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Capitalism is based around bad decisions being punished, which didn't happen in 2008 because of the bailouts. Nobody went to jail, nothing extreme enough was do

Capitalism is based around bad decisions being punished, which didn't happen in 2008 because of the bailouts. Nobody went to jail, nothing extreme enough was done to actually enforce cultural changes in the finance industry, so of course having the same problems occur was inevitable. Adding to the problem is that the economy is actually going to get less efficient on a fundamental level due to the geopolitical situation with Russia and China, plus the after effects of all the Covid restrictions and stimulus that distorted the economy in many ways. Living standards are going to drop unless the AI hype is real and AI actually manages to improve productivity dramatically also laughed at this line from the post >While there is tremendous uncertainty, given that the banking sector drives credit creation and subsequent economic growth bankers really think they are the drivers of growth, that's how you end up with all your manufacturing in China. These people are clowns

beepbooptheory 4y ago
I don't think the language models have much living standards to worry about other than having a ton of electricity.
Jochim 4y ago
> Capitalism is based around bad decisions being punished What constitutes a bad decision in your view? My perspective is that Capitalism actively encourages and rewards the kind of behaviour most would consider to be morally and ethically bankrupt. The simplest example would be monopolising control of a limited but necessary resource, thereby granting you what is effectively absolute power over those who need it. Think oxygen supply on a moon base or fresh water on deserted island. Take cigarette companies also. The "good" decision under capitalism was for them to knowingly deceive society on the health risks of their product. All so they could continue to profit.
danaris 4y ago
> Capitalism is based around bad decisions being punished Where did you get that idea? Capitalism is based on people who have more money/wealth (aka capital) making more money. In our system as it exists today, the capital owners have managed to use their vastly disproportionate wealth to influence the government to prioritize their needs over all others. This is a nearly inevitable outcome of unfettered capitalism, combined with legalized bribery of elected officials (lobbying, PACs, etc). Now, it's certainly true that no system is going to remain in balance long if people can make decisions that hurt the system and suffer no negative consequences themselves—all the moreso if those decisions actually benefit them. But that's not at all the same as saying that capitalism—or any economic system—is based around those kinds of feedback loops.

beepbooptheory 4y ago

I don't think the language models have much living standards to worry about other than having a ton of electricity.

Jochim 4y ago

> Capitalism is based around bad decisions being punished What constitutes a bad decision in your view? My perspective is that Capitalism actively encourages and rewards the kind of behaviour most would consider to be morally and ethically bankrupt. The simplest example would be monopolising control of a limited but necessary resource, thereby granting you what is effectively absolute power over those who need it. Think oxygen supply on a moon base or fresh water on deserted island. Take cigarette companies also. The "good" decision under capitalism was for them to knowingly deceive society on the health risks of their product. All so they could continue to profit.

danaris 4y ago

> Capitalism is based around bad decisions being punished Where did you get that idea? Capitalism is based on people who have more money/wealth (aka capital) making more money. In our system as it exists today, the capital owners have managed to use their vastly disproportionate wealth to influence the government to prioritize their needs over all others. This is a nearly inevitable outcome of unfettered capitalism, combined with legalized bribery of elected officials (lobbying, PACs, etc). Now, it's certainly true that no system is going to remain in balance long if people can make decisions that hurt the system and suffer no negative consequences themselves—all the moreso if those decisions actually benefit them. But that's not at all the same as saying that capitalism—or any economic system—is based around those kinds of feedback loops.