It’s kinda worse than that. The US financialized the luxury homes and casinos and sports stadiums. So they’re paying a vig on a vig to give a tiny minority the 1980s conception of luxury.
Enormous sums of money just get recirculated into speculative investment. This has created the cryptocurrency surge - yet another layer of speculative investment - and the ballooning investment in AI as a means of automating marketing and debt collection.
We’ve done the Economy That Just Makes Paperclips except without the paperclips.
It’s kinda worse than that. The US financialized the luxury homes and casinos and sports stadiums. So they’re paying a vig on a vig to give a tiny minority the 1980s conception of luxury.
Enormous sums of money just get recirculated into speculative investment. This has created the cryptocurrency surge - yet another layer of speculative investment - and the ballooning investment in AI as a means of automating marketing and debt collection.
We’ve done the Economy That Just Makes Paperclips except without the paperclips.