I've been thinking about this thread (link goes to final post) and its idea of a "Capital Strike" a lot for the last couple weeks.
-
@mcc literally they're bailing out private credit firms that are heavily invested in datacenters (and so is calpers) https://feed.hella.cheap/@bob/statuses/01KK72GFW7NRYE6Z0NEDAG6MYX
@mcc I think a thing that's really important that most people don't understand is that in the current era almost all capital isn't directed by capitalists, it's directed by PMC managers
-
@mcc I think a thing that's really important that most people don't understand is that in the current era almost all capital isn't directed by capitalists, it's directed by PMC managers
@bob is the suggestion here that "PMC"s do not have ideology
-
@bob is the suggestion here that "PMC"s do not have ideology
@mcc oh no they absolutely do but it isn't the one that marxists traditionally ascribe to capital
-
@mcc to be clear, yes, I believe it's intentional
That said, I've also thought about it a few times since then. I'm not sure strike is the appropriate diagnosis anymore. I think it has escalated
@jenniferplusplus @mcc what is the escalation from capital strike?
-
@jenniferplusplus @mcc what is the escalation from capital strike?
@ahoyboyhoy @jenniferplusplus capital out
-
I need to stress I have no interest in ascribing intentionality anywhere. I don't think CEOtier capitalists are thoughtful people, and they're currently investing hard in technologies that encourage thinking even less. You can explain this as money itself moving like water. An opportunity to steal appeared and it was taken. There was nothing to do with the money afterward, so it was expended in the only way capital systems can use it (build great golden idols rather than let it trickle downward)
@mcc (i can't see the followers only post you were replying to so I'm replying here instead) waste as a show of wealth and power reminds me of the odd thing I've heard from a friend working at nvidia right now, which is that they seem to have a lot of people whose entire job is to be the minimally involved human supervising "claude" in the task of extruding software, and they're paid obscene amounts of money for it
-
@mcc (i can't see the followers only post you were replying to so I'm replying here instead) waste as a show of wealth and power reminds me of the odd thing I've heard from a friend working at nvidia right now, which is that they seem to have a lot of people whose entire job is to be the minimally involved human supervising "claude" in the task of extruding software, and they're paid obscene amounts of money for it
@mcc billionaires don't share, so i assume there must be some other reason for it
-
@mcc billionaires don't share, so i assume there must be some other reason for it
-
@mcc oh no they absolutely do but it isn't the one that marxists traditionally ascribe to capital
@mcc the blue owl deal is a really good example. blue owl makes a bunch of shaky investments but doesn't mark losses because they're illiquid, tries to dump them on the public market, public market doesn't want to buy, so they dump them on public sector pension funds instead. the pension fund managers and the managers at places like blue owl have close relationships, and because the funds are illiquid they never have to admit they lost money (unless it gets to the point that the fund is actually unable to pay out to retirees). pension fund managers get their bonuses, private credit fund managers get to stay in business, no on else is the wiser (except for weirdos who read bloomberg)
-
@mcc the blue owl deal is a really good example. blue owl makes a bunch of shaky investments but doesn't mark losses because they're illiquid, tries to dump them on the public market, public market doesn't want to buy, so they dump them on public sector pension funds instead. the pension fund managers and the managers at places like blue owl have close relationships, and because the funds are illiquid they never have to admit they lost money (unless it gets to the point that the fund is actually unable to pay out to retirees). pension fund managers get their bonuses, private credit fund managers get to stay in business, no on else is the wiser (except for weirdos who read bloomberg)
@mcc and even if the pension fund blows up the other major pension funds are doing the same thing so they can just blame "the macro environment" and demographics
-
@jenniferplusplus @mcc what is the escalation from capital strike?
coup?
Rebellion?
Maybe hostage standoff?A strike is an extreme bargaining tactic, but it's still taken within the boundaries of a system. It's part of a demand for concessions. But they're not bargaining anymore. They're not satisfied with concessions. They're violently coercing our subservience.
-
coup?
Rebellion?
Maybe hostage standoff?A strike is an extreme bargaining tactic, but it's still taken within the boundaries of a system. It's part of a demand for concessions. But they're not bargaining anymore. They're not satisfied with concessions. They're violently coercing our subservience.
@jenniferplusplus @ahoyboyhoy So as a note, and without specifically agreeing or disagreeing with anything in your thread:
A concept i've been working with for a while is that some of these startups— Uber, Spotify— are not "businesses". They're more like the economic version of *terraforming plants*. They're not intended to make money, or at least, not to make back the money they spent in being created. They are wealth being consumed in order to provoke a change in society which someone wanted.
-
@jenniferplusplus @ahoyboyhoy So as a note, and without specifically agreeing or disagreeing with anything in your thread:
A concept i've been working with for a while is that some of these startups— Uber, Spotify— are not "businesses". They're more like the economic version of *terraforming plants*. They're not intended to make money, or at least, not to make back the money they spent in being created. They are wealth being consumed in order to provoke a change in society which someone wanted.
@jenniferplusplus @ahoyboyhoy I believe if you go back and look at interviews where the Uber founders describe their thought process in creating the company, this example is unusually blatant.
-
@jenniferplusplus @ahoyboyhoy I believe if you go back and look at interviews where the Uber founders describe their thought process in creating the company, this example is unusually blatant.
@mcc @ahoyboyhoy ah yes, colonizing. How did that word escape me?
-
@mcc and even if the pension fund blows up the other major pension funds are doing the same thing so they can just blame "the macro environment" and demographics
-
@rotopenguin @mcc that's the great thing about being a public sector pension fund, you're not the one that needs bailing out
-
@jenniferplusplus @ahoyboyhoy So as a note, and without specifically agreeing or disagreeing with anything in your thread:
A concept i've been working with for a while is that some of these startups— Uber, Spotify— are not "businesses". They're more like the economic version of *terraforming plants*. They're not intended to make money, or at least, not to make back the money they spent in being created. They are wealth being consumed in order to provoke a change in society which someone wanted.
@mcc @jenniferplusplus @ahoyboyhoy Had a bit of an "you think that's air you're breathing?" reading this. That's such a good lens to view... *all this* via.
-
@JohnSullivan @emaytch well, i'm convinced. where do i invest
-
@mcc @jenniferplusplus @ahoyboyhoy Had a bit of an "you think that's air you're breathing?" reading this. That's such a good lens to view... *all this* via.
@tehstu @mcc @ahoyboyhoy
that's the only reason I bother shouting into the void. Sometimes the void hears it and goes "whoa" -
coup?
Rebellion?
Maybe hostage standoff?A strike is an extreme bargaining tactic, but it's still taken within the boundaries of a system. It's part of a demand for concessions. But they're not bargaining anymore. They're not satisfied with concessions. They're violently coercing our subservience.
@jenniferplusplus @ahoyboyhoy @mcc (hostile) takeover? Conquest, subjugation? Seizure? Capture?
