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Comment on The Job Market Is Hell: Young people are using ChatGPT to write their applications; HR is using AI to read them; no one is getting hired.

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teawrecks@sopuli.xyz ⁨1⁩ ⁨day⁩ ago

The US economy is now completely detached from productivity and is now running on speculation

Yep, the market feels like it’s in max-greed mode. There was a taste of fear when the tariffs were first announced, but wallst was quick to token TACO to justify just ignoring everything. My question for the last 9+ months has been, “how long can a market willingly ignore reality?”

I assume it will take until a critical mass of those speculators start needing to liquidate. I don’t know what will trigger that, but at some point the profits come due.

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p03locke@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago

My question for the last 9+ months has been, “how long can a market willingly ignore reality?”

How long did we kick the foundations out of the US dollar when we got rid of the gold standard, and just let it float on speculation and feelings? What, 60-70 years now?

How long has the stock market existed on the whims of people’s feelings over cold hard statistics and long-term analysis?

Markets have been ignoring reality for many decades.

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- chicken@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago
  To be fair there’s all the shit with dollar denominated oil, SWIFT, terrorist regime change on countries that don’t want to play along, etc. It might not be based on any kind of fair exchange of value, but that’s not quite the same as the USD’s global reserve currency status being vibes-only.
  
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- The_Italian_Uncut@beehaw.org ⁨1⁩ ⁨day⁩ ago
  Exactly. Since the end of the gold standard, the economy hasn’t been about production — it’s been about valuation.
  
  70 years ago, companies were built to make things: cars, fridges, tools. Today, they’re built to inflate stock prices.
  
  The real product isn’t goods. It’s debt, speculation, planned obsolescence.
  
  And now, AI isn’t replacing workers to make things better. It’s replacing them to cut costs — while real needs go unmet.
  
  This isn’t progress. It’s the slow collapse of a system that forgot its purpose.
  
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  - jarfil@beehaw.org ⁨8⁩ ⁨hours⁩ ago
    There are two sides to that story:
    
    There is not enough gold to match the increases in both population and productivity of the last 70 years, and you don’t want just a handful of people holding gold that spikes in value through the roof.
    
    Smart people invest in companies that pay dividends. Speculators invest in… whatever, tulip bulbs.
    
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  - Kichae@lemmy.ca ⁨23⁩ ⁨hours⁩ ago
    It’s the slow but inevitable achievement of end-state of a system designed to re-frame and re-centralize power in the hands of the elite following the liberalization of political power.
    
    This is its purpose. It always has been.
    
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Korhaka@sopuli.xyz ⁨1⁩ ⁨day⁩ ago
Take minimalism to the extreme. Boycott the economy as much as possible.

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