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[Endless money losing is] a variant of Gresham’s Law, which says that "bad money drives out good.” If you can counterfeit something for cheap, the counterfeit will eventually take over the entire market and drive out the real commodity. That is what is happening in our economy writ large, a kind of counterfeit capitalism as ‘leaders’ like Neumann are celebrated and actual leaders who can make things and manage are treated like dogshit.

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mattstoller.substack.com/p/wew

@dredmorbius

<< Across the West, the basic problem of a corrupted productive process is becoming a quiet crisis. The reason is simple. The people that do the work in organizations are increasingly excluded from the decision-making about the work. >>

It's almost... as if he's saying that to transition America to a "truly capitalist" society the workers would need to organize and seize control of the means of production from the class which only provides... capital.

@dredmorbius I mean I'm down with that, but, it's really funny to see American writers dancing around the obvious and not able to say the words that have meanings.

"Capitalism is FINE! Nothing wrong with capitalism! Capitalism is honest and fair and productive! Capitalism has just been corrupted by all the CAPITAL which our capitalist society mysteriously self-selected to put in charge of everything! But nothing wrong with the system! Just get your corrupt soviet capital outta my capitalism!"

@dredmorbius I think bitcoin represents a counterfeit also. As it makes everyone think they can have money from thin air instead of from value or work. It has an impact on real money, which doesn’t just materialise by magic.

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