(Thread IKs:
skooma512)
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Vox Nihili posted:Its cool that other countries also have insanely stupid and undemocratic rules to magic up laws, just like America anyways the parliamentarian said we can't raise minimum wage, sorry YA'LL FOLX! vote harder next time, donate now
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Mar 17, 2023 03:52
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| # ? May 24, 2024 12:49 |
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Real hurthling! posted:Hollywood country club wife names tennis pro mistress in letter to members https://pagesix.com/2023/03/16/country-club-wife-names-tennis-pro-mistress-in-letter-to-members/ This useless rag of a publication didn’t even show any pictures of the hot tennis coach.
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Mar 17, 2023 03:58
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Ramrod Hotshot posted:just logged in today and saw that another bank is getting bailed out. so is it just going to be whackamole bailouts for the rest of the year or do the bank failures finally get out of control? yes
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Mar 17, 2023 04:01
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its starting to look like that mailer about svb being the most secure bank for your money (infinite backstop, but not everyone gets the privilege) was absolutely right
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Mar 17, 2023 04:06
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Mr Hootington posted:I thought the bank wasn't a systemic risk simply incredible
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Mar 17, 2023 04:07
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dodd frank, but for smaller banks only
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Mar 17, 2023 04:09
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nomad2020 posted:Look, the tech bro banks had a contagion and were giving other banks the runs. How is this hard to understand? this feels like them admitting they hit the iceberg but doing everything to give the rich people enough time to get to the lifeboats
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Mar 17, 2023 04:11
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Ramrod Hotshot posted:just logged in today and saw that another bank is getting bailed out. so is it just going to be whackamole bailouts for the rest of the year or do the bank failures finally get out of control? I think the failure to allow bank failures causes inflation to run out of control, and makes the bank failures worse if they ever get more scared of the inflation than the bank failures. Just a matter of how long until a flood of relativistic dead capital starts destroying things instantly before a bailout can be done and defaults start happening in practice even if they won't admit they are occurring. People won't work if there's nothing to buy with money, and neither will bailouts if billionaires get Zimbabwe'ed.
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Mar 17, 2023 04:17
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Mr Hootington posted:I thought the bank wasn't a systemic risk uhm isn't "people pulling all their money out of smaller banks into the big banks" exactly what ppl feared if they didn't bail out SVB?
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Mar 17, 2023 04:19
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Mr Hootington posted:I thought the bank wasn't a systemic risk lmao her sputtering when lankford points out that the fed is destroying small banks
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Mar 17, 2023 04:22
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really hoping macron dies
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Mar 17, 2023 04:23
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cool av posted:uhm isn't "people pulling all their money out of smaller banks into the big banks" exactly what ppl feared if they didn't bail out SVB? no that was letting it fail would destroy non-bank businesses as they no longer had access to things like payroll money
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Mar 17, 2023 04:27
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what happens when all the small banks die
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Mar 17, 2023 04:31
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slave to my cravings posted:what happens when all the small banks die you will toll and till the land to give your feudal master J.P. Morgan chase his obligatory tithe
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Mar 17, 2023 04:31
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Mr Hootington posted:I thought the bank wasn't a systemic risk in other words that all the bailout that can be afforded at this time
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Mar 17, 2023 04:32
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Mr Hootington posted:I thought the bank wasn't a systemic risk Wow that’s the first time I have ever heard Yellen speak and she sounds like a doddering old moron.
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Mar 17, 2023 04:33
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Homeless Friend posted:dodd frank, but for smaller banks only we have learned a lot over these 15 years
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Mar 17, 2023 04:33
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cool av posted:uhm isn't "people pulling all their money out of smaller banks into the big banks" exactly what ppl feared if they didn't bail out SVB? looks like the only thing left to do is kill one of the big banks. hope no one here still uses wells fargo
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Mar 17, 2023 04:35
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Raccooon posted:Wow that’s the first time I have ever heard Yellen speak and she sounds like a doddering old moron. Everyone in government is either a doddering old moron or a totally psychotic "young" (45 year-old) striver now
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Mar 17, 2023 04:36
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brb, going to my small rustic community bank to get some fine artisanal savings accounts and micro batched CDs
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Mar 17, 2023 04:37
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Nonsense posted:they'll handle the funeral and everything, dump you out with all the turnip and potato skins. sounds like a good deal. always wanted to become fish food.
