> When we ponder upon this, it boggles down to the fact that it's notoriously hard to distinguish "value creation" vs "value extraction". This is an excellent

> When we ponder upon this, it boggles down to the fact that it's notoriously hard to distinguish "value creation" vs "value extraction". This is an excellent frame to think about this. When we look at the increasing financialization of consumer spending (subscriptions, buy now pay later, rebates, club discounts, etc.), we can think of it as disguising value extraction as value creation.