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Any idea why this change occurred? I know it’s probably multifaceted, but my first thought was that increasing inflation since the 70s has meant that there is

• kelseyfrog 3y ago
  The Friedman doctrine[1] + hyperstition[2]. 1. Friedman, Milton. "The Social Responsibility of Business Is to Increase Its Profits." The New York Times, 13 September 1970, https://web.archive.org/web/20230913104415/https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html https://web.archive.org/web/20230913104415/https://www.nytim... 2. Carstens, Delphi. "HYPERSTITION." Xenopraxis, n.d., http://xenopraxis.net/readings/carstens_hyperstition.pdf http://xenopraxis.net/readings/carstens_hyperstition.pdf.
• logicchains 3y ago
  With the complete end of the gold standard in the 1970s, the government/fed's been free to create as much USD as it wants. The benefit of newly created money goes to those who spend it first (it's essentially a wealth transfer from those who get it last to those who get it first), and it's the banking/financial system that generally gets first dibs on this newly created money. This means there's a continuous, persistent transfer of wealth from the real economy to the financial system. In theory this wouldn't happen if the fed instead created money by e.g. dropping it out of helicopters equally to everybody (or direct transfers to their bank accounts), but the whole financial industry has a vested interested in keeping the current approach.
  • lifeisstillgood 3y ago
    This is such a simple and clear explanation of the financialisation of society I just wanted to keep a reference