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#wealth

6 posts5 participants0 posts today

Huge win. Huge. Canadian Court upholds government restricting crypto bullshit use of electricity

"B.C. wins case for power use limits by cryptocurrency miners"

(Its not "mining" its wanking, nothing produced, nothing mined)

"The decision upheld an earlier court ruling against Conifex Timber Ltd., a forestry company located in Prince George .... The company was seeking unrestricted access to B.C. electricity."

nationalobserver.com/2025/03/1

Canada's National Observer · B.C. wins case for power use limits by cryptocurrency minersThe appeal court ruled that B.C. Hydro has the right to act in the public interest – in this case, to protect BC’s electricity supply and contain electricity prices for ratepayers.
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The Fascist Tech Bro Takeover Is Here
theindex.media/the-fascist-tec

"Musk's $277 million campaign contribution secured him unprecedented access to the levers of #Government & cemented his grip on the #political machine... Musk's influence has infected every arm of Govt. And he is using his #wealth, his control of Twitter's husk, & his presence in the #Trump orbit to steer the country away from #democratic principles & toward oligarchic rule."

Benn Jordan does it again: “You are witnessing the death of American capitalism”.

Great video, great insights. Rings true, with all that’s happening around us today. The Great Techbro Takeover is real, and it’s because once you accumulate enough wealth, money in itself ceases to be an important measure of wealth.

It’s a long watch, but a good one. Please check it out.

#capitalism #philosophy #money #wealth #power

youtube.com/watch?v=gqtrNXdlra

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@SharkAttak A chief failure of the profit motive is that it cares not a whit where profit comes from.

If profit derived only from wealth as defined by Adam Smith ("the produce and labour of the nation"), that would be fine.

But profit is in fact an accounting artefact, not an economic one. That bit of equivocation is at the heart of a great deal of the apparent contradictions and fallacies of mainstream economics.

Profit is based on realised costs and revenues, which means that any trick which can be used to lower or offset / externalise costs, and to inflate or capture revenues, is a net gain to the business.

That's why "free market" entrepreneurs are not in fact in favour of free markets where they can secure higher profits by suppressing free markets. Whether that's through dumping toxic waste (physical or informational), fraud, slavery, labour oppression, tax avoidance, quashing or buying competitors, oppressing suppliers, inserting themselves as middlemen in trade (capturing both supplier and consumer surplus), monopolisation, regulatory capture, lobbying, or any of the other abuses.

Markets can be effective, but generally only where there is a balance of power between capital, labour, government, and common weal generally. If you read Smith closely you'll find that he's a champion of small scale commerce, but casts a jaundiced eye on monopolies (he doesn't use that word, but search for "engross" within Wealth and you'll find some mention), and those who can influence the State to their own interests (wool merchants get a call-out).

As best as I've been able to trace, it, the principles of cost accounting in the US were set out by Alexander Hamilton Church (and yes, related to that A.H.), see: en.wikipedia.org/wiki/Alexande.

There's a wonderful inquiry into cost accounting by Leo Tolstoy in, I think in What Is To Be Done, (sometimes "What Then Must We Do") a collection of essays: en.wikipedia.org/wiki/What_Is_ theanarchistlibrary.org/librar.

@Gotterdammerung

I'm pretty sure @pluralistic is aware of much of this but AHC may be of interest.

en.wikipedia.orgAlexander Hamilton Church - Wikipedia
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Fight fascism & Elon Musk by taking down Tesla
micahflee.com/fight-fascism-an

"On paper, #ElonMusk is the richest person in the world, but his money... resides in his stake in #Tesla, a wildly overvalued publicly traded company...

movement against Tesla... knocking billions of dollars off Musk's net worth and potentially even causing his #wealth – which honestly is a house of cards built on top of #fraud & over-hyped Tesla stock – to collapse."

Just saw this cartoon posted on the enshittified, dying legacy blogging platform a few worthwhile writers still use. The article says the cartoon is banned on the enshittified, dying legacy social media platform still used by a few worthwhile people - and a lot more worthless ones. (Hint: it's now owned by the cartoon's subject, Cylon Musk.)

Good cartoon, imo.

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Elon Musk’s Open Corruption Revealed in New FAA Plans

The Federal Aviation Administration is now going after one of Starlink’s main competitors.
newrepublic.com/post/192077/el

"The #FAA is reportedly planning to ditch a $2.4 billion contract with #Verizon in favor of a deal with Elon Musk’s #Starlink.

The move would be a blatant favor to the #tech mogul... and further increase the #wealth and power of the [South African immigrant]"

WaPo, but it’s an exclusive 🤷🏼‍♀️ #GiftArticle

#ElonMusk’s business empire is built on $38B in #GovernmentFunding

Govt infusions at key moments helped #Tesla & #SpaceX flourish, boosting Musk’s #wealth

#Musk & his cost-cutting US #DOGE Service team have been on a mission to trim govt largesse. Yet Musk is one of the greatest beneficiaries of the taxpayers’ coffers.
#hypocrisy #USpol #law #economy #business #finance #tech #FederalAgencies #FederalWorkers #kleptocracy
wapo.st/41uIOJ4

The Washington Post · Elon Musk’s business empire is built on $38 billion in government fundingBy Desmond Butler, Trisha Thadani, Emmanuel Martinez, Aaron Gregg, Luis Melgar, Jonathan O'Connell, Dan Keating

A documentary describing how PM Orban's family became so wealthy attracts millions of viewers in Hungary