this post was submitted on 11 May 2024
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Manufacturing has been in decline for a long time. NAFTA was one of the last nails in that coffin. But the tech boom of the 90s+ injected a few decades of growth and international status. I'll put my "point of no return" collapse date at Y2K
I feel like the subprime mortgage crisis broke something deeper. I can’t put my finger on it, but it seems like this is the point when political power completely capitulated to finance capitalism.
In 2020 they literally increased the money supply by like 20% by printing trillions of dollars and just handed it out to corporations to do stock buybacks. It certainly was completely captured by that point
There was also the bailout of Silicon Valley Bank last year. It was a blink-and-you'll-miss-it headline, but man. Like Lehman Brothers, but the Federal ~~Bank~~ ahem Reserve stepped in before the bankruptcy actually hit the stock markets.
Yeah the response to the 2020 crisis was unsurprising. That war had already been fought and lost (or won, if you’re a finance ghoul)