Comment on Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
ReallyActuallyFrankenstein@lemmynsfw.com 3 weeks agoNot everyone wins in a failing economy. If one billionaire makes out, three more lose money.
No, yeah, that’s true. But the billionaires are also competing with each other in a (perceived) zero-sum game and they believe the ones who are cozying closest to Trump will be the best ones positioned to make money - either in a corrupt or a failing economy. But every recession has been a golden opportunity for billionaires.
Heck, in post-collapse Russia, this is how oligarchs first appeared - the “shock therapy” of the 1990s transition to a market economy dropped the value of resources to nothing, and the rich at the time bought them and became the ultra-rich. Some didn’t make it. ( Like a super-bacteria forming from the ones not killed by antibiotics, the ones that survived were even more resistant to control.)
kn0wmad1c@programming.dev 3 weeks ago
Good example, especially given that it looks like a Russian oligarchy is where we’ve been headed since 2016
technocrit@lemmy.dbzer0.com 2 weeks ago
kn0wmad1c@programming.dev 2 weeks ago
Nah, since the 80s at the earliest. The wealthiest were taxed up to 90% and corporations didn’t get the tax loops they have now until Reagan took office.
TheBunGod@lemmy.world 2 weeks ago
That’s where you’re wrong my friend, for while we had a progressive period in the 20th century, the united states were built by and for rich white land owners, so they could continue to benefit off that which they owned.