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.
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.