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 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
Simon Brooke