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Mar 17, 2023 04:37
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Orvin posted:Don’t know why these posts is what made me personally connect the dots. this is a genuinely great question. phrased another way - why are losses happening at blue chip companies, which are supposedly the same class of people the fed is supposed to help? and how is that contributing to the erosion of employment? to answer this, we have to first differentiate between industrial capitalism and finance capitalism. industrial capitalism was genuinely revolutionary - reading some of the classical economists like Ricardo and Smith, you get a clear takeaway: the feudal class must go. their ability to monopolize key sectors of the economy, namely land, was causing a bottleneck that capitalists saw as hindering growth. they argued that feudalism, primarily the ability for a hereditary class to inherit unearned income, was choking the economy as it indebted the population and made them debt slaves to creditors. looking back to ancient times, even those in the palace would periodically wage war on the aristocracy as labor that had been indebted by creditors meant that they couldn't be used as labor by the king. in a similar way, capitalists saw the feudal class as a non-rational and non-liberal part of society. as the physiocrats, the proto-capitalists, first started developing their opposition in France, it eventually led to the French Revolution in which liberals rebelled and massacred the feudal class. historically, the industrial capitalists have opposed the financial capitalists. this is because finance capitalism is very similar to feudalism - it is designed to indebt the population by using their assets as claims of debt. industrial capitalists do not want this - they want low cost of living as it is how they can compete with other countries and societies. a country that has high healthcare costs means that they have to pay higher wages; if a government subsidizes it instead, it means that a company has to pay less wages, leading to more profit. the situation we're in now is that finance capitalism has completely taken over and pushed out the industrialists. what marx railed against, namely the exploitation of workers, almost seems quaint - we are effectively in a neo-feudal age in which the vast majority of americans are heavily indebted and are debtors, between morgages, education loans, healthcare, auto, credit cards, etc. within this distinction, we can now answer your question. inflation is ASSET PRICE INFLATION. this is fundamentally different from CPI inflation, so-called consumer price index. we are NOT in danger of hyperinflation, I don't know where this narrative is coming from. what has happened is that asset prices, namely housing and stocks, have been artificially inflated due to the 15 year QE campaign by the fed. last year, when millions died due to covid and there were severe shortages in restaurants, factories, warehouses, etc, labor suddenly had additional power to demand higher wages. this demand threatened both industry AND finance. however, industrial capitalists have largely transformed into finance capitalists - the biggest example of this is silicon valley in which VCs are seen as the movers and shakers. in the past, VCs were treated with contempt - even within SVB, they were a completely separate arm until the head of VC took over SVB. what no one expected was a literal plague killing off millions of potential workers worldwide and changing the ability of labor to demand more. as we all began realizing, we could jump from job to job and make more than we used to - restaurants were chronically understaffed and computer touchers were saying the refused to come into the office. suddenly, industrial capitalsim reared its head and allowed workers to demand higher wages in compensation. this is unacceptable, as now suddenly these high wages hit the already high (relatively speaking) wages of america - employers have to pay for healthcare, compensate cost of living, etc. this threatened the growth of the country, literally. company owners were NOT affected by this cost of living increase - they are the creditors, not the ones being indebted. the losses they suffered from the feds rate hike increase was OFFSET BY WAGE DECREASES. this is because stocks, bonds, and housing, their main source of wealth, continued to increase despite the squeeze labor was feeling. this is why there is no contradiction - the layoffs are part of this squeeze and labor is in a feudal relationship with its creditors. executives in key sectors will offset their losses in rate hikes by squeezing labor. this is why something like Apple stock continues to increase amongst this volatility.
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Mar 17, 2023 04:39
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dk2m posted:this is a genuinely great question. phrased another way - why are losses happening at blue chip companies, which are supposedly the same class of people the fed is supposed to help? and how is that contributing to the erosion of employment? another in a series of good posts
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Mar 17, 2023 04:44
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But the point is that they are still tearing poo poo apart even though the wages aren't the bottleneck. Hyperinflation is possible because they abjectly refuse to produce anything so those who still do can basically dictate prices and will provide only to the incredibly rich. Indeed this could be neo feudalist in practice, but what does that mean if China or other nations are not dragged down with America? I'd imagine It means eventual capitulation to anyone who doesn't destroy themselves like that. It's either nukes or communism. Also land is worthless if you do t do anything with it and have nothing more than strung out homeless people in camps to work the fields.
