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Joined 2 years ago
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Cake day: June 13th, 2023

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  • Imagine if the EU spent a fraction of the money burned on Ukraine doing this stuff for the past three years.

    It’s a good idea but I think the EU would still be faced with Trump tariffs reducing their competitive edge in their big export market. They already are struggling with rapid deindustrialization due to high energy costs. It all spells long recession.

    I don’t see Twitter, Google etc pulling out of the EU any time but I guess it’s possible.

    The EU are just going to fold. Their retaliation is not meaningful. They are economically weak.

    The trade surplus they had with America is eventually going to be invested back into the US to restore their manufacturing. They’re going to just pray it all turns a profit. It kills their own manufacturing jobs but they don’t give a shit really. The capitalists survive and that’s all they care about.


  • Rising cost of living also forces people to let go of their assets such as homes and businesses as workers and small businesses start defaulting on their debt. Oligarchs, insulated by their massive capital reserves, swoop in to acquire these assets at a fraction of the cost. David Harvey referred to this process as accumulation by dispossession.

    Yep. IMHO assets aren’t going to fall in price actually. Because rich people will sink their spare money into property. Property can dip in price in the short term but it bounces back. Rich people want land which creates the demand and increases the price. They will buy it all if allowed.

    Australia is a good example of this. People thought because they managed to hold onto their assets, which are rising in value faster than the cost of living, that they are getting wealthier. Unfortunately when their kids get old enough to want to buy a home, it’s often way out of reach of their kids’ salary. Then they have to borrow against their asset to support their kids purchase.

    I believe most Australians and Americans will not do the only real long term solution: Take assets from the rich class. Give/sell cheap those assets to the working class. They don’t have the stomach to take assets from the rich. You can’t let rich people accumulate assets. If working class people are too broke to buy a home, then the country is broke.