Unfortunately it is. For most of human history the rich got richer and the poor just stayed poor. It's truly sad to say, but people will suffer along at a subsistence level pretty much indefinitely.
Without a wartime boom or the threat of an organized Left to force concessions, which were the two major drivers of wealth moving to the lower 90% in the 20th century as far as I can tell, we will continue on our current path.
It is a real thing. You have to blow up your industrial competitors to achieve a worthwhile and meaningful postwar boom.
The difference today is that even if we blew up China, companies still wouldn’t invest here. They just go to India or Vietnam.
We do need more unions in this country. Because our historically low union membership was not enough to stop outsourcing. My hometown‘s manufacturing was strong and has been gutted. It was an anti-union town. And no, the companies did not reward that. It just made it easier for them to go to Malaysia.
Indeed. I wartime booms are a thing of the past. I guess the reason is that mobilizations are smaller as a function of the total economy and/or the economy is a permanent wartime economy given that the USA is almost always at war somewhere.
> We do need more unions in this country
Agreed, but I don't think that would allow us to repeat the gains of the last century. Capital make big concessions to the working class in Europe and the US in the 20th century because there was a very real threat of a revolution lead by the organized Left.
Agreed. Partially due to increased globalization. We've been globalized since colonial times, but instant communication was the real game-changer. There's no turning back now. No matter how many populist movements rise up around the world as a last gasp against it. It's hard work to achieve collective bargaining, easy to overthrow a government in a coup. People are clearly choosing the latter in the USA, but they won't like the loss of democratic freedom in the end.
What unions in the US can achieve is dignity for workers. They won't get the share of wealth they once had, but they can be treated with more respect, more time off to enjoy themselves and their family and friends. Essentially we could achieve a western European quality of life, at best.
There's nothing wrong with that. The way people live over there with less income, but overall better quality of life is the best-case scenario for the US going forward. While they have some serious security risks, I'm envious that they have already sorted these things out while the US still has struggle ahead economic side. And we may fail, and simply become another Brazil, rather than like Germany. I think Rio de Janeiro style slums are more likely in our future, rather than Berlin. Our people and leaders just don't have the culture and stick-to-it to achieve that reality, in my opinion.
The working class here is too easily divided by the asset holding class. Just tell them unions are bad, or focus on minority issues, whether it be LGBTQ or racial minority strife and you have a distraction for 1 to 3 generations' lifespans. Right now, given the lack of focus on the working class and corporate focus on general social justice issues, we're kissing away the next 100 years that need to be put towards all working class people. Money and job security are what people need, no matter who you are.
I don't see a true working class revolution begin in the US until 2060 or so. It may take all the way out to 2100. There's just too many people that would otherwise be working on this, that are extremely focused on gender and racial studies. No money is going to come out of that for anyone. Corporations and the capitalist class know it.
You'll know you have achieved enlightened corporations when they are publicly promoting collective bargaining. They're flying rainbows instead, keeping the money, and everyone on both sides is feeling good.
While that's a pessimistic take, the good news is that the propaganda that unions drove out US enterprise is demonstrably false. That has been revealed to have been a total scam and I think everyone sees it at this point. You lose nothing at all when you have collective bargaining rights, it's all upside. As long as the business is solvent, the boss may be angry at merely one Lamborghini rather than five though. Or just wealth for him to retire at 45, rather than generational wealth for the next 3 generations being available.
Worker-owned enterprise also needs to happen. There's just no rational reason why for proven business models, like 7-Eleven out of Japan, needs to run half of our convenience stores when those could be owned and operated by the employees. With better pay and customer service as a result. I'm fine with venture capital and risk-reward for unproven business models, but many of these large corporations are parasites like 7-Eleven. We have to kick these corporations out and retake our local economy. No reason to allow them to have end-to-end control all the way, and it will encourage some local suppliers to pop up as fellow cooperatives see eye to eye and work together.
In the meantime a couple of friends who never worked got rich(er) just because they bought a few thousands $ (money borrowed...from their family) worth of crypto at the right moment.
What is this bullshit? Why am I even busting my ass trying to create value, when I could just buy shitcoins and become a millionaire?
I don't think this is healthy for any society. I don't even want to get rich with a fucking lottery. I want to earn it, to provide something to others and get something in return. No, I don't consider "making a market more efficient with my investments" as providing value. It's just speculation.
As someone from China, where central government limit foregin currency exchange, Bitcoin is a god-given tech. I'm not arguing for its value and i don't mean to persuade anyone. This is my opinion. I believe in its value. And guess what? I miss the crypto train too. And I have zero crypto investments. Because I don't want to take unncessary finantial risk when I cannot. I didn't borrow to bet on Bitcoin. In fact, I didn't bet at all. I didn't envy those who bet and win. Because there 100 losers for each winner.
Hard working provides higher expected return than betting.
Wise investmens and hard working provide higher expected return than hard-working alone.
Just my personal thoughts.
