Paul CantrellMar 14

RE: https://sfba.social/@drahardja/116225009200255920

My unscientific, inexpert, underinformed gut analysis here is that the US has been in recession in any meaningful sense for about a year now, but there’s a few dozen billionaires playing ping-pong with each other’s money and the way we measure growth mistakes that for value creation.

Show threadStevenSavage (he/him)Mar 14
@inthehands I'd agree on the general shape of that idea. There's money pinging around but it's not going to a lot of people. We're being kept propped up by people handing cash back and forth.
Show threadTodd Knarr
@StevenSavage @inthehands not even cash, most of what they're trading is IOUs valued as if they were cash.
Mar 14 at 2:46pmWeb
Show threadStevenSavage (he/him)Mar 14
@tknarr well said.
Show threadGhostOnTheHalfShellMar 14

@tknarr @StevenSavage @inthehands

One of the big issues I have about economics or macro economics, especially is that they don’t treat stocks as a pseudo currency. Cory Doctorow pointed out how stocks themselves become instruments of purchasing power of different kinds.