“Jesse Rothstein is an economist, and currently professor of public policy and economics at the University of California, Berkeley. In 2010, he was chief economist at the US Department of Labor. He is the founding director of the California Policy Lab, a research associate of the National Bureau of Economic Research, and is a member of the editorial boards of Education Finance and Policy, The Review of Economics and Statistics, American Economic Review, and Industrial Relations.[1][2][3][4]”
For those that don’t know the guy he’s got a solid pedigree
Crises are a feature of capitalism. Marx talked about this. Things become hell for the working class, and the capitalists reap the rewards.
Yes, and people with power, people with connections, and people who are rich will always benefit from crises. Naomi Kleins The shock doctrine explains this very well in a modern context.
That being said there is yet to be a system that does not have crises.
We haven’t tried many
Humanity has, the one with the least propensity to experience crises is the one most nations are following.
Controlled economies are much less stable but Marx was unaware of that as economics in his time was less data driven and more philosophical.
Controlled economies are much less stable
Said in thread about how nuking the control over the economy is about to cause a recession. Yeah, sure.
Deregulation almost always leads to the working class being robbed, the land poisoned, and people killed.
Instead of ranting about deregulation why not look at how poorly controlled economies behave? There aren’t many functioning and what few exist aren’t doing great. Humanity is not smart enough to currently run a controlled economy effectively. That might change if actual AI exists but right now we cannot do it.
Remember the largest command economy in history, The USSR, collapsed mostly because of economic failures that were self created. The second largest command economy was the PRC who moved away from it to a hybrid system and has had greater stability since then.
Every economy is controlled in some way.
Yes but “controlled/command/planned economy” refers to one where the state sets prices rather than letting market forces determine them. This is not possible to competently do right now with current technology.
By April, the employment report will probably be either heavily doctored or just downright not published.
Nazis don’t care about the truth.
be richest person
crash the biggest economy in the world
buy the remains for cheap
not exactly a complicated plan.
maga voters want this to happen. they crave being worse off.
This is the point. They want to crash the economy.
I mean, he said so himself even before the election. We just have the fucking stupidest, god awful people in this country that apparently wanted it.
he said so himself
I would love to be able to show some of my MAGA relatives that clip. Do you have a link?
Thank you for the link.
In the article Elon Musk said that we (and by we he means us) have to reduce spending to live within our means. LOL. This from the guy who sells $100k cars.
This from the guy who sells $100k cars.
And could afford to buy one of those cars every hour for over 400 years without running out of money
Probably realized he can’t sell a lot of those anymore.
He could sell a bunch of Tesla stock, crash the entire US economy and then buy a whole lot of whatever he wants because everything will be discounted (including Tesla, he could just rebuy his stock for a fraction of the price)
Rich people LOVE economic downturns. Best time to make money is when everything is on sale, just need to buy and wait. Stocks, property, everything.
Because he can’t buy whatever he wants now?
He can, but if stocks fall 90%, he can buy 10x as much. If he shorts things on the way down, he can multiply his money first too.
If this is played right, he could be worth tens or hundreds of trillions a decade or 2 from now.
Who is there to warn though?
You got your normal Americans who already know this.
And then there’s the manipulated
NazisMagas that won’t even listen to this warning.This is some of that bizarre, black-and-white thinking I’ve come to expect from Lemmy (and, of course, reddit). I can assure you that there are a lot of “normal Americans” who do not “already know this”.
I feel like too many of the people here really do need to touch grass. Idk if it’s the high number of people in tech work or something else but I see so many takes of what “normal” people that’s so far off the mark it makes me question when was the last time they spoke to an actual person.
If by “actual person,” you mean Trump voter, I’m afraid our definitions of people might be different.
No, I just mean actual people. As in, the majority of people. The ones outside the houses of the people of Lemmy. Assuming that I mean right wingers is exactly what I mean tho, no such thing as nuance.
