Uber is a bezzle ("the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it"). Every bezzle ends.Uber's time is up.1/ pic.twitter.com/UkqGXvC744— Cory Doctorow (@doctorow) August 10, 2021
im always really interested in reading articles about how screwed up the economy is, from before 2020. if things were that bad before the worst pandemic in a century, we're definitely fucked now
This is what happens when there's too much capital in the economy - it has to go somewhere. Traditionally, market failures would wipe out the dumber or smaller investors but now that everybody is too big to fail you end up with horseshit like this.
Yeah, I still can't wrap my head around the concept fully but this concentrated idle wealth willing to bankroll players until they submit entire industries seems like a consequence of tendency of the rate of profit to fall. There's gotta be some precedent of this kind of behavior before, perhaps the gilded age?
Previously, you could have major war suck up dead capital and destroy useless firms and capital stocks. You could also just conquer some other country as a market for goods and a way to extract cheap labor and resources - now everything is hooked into the global capitalist market other than a few scattered tribes in the Amazon or on the Sentinal islands. They also never had to contend with a worsening climate crisis that threatens the entire world at the same time.
Every ride is essentially partly subsidized by Uber's VC money because the entire economy is moviepass.
im always really interested in reading articles about how screwed up the economy is, from before 2020. if things were that bad before the worst pandemic in a century, we're definitely fucked now
deleted by creator
Yeah I also disagree with that sentiment
Can't access the article, can you rip it from the site or summarize it?
https://archive.is/UcVLi
(found this by searching the URL on archive.is)
Updated my post
This is what happens when there's too much capital in the economy - it has to go somewhere. Traditionally, market failures would wipe out the dumber or smaller investors but now that everybody is too big to fail you end up with horseshit like this.
Yeah, I still can't wrap my head around the concept fully but this concentrated idle wealth willing to bankroll players until they submit entire industries seems like a consequence of tendency of the rate of profit to fall. There's gotta be some precedent of this kind of behavior before, perhaps the gilded age?
Previously, you could have major war suck up dead capital and destroy useless firms and capital stocks. You could also just conquer some other country as a market for goods and a way to extract cheap labor and resources - now everything is hooked into the global capitalist market other than a few scattered tribes in the Amazon or on the Sentinal islands. They also never had to contend with a worsening climate crisis that threatens the entire world at the same time.