I’d prefer if they went back to maximizing the paperclips instead of trying to get their ESG/DEI scores up to save the planet. At least in the former case you know they’re going to destroy everything and are honest about it. Now they’re going to destroy civilization, but disguise it in a small group of morons who think they have the solutions to imaginary global problems.
A lot of that wealth isn’t real. Look at the cluster-fuck that’s FTX. There’s a lot of funding and margins and returns and a lattice structures of businesses (Netflix, Uber, housing companies in LA) that pull in a ton of revenue, but are still in the red because they have to spent more to keep that revenue stream (especially Netflix since they have to make new content to keep subscribers). Then when that breaks apart, you get the 2008 “too big to fail” bullshit where the government chooses who wins and looses (or the coming 2023 dotcom bust where private VCs will get to choose who lives and dies).
At the same time, I don’t want to be like the marxists that faults the wealthy for their wealth. It takes a high degree of risk to get to the point of Amazon or Tesla, and in the beginning at least, these leaders have to convince hundreds and then thousands to share their vision; the earliest often worked 80~90 hours a week in the startup phase. People who come along three years in want free lunches and equity and four day work weeks without knowing what it cost to make that foundation.
Meanwhile, despite all that wealth (and because of it) people keep giving more of their money to Apple, Amazon, Valve, Sony, Samsung .. etc … competing in that world is hard, and cutthroat (because you have to be unethical to make it with the big boys, or at least very cunning). … I don’t know. It’s more complex than rich man bad.
@djsumdog @icedquinn @Alex Which is why we need to build a parallel economy. Look into seeds, precious metals, etc and trade with those instead.