08 Nov It doesn’t matter if you did the right thing
Image made by me using Canva.
Unfortunately, we live in a crony capitalist system where it doesn’t always matter if you did the right thing or held up your end of the bargain.
“40-year-old dad who has bought and sold 3 homes doesn’t see how he can save enough for this housing market: ‘It’s not avocado toast’
Jacob Fuerst and his wife make $200,000, but childcare, energy and rental fees are too high. ‘It just feels unfair that I held up my end of the bargain.'”
The fat cats win. That’s how the system is set up.
“Bank of America’s mobile app flashed a message on Friday that said customers could be facing temporary delays in depositing funds into their accounts after a technical glitch impacted multiple financial institutions. . . . Besides BofA, the issue was also impacting apps of JPMorgan Chase, Truist Financial and U.S. Bancorp, according to outage tracking website Downdetector.com.
The banks did not immediately respond to requests for comment.”
Can’t get your money in the bank? Oh well. We’ll decline to comment. And don’t forget that if your bank fails, we’ll handle things on a Friday night so you can’t do a damn thing about it. *insert evil laugh here*
The 40-year-old Fuerst—along with his wife, two kids, and their dogs—was always able to find an affordable house to buy on a reasonable timeline, using the sale of the previous home to buy the next. But this time is different, he says. “I’ve worked my entire life, I’m not asking for the moon,” Fuerst tells Fortune. “I should be able to afford a house that is big enough for my family.”
You are asking for the moon now because you vill own nozing und you vill be happy! The hedge funds and the billionaires need to make their money, dammit, and they are way more important than you. They can own whatever the hell they want but John & Jane Q. Public need to rent everything.
“Most Americans are financially traumatized, and Gen X has been hurt the most, survey says”
We didn’t need Fortune to tell us that. Everyone in the working class and/or working poor can tell you we’re squeezed, irrespective of generation. Inflation is theft and it’s not happening on accident.
To succeed, this essentially entails deceiving workers. Since the price of labor, your wage, is less elastic than many other costs, businesses can raise prices quicker than can employees increase their salary demands. As businesses raise prices to cope with inflation, the cost of labor proportionally lowers. Thus, in Keynesian theory, more workers can be hired as inflation dilutes your pay.
Remember this when you hear some self-proclaimed friend of the working man imploring that we accept inflation as a means to expand employment. They peddle pay cuts for workers in real terms versus free marketers who promote wealth generating growth. Growth affords higher living standards for all. Inflation silently erodes living standards.
Elon Musk thinks that artificial intelligence could eventually put everyone out of a job.
The billionaire technology leader, who is CEO of Tesla, SpaceX and CTO and executive chairman of X, formerly known as Twitter, and owner of the newly formed AI startup xAI, said late Thursday that AI will have the potential to become the “most disruptive force in history.”
“We will have something that is, for the first time smarter than the smartest human,” Musk said at an event at Lancaster House, an official U.K. government residence.
Sorry, Lord Elon. Harari beat you to this revelation years ago.
Because even as the book has humans gaining godlike powers, that is only one eventuality Harari explores. It might all go pear-shaped, of course: we sapiens have a knack for hashing things up. Instead of morphing into omnipotent, all-knowing masters of the universe, the human mob might end up jobless and aimless, whiling away our days off our nuts on drugs, with VR headsets strapped to our faces. Welcome to the next revolution.
Harari calls it “the rise of the useless class” and ranks it as one of the most dire threats of the 21st century. In a nutshell, as artificial intelligence gets smarter, more humans are pushed out of the job market. No one knows what to study at college, because no one knows what skills learned at 20 will be relevant at 40. Before you know it, billions of people are useless, not through chance but by definition.
Not through chance, indeed! By the way, his latest prediction to The Economist is that AI is the “end of human dominated history.”
Listen to that video and go read Childhood’s End by Arthur C. Clarke and tell me you don’t get goosebumps. And bear in mind Clarke published that book in 1953. Not through chance, indeed.
So who comes out on top with all of this? The fat cats and billionaires, surely. Not you and not me. Remember: these same power brokers benefitted unmercifully from the pandemic!
Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
Published: 16th January 2023
Super-rich outstrip their extraordinary grab of half of all new wealth in past decade.
Billionaire fortunes are increasing by $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages.
A tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise $1.7 trillion a year, enough to lift 2 billion people out of poverty.
“The most valuable asset they have is their job.” -Neel Kashkari, President of the Federal Reserve Bank of Minneapolis. Then he goes on to say that the odds of people losing their jobs is not remote.
Can’t buy a house. Can’t make ends meet. Feeling financial distress. Your most valuable asset is your job but that’s gonna go away.
Not through chance, indeed.