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Mar 17, 2023 04:52
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thechosenone posted:It's either nukes or communism. edit: to be clear, we are NOT getting fully automated luxury space communism, guess again
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Mar 17, 2023 04:52
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Mr Hootington posted:I thought the bank wasn't a systemic risk lmao
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Mar 17, 2023 04:55
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Delta-Wye posted:edit: to be clear, we are NOT getting fully automated luxury space communism, guess again The other option is right there. Alternatively China decides to wait until America depopulates before taking the abandoned silos and redeveloping the land they don't designate a combination superfund site and nature preserve. Is Marxist colonialism a thing?
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Mar 17, 2023 04:55
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FlapYoJacks posted:I have a CPA friend that told me the islands cracked down hard on that poo poo a decade or so ago. The new place to hide the money is in shell LLCs in America or Panama. sheLLC Game
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Mar 17, 2023 04:59
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cash for clunkers (banks)
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Mar 17, 2023 05:04
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thechosenone posted:But the point is that they are still tearing poo poo apart even though the wages aren't the bottleneck. Hyperinflation is possible because they abjectly refuse to produce anything so those who still do can basically dictate prices and will provide only to the incredibly rich. to be very, very clear - hyperinflation can only exist in countries that take on foreign debt. america, due to its unique position of being a reserve currency, will never experience it. price increases that we see are primarily due to the de-industrialization policies of the finance capitalists. because we can no longer manufacture even basic things like t-shirts here, it causes delays that lead to price increases. this is in no way the same as "hyperinflation" as traditionally understood. every single country that has experienced it has experienced a debt spiral due to their inability to obtain foreign currencies to balance their current account. i continue to disagree with the hyperinflation diagnoses. the much more dangerous effect of this current crisis is that labor becomes terrified and we don't see it's power again for another decade.
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Mar 17, 2023 05:04
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what is labor to do? strikes?
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Mar 17, 2023 05:09
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Radirot posted:what is labor to do? strikes? suffer, peon
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Mar 17, 2023 05:11
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thechosenone posted:Alternatively China decides to wait until America depopulates before taking the abandoned silos and redeveloping the land they don't designate a combination superfund site and nature preserve. When is America depopulating?
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Mar 17, 2023 05:12
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Radirot posted:what is labor to do? strikes? my background and degree is in finance and economics, i'll leave it up to the politically inclined to figure out what to do. but to be honest, i have no idea.
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Mar 17, 2023 05:12
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Radirot posted:what is labor to do? strikes? 
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Mar 17, 2023 05:14
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lol @ America. I have an employment contract. 
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Mar 17, 2023 05:18
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Raskolnikov38 posted:no that was letting it fail would destroy non-bank businesses as they no longer had access to things like payroll money but lookat this fucker right here: https://twitter.com/BillAckman/status/1634564398919368704 quote:the gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or @BankofAmerica acquiring SVB before the open on Monday, a prospect I believe to be unlikely, or the gov’t guaranteeing all of SVB’s deposits, the giant sucking sound you will hear will be the withdrawal of substantially all uninsured deposits from all but the ‘systemically important banks’ (SIBs). (and wtf is this tweet it's...long?)
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Mar 17, 2023 05:20
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internal contradictions heightening, fissures cracking open along the akira-blob body of finance capitalism.
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Mar 17, 2023 05:21
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labor burnt down a police station and got a holiday, so a show of strength, whatever shape it comes in, is enough to convince the oligarch class that compromises must to be made. this is unlikely thanks to how badly labor has been crushed in this country. it could still happen if the population is immiserated enough though a more likely outcome is that it leads to the rise of populist parties, who will become a 3rd way wedging itself into power. once in power they either do hard fisted reforms or chill as the new overlords. your mileage will vary depending on who gets into power, but the list isn't all great: military, nazis, communists, nickleback fans a wayward population or 3rd party politics can also be driven into other directions, like wars, by the ruling classes. this is probably not likely, since the war in ukraine has shown that big wars work in the favor of industrial capitalists, finance capitalism has neither the industry nor the incentive to fight the wars directly (it needs debtors, it needs slaves, not casualties) a comedy option is that during a crisis the ruling class makes a mistake, and this spirals the system into collapse. i'm not sure if this has ever happened, but its also why this thread exists so not many great options. we're probably looking at decades of slow decline. the good news is that it will probably happen so slowly you won't notice it and the commentariat will bury any studies that show your life expectancy has fallen by X years BULBASAUR has issued a correction as of 05:29 on Mar 17, 2023 |
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Mar 17, 2023 05:27
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| # ? May 24, 2024 12:49 |
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Organisation is the solution. Unions are a start, and the start is good. Ty for the good effort posts.
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Mar 17, 2023 05:27
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