Comment on Fox News sharing billionaire propaganda

updn@lemmy.ca ⁨1⁩ ⁨day⁩ ago

• uriel238@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago

  This is why regulation is necessary. The moonshots returned $14 for every $1 spent thanks to science and innovation we benefited from it. Lobbying government returns $120 for every $1 spent.

  Financialization returns exponentially more. In fact, most of the billionaires that exist are finance bros that got rich from private equity and market manipulation. Stock buybacks are a recent number-go-up tactic. These things, like rent-seeking, don’t actually produce value but make profit.

  So when we say the ultra-wealthy got rich by exploiting, we are totally underestimating the amount of wrongdoing they are committing.

  But then Marx notes in Das Kapital that the capitalist will always seek to capture government and regulatory bodies in order to game the system, thereby destabilizing it until it collapses. The process feeds on itself and gets worse at an accellerating rate.

  Unless something very radical is done, civilization worldwide is going to fall.

  source