market is doing the same (which makes sense if you think back to the penny stock era when workers could invest in cheap stoch, which turned out to be a scam).
From my perspective stocks are a huge scam. But as an aspiring dialectical materialist I'm happy to be shown a better idea.
From my perspective stocks are a huge scam.
I watched a documentary on Bernie Madoff last year and never figured out what the bad thing was that he did. Like yes obviously it's bad when people lose their life savings, but why was it illegal the way Madoff did it and not illegal when it's someone else? Who chooses when it's a Ponzi scheme and when it's the invisible hand of the market? For that matter, when is a bank a legitimate bank and not a ponzi scheme?
slightly related, but the big flag that the stock market is just a casino is that using the best strategy to "win" (insider trading) is illegal
Illegal but only sparingly enforced.
Do you mean actually or for the westoids?
In capitalism, a scam is when a poor person does it. If a rich person does it, thats called innovative strategy. (Not joking)
In my opinion as a clerk, banks are always scams. Why the fuck would someone want to store their money somewhere in the first place except for electronic transfer (which also is a scam in its implementation).
There was the concept of cheques. If you hand someone a cheque you better make sure the money is there when the person liquidates the cheque. Honestly, cash would have been better and more honest.
Anyway, I think it will all get better when we implement council governance and decapitate the capitalist systems.
I mean actually. But sometimes hearing westoid cope is also fun, cause they'd come to the same questions if they just thought for a minute.
In capitalism, a scam is when a poor person does it.
That's the weird thing about the Madoff example. He wasn't poor, and was very well respected on Wall Street.
That’s the weird thing about the Madoff example. He wasn’t poor, and was very well respected on Wall Street.
It's always the same mechanic. If a rich person gets persecuted, it is because the system needs to appear legit. Or they are trying to suppress something else. Today I learned the term "boomer truth regime" which I will be trying to further research since it sounds pretty much like the issue a lot of us are facing atm.
I hadn't heard the phrase "boomer truth regime" before you mentioned it and I was curious as well. Turns out it's when cryptofacists try to explain the US cultural shifts from WWII to today while using fancy terms they don't understand (and obviously no dialectics nor theory of class or political economy). It's definitely a laugh to read about though, there's a bit of possibly every classic far-right conspiracy theory in there.
Yeah, I was very sad when I read about it and it turned out to be fascist shit. The term is pretty cool though. I thought they meant the revisionism but it turns out they were wildly off. Because I havent yet gotten my hands on good literature on the topic of western history revisionism and the sheer tons of lies they spread. Its a problem because it is true but the fascists again are more visible.
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