RE: https://mamot.fr/@pluralistic/116395850095295387
Mark Blyth is very good on this, and I say a bit in my Zombie Economics books.
But I'm hopeful that when the current bubble implodes things will be different. Tech bros and Wall Street are now fully aligned with Trump, and will all go down together
The problem with irresponsible financial behavior by elites is that they blameshift.
In 1929, they blamed Jews, Roma & Sinti, and the disabled.
In 2008, they blamed the poor and immigrants. And got a bailout.
In 2020, they blamed seniors for not volunteering to die to save the economy (for billionaires) and they got a bailout.
In 2026, they blame LGBTQ, Somalis, Haitians, and Muslims.
All followed with ruinously expensive wars.
Will they get a bailout for the AI boondoggle?
@Npars01 @johnquiggin
of course they will
they sold it as an arms race with other countries. a bottomless money pit
really its increased corporate surveillance, data mining
giving big tech even more control over our lives after repeated evidence of their inability to do right by people
yet more unchecked digital capitalism, white supremacy, and patriarchy
another tool profiting from fascist content
another push towards techno feudalism
its a nuke except instead of holding the world to ransom its holding the poor to ransom
when it turns the internet to slop, makes every picture a possible fake, who the hell is gonna pay for the resulting carnage?
us, always us
@Npars01 @johnquiggin I don't think the state, the public purse, whatever you want to call it, can afford to bail out the #techbros for the #AI boondoggle, as you so appropriately call it. I don't think all the states of the western world put together have that much credit.
I think when this shit goes down, when this bubble bursts -- as it surely must -- the whole monetary system goes down.
Permanently.
John Quiggin
Nicole Parsons
★ N o r m ★
Simon Brooke