Unless you have funds to throw on it and you become rich without ever moving a finger. I mean yeah, congrats for your ability to "see" the future, but I struggle to understand how you created any value, how there's anything more than luck and income inequality to support a case for your new wealth to be legit. You're just extracting value from whoever came after you, in what is a classic Ponzi scheme.
If you already had capital to begin with, you never even really "risked" on it. If you have $10 milions and you risk $1 milion, that is in no way a risk comparable to someone who owns $1k and risks $100.
> As someone from China, where central government limit foregin currency exchange, Bitcoin is a god-given tech.
Why? Most usage of crypto I see is either tax eavsion or on the black markets. Drugs, weapons, fake ids and much much worse. China is doing well and the rest of the world is considering limitations on crypto as well.
> Wise investmens and hard working provide higher expected return than hard-working alone.
I agree on this, but fuck this world where you can get richer than people who work without doing any hard work.
Well, it depends on how you view the condition. I believe that a citizen should be able to change any local curreny to foreign currency. If citizens are not allowed to do that, they are exploited by the governemnt, who can simple print money to finance its corrupted operation. And that's what happen in china.
I don't care about the price of bitcoin. I care about the ability of moving my money wherever I want.
That also applies to crypto - at any given point in time, plenty of people are investing in crazy speculative schemes. A minority of them win big, while a majority loses some or most of their money. The crypto crowd who bough 10 years ago just happened to select the right lottery ticket, while other people who at that time invested in equally far-fetched ideas (AR startups, synthetic meat, whatever crazy fad that died in the early stages before even reaching mainstream media) lost their money.
> If your friend only had $5k in total and threw them all in Terra then I guess the lesson he got in the crash is way more valuable than any savings he might have kept. He would have lost them anyway on the next shitcoin.
So if they lose money, they deserve it.
> In the meantime a couple of friends who never worked got rich just because they bought a few thousands $ (money borrowed...from their family) worth of crypto at the right moment.
> What is this bullshit? Why am I even busting my ass trying to create value, when I could just buy shitcoins and become a millionaire?
If they win money, they don't deserve it.
I guess we should just send the money to you.
I am honestly disappointed that the only cryptocurrency that is worth using is dead. If anything, if I wanted to get into crypto I would have to create my own cryptocurrency which is inherently anti speculative and encourages people to work and trade instead of rent seeking. However, even if I were to do that, I would run into two problems. I don't need a decentralized cryptocurrency for this, a normal bank would be good enough, the only point would be to bypass regulations. Because taxes are payable in a different currency than my own, there would be a constant drain of people selling the currency for dollars to pay taxes for example.
Since cryptocurrency is inherently unusable as a medium of exchange, it is a complete failure.
> So if they lose money, they deserve it.
I didn't say that. Just that it was bound to happen sooner or later. It's clear though that as with any other Ponzi scheme, there are people who join early and profit and people who join late and give all their savings to the early comers. OP's friend is one of the late comers. My friends are early comers.
> If they win money, they don't deserve it.
Again, never said this. I'm just saying that it's a lottery and that it's crazy to have masses of people betting their future livelihoods on this Ponzi scheme.
By the way yes, I don't think you really "earned" your wealth if you got it on the lottery or from your parents. Sue me. Or better, get to work and earn your wealth.
> resentment
No resentment. Just pity for people who think they earned and deserve all they have, when in fact they've just born in the right family, in the right place, at the right time.
> I guess we should just send the money to you.
Keep your lottery money. As I pretty clearly stated, I want to earn mine with actual work.
I think this is the take-away of the modern world economy.
If you can somehow get enough money to join the asset-holding class you have a chance, otherwise you have no chance. And even if you can, you're fighting a serious uphill battle against the people who got there earlier and got to that sweet free number-go-up zone while you were still toiling.
Right now a friend of mine is trying to buy a modest house in the Bay Area (not SF) -- and he's worried that the $1.5M he can afford is not going to be enough (for things listed at $1.3M) because people with generational wealth, or people who won the tech lottery, are going to come in with $1.6M cash offers.
It's not that insane yet in most of the world but I see no reason to believe this is not the direction.
So, if you don't have a path from work-work into assets, what are you supposed to do?
That’s a terrible example. Remote work is a thing if you for some reason have to work for Bay companies.
That is how it worked for the last two thousand years.
It is easy to blame the government, but don't to take the responsibilities by themselves.
There are many people who warned about the crypto bubble and the ponzi scheme over the years. But the crypto-bro's told a different story.
Many people expected that the bubble bust earlier. Some people where over that and stated that crypto is here to stay as long as there are people who can convince others to pour money in, yeah, like a ponzi scheme.
Crypto-bro's told the blue sky's, because it is decentralized and no government is able to regulate it. Now the government is blamed.
You may could blame the government, if it is regulated by the government. But it isn't. The crypto-bro's worked hard that it should not be regulated. So, you can't blame the government.