Post AX57g8JIEIITGwBP8a by illustietor@mastodon.social
 (DIR) More posts by illustietor@mastodon.social
 (DIR) Post #AX4u4UNKReDPIVn3XE by xerz@fedi.xerz.one
       2023-06-26T08:49:04.229233Z
       
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       @lunch he used to consider himself a capitalist libertarian, these days I think he doesn't support any particular political system with specifics
       
 (DIR) Post #AX57g3rqkNy5UfJQo4 by xerz@fedi.xerz.one
       2023-06-25T22:10:57.892600Z
       
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       This just made me stop and think: yeah central banks kinda suck https://youtube.com/watch?v=qxCVUpaelHw
       
 (DIR) Post #AX57g4czv5gLqtN5IO by xerz@fedi.xerz.one
       2023-06-25T22:47:39.411599Z
       
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       > central bank literally gives away free money to banks all around the world> banks print even more money (with fractional reserves and debt) at low rates to VCs, REITs, conglomerates and traders to #invest in securities like startups, stocks and mortgage-backed real estate> keep growing value by overpromising> if you win money, repeat process> if you lose money, repeat process> just keep money going, you only need 1 of every 10 investments to go big> keep growing, add more customers, add variety, brag about exclusivity, buy other companies, make numbers big, line go up> oops companies became too greedy, unaccountable businesses are overpricing stuff on top of the cheap money they already get> oops demand changed, people don't want overpriced stuff but inflation went up for everything and now they risk going broke> central bank cuts off the faucet> banks make loan rates high so you can't just invest and shrug it off> try to squeeze out whatever you can to keep growth up, demand people to go back to offices, deny raises, handicap or remove cheaper products, reduce stock, punish customers for every little thing they take advantage of, get rid of investments before everyone else notices> oops end of the road, loans defaulted> time to fire everyone and ask the banks to sort it out> central bank couldn't care less, brags about a well done job at stopping inflation, says it's better than hyperinflation> oops banks are running out of reserves> banks ask the central bank for more money, the relationships and properties your bank holds are too important, you're too big to fail 🥺> central bank literally gives away free money to banks all around the world
       
 (DIR) Post #AX57g5VwcndObJ4xwO by xerz@fedi.xerz.one
       2023-06-25T22:55:35.940297Z
       
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       And yes, this is all very conscious, very well calculated and very intended. Credit cycles are meant to get rid of businesses bad at milking out, stock indexes are meant to perpetually beat inflation and ensure the rich stay wealthy, joblessness is a tool meant to keep workers moving instead of living on their own without concentrating back wealth into corporations and banks, everyone in power stays unaccountable so things don't go too wild
       
 (DIR) Post #AX57g63yaGrAIr08zA by xerz@fedi.xerz.one
       2023-06-25T22:59:10.675143Z
       
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       I wonder what would happen if everyone eventually got rich enough to defend themselves properly with decent lawyers.
       
 (DIR) Post #AX57g6jS6428NUPGdM by xerz@fedi.xerz.one
       2023-06-25T23:02:32.327896Z
       
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       It also makes me wonder how much the original role of money (letting people directly trade things that aren't infinite) is still relevant, at which scale it starts mattering.
       
 (DIR) Post #AX57g7RlRJTkav8ehc by xerz@fedi.xerz.one
       2023-06-25T23:07:54.752651Z
       
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       Lastly, I guess the point of all of this system is to make the 1% comfortably make a lot of risky investments so things can grow and evolve. I wonder how necessary is it these days.
       
 (DIR) Post #AX57g8JIEIITGwBP8a by illustietor@mastodon.social
       2023-06-26T06:23:15Z
       
       1 likes, 0 repeats
       
       @xerz Creo que el libro "En deuda" de David Graeber te molaría. Hace un analisis de perspectiva antropologica sobre el sistema monetario a lo largo de la historia, desde su origen real (no el mito del trueque de Adam Smith), pasando por la instrumentalización del "sentimiento" de deuda, hasta como funciona en nuestros días a escala global.Si no lo encuentras, avisa y te lo paso en español en formato .epub.