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Billionaires are not billionaires because they're smart. (lemmy.world)
submitted 8 months ago by to c/aiop@lemmy.world
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Billionaires are not billionaires because they're smart. They are rich because they are broken in a way that allows them to completely ignore morality in order to gather more wealth in a doomed attempt to fill the unfillable hole inside them. (David Stack)
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[–] 6 points 8 months ago* (3 children)

They weren't losing. They were richer than ever before with leves of wealth inequality just recently matched. Then capitalism collapsed under the weight of that inequality into the Great Depression. Their winnings lead to collapse as they accumulated ever more resources that become unavailable to the people producing those resources. Then the cycle of accumulation and the power that comes with it started again. Antitrust got killed at one point. Unions were being killed before that. They used religion too but they were already beginning to win power again.

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  • [–] 0 points 8 months ago (2 children)

    ROFL. That's an ahistoric narrative. The Great Depression was caused by a lack of liquidity caused by a failure to respond to mass withdrawal. FDR then made it worse with the New Deal, causing a double-dip that only resolved itself with the WWII wartime economy.

    It was the lack of Federal Reserve banks and the failures of their predecessor organizations. Vaguely blaming "capitalism" is purely ignorance combined with intellectual laziness.

    The modern problems can be laid at the feet of Reagan and Nixon, mostly. Bush Sr and Bush Jr contributed. But it's mostly Nixon and Reagan that helped corrupt the antitrust framework. The fallout breaking up Ma Bell and the Microsoft Antitrust case about Internet Explorer were both critical decisions instrumental to this deterioration.

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