4 ms·
One of the outcomes of the present crisis is that capital has in a way lost much of its value. The stock market took a beating, people who bought apartments for
by ciconia 7y ago
One of the outcomes of the present crisis is that capital has in a way lost much of its value. The stock market took a beating, people who bought apartments for renting on AirBNB now have dead weight properties with possibly a mortgage to pay.
Meanwhile lots of people with well-paying jobs, like airline pilots for instance, took a blow putting them on practically the same level as low-paid workers and gig workers.
If this crisis continues for a long-enough period of time, it might just bring about a substantial reorientation of the global economy, and perhaps a new balance between capital and labor.