There is going to be a terminal crisis in profitability that capitalism will not be able to withstand - without changing to socialism or a neo-feudalism. Is it going to be from the gme bubble? Who the fuck knows, lol, the global 2009 financial crisis started because some people missed a few payments on their mortgages, the 1929 and subsequent 1930s depression started because a few traders missed their margin calls.
Capitalism doesnt survive, without changing, these big crises. The 19th century long depression ushered in a wave of imperialism that culminated in the scramble for Africa. The 30s depression ushered in new deal style social democracy, the 70s crisis of profitability ushered in neoliberalism. The 2009 crisis was averted just enough to not change the underlying logic of neoliberalism but between covid and the potential for wall street to collapse (the one place that has survived decently so far), neoliberal capitalism will die off too. What could replace it? Imperialism is global, the working class in the west is asleep and now precarious, the public goods are mostly privatized. What's left to extract profit from? The nearest I could see is moving to UBI and MMT, but if neoliberalism is the body of capitalism eating itself, UBI and infinite debt is the dmt vision we get before dieing completely.
The 2009 crisis was averted just enough to not change the underlying logic of neoliberalism
idk that the underlying logic changed, but they definitely didn't waste that crisis in bringing back unlimited money for robber barons, and that difference isn't insignificant. without 09 I doubt we get uber, wework, etc.
Yeah, it only seems "obvious" in hindsight now. Like, given how hard neoliberalism pushes to eliminate unionization and crush any level of worker privileges... they'd have to bring back the 30s work line (where you'd be unemployed standing in a line at a factory and when someone died from the unsafe work they'd just pull someone else from the line) but in the 21st century it would have to be dressed up as a fun little app with bright colors and the fisher price aesthetic of adult lives.
An economic system that survives shitting its guts out every 10 years because of something stupid exactly like this.
There is going to be a terminal crisis in profitability that capitalism will not be able to withstand - without changing to socialism or a neo-feudalism. Is it going to be from the gme bubble? Who the fuck knows, lol, the global 2009 financial crisis started because some people missed a few payments on their mortgages, the 1929 and subsequent 1930s depression started because a few traders missed their margin calls.
Capitalism doesnt survive, without changing, these big crises. The 19th century long depression ushered in a wave of imperialism that culminated in the scramble for Africa. The 30s depression ushered in new deal style social democracy, the 70s crisis of profitability ushered in neoliberalism. The 2009 crisis was averted just enough to not change the underlying logic of neoliberalism but between covid and the potential for wall street to collapse (the one place that has survived decently so far), neoliberal capitalism will die off too. What could replace it? Imperialism is global, the working class in the west is asleep and now precarious, the public goods are mostly privatized. What's left to extract profit from? The nearest I could see is moving to UBI and MMT, but if neoliberalism is the body of capitalism eating itself, UBI and infinite debt is the dmt vision we get before dieing completely.
idk that the underlying logic changed, but they definitely didn't waste that crisis in bringing back unlimited money for robber barons, and that difference isn't insignificant. without 09 I doubt we get uber, wework, etc.
Yeah, it only seems "obvious" in hindsight now. Like, given how hard neoliberalism pushes to eliminate unionization and crush any level of worker privileges... they'd have to bring back the 30s work line (where you'd be unemployed standing in a line at a factory and when someone died from the unsafe work they'd just pull someone else from the line) but in the 21st century it would have to be dressed up as a fun little app with bright colors and the fisher price aesthetic of adult lives.
fuck I never connected that dot but it's spot on
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