Of course they are, same with undersea data centers (for different reasons).
But it doesn’t matter. In the late-stage capitalism we find ourselves in, you don’t need a real product, nor a promising prototype. You don’t even need a good idea, you just need the promise that you’ll come up with a good idea soon. That’s enough to get the investors drooling, the shareholders hyped, and the gullible idiots engaged.
And you only have to maintain that long enough to pay yourself and your insiders some fat checks. Then when inevitably, reality barges in and people start to realize it was all bullshit and pipe dreams, you’ve already cashed out, and if you’re PR team is good, the media and your sycophantic fans will praise you as a visionary who was simply, “ahead of their time.” And you can go on to scam more people.
It’s basically Patreon scams but with billions of dollars.
Late stage capitalism just means late stage fiat currency doesn’t it, since all the money flooding in is debt and QE, and every dollar created and placed into the market is new cheap debt issuance?
Then we bail all the bad debt out when it fails, so the perverse incentive to issue bad debt is always there, because its not capitalist and nobody would backstop this mess if it was their own capital.
You can have late stage capitalism with any monetary system. Though relying on inherent value tends to leave poor people in much worse conditions much more quickly.
Of course they are, same with undersea data centers (for different reasons).
But it doesn’t matter. In the late-stage capitalism we find ourselves in, you don’t need a real product, nor a promising prototype. You don’t even need a good idea, you just need the promise that you’ll come up with a good idea soon. That’s enough to get the investors drooling, the shareholders hyped, and the gullible idiots engaged.
And you only have to maintain that long enough to pay yourself and your insiders some fat checks. Then when inevitably, reality barges in and people start to realize it was all bullshit and pipe dreams, you’ve already cashed out, and if you’re PR team is good, the media and your sycophantic fans will praise you as a visionary who was simply, “ahead of their time.” And you can go on to scam more people.
It’s basically Patreon scams but with billions of dollars.
Late stage capitalism just means late stage fiat currency doesn’t it, since all the money flooding in is debt and QE, and every dollar created and placed into the market is new cheap debt issuance?
Then we bail all the bad debt out when it fails, so the perverse incentive to issue bad debt is always there, because its not capitalist and nobody would backstop this mess if it was their own capital.
You can have late stage capitalism with any monetary system. Though relying on inherent value tends to leave poor people in much worse conditions much more quickly.