The Great Financialization Scam
Next read: Killing the Host by Michael Hudson. I already sort of understand it from his podcast appearances. Hudson detailed the harder Marxist economics that laid the groundwork for the newer neofeudalism ideas. The American left often misses that the big problem over the past 20 years isn't exactly exploitation of the prolerariat like in the industrial revolution, it's financialization. Due to automation and offshoring, we're doing service jobs and bullshit office work. Rentiers doing nothing and getting free hand outs in every industry. For the landlords to take 75% of your income. For what you used to purchase and own instead becoming monthly subscriptions. Private equity is allowed to buy companies in hostile takeovers, run them into bankruptcy as sabotage, and make money on the corresponding debt of it burning down. What happened to Joann Fabrics last year. In the 80s Jack Welch ruined General Electric, following Reagan's neoliberalism incentives. Mass firings of skilled workers who expected a full career and pension to move the stock price instead. Many companies have followed suit in the 40 years since. The banks using housing derivatives to cause the Great Recession in 2008, getting the big bailout for the executives to stay rich instead of prison sentences for their crimes. Financial precarity for us, stock gains and exploiting debt for them. Globalism allows originally American corporations to move their money to offshore tax havens to hoard, all receive their mail in one building in Delaware to skirt taxes too. The stock market reached another all time high recently amidst tariffs. We've known since 2021 that the stock market is fake. The Gamestop craze exposed the charade for Redditors to get some fun money on Robinhood. The short squeeze didn't happen and Citadel still skimmed money off it all. The AI bubble propping up the stock market we're confounded by. It's easy to see the real economy on the ground has been dicey. Unemployment and underemployment is much higher than the 4% the news tells us. If this all seems confusing – it's meant to be. Rentiers obfuscate and overcomplicate this to keep you out of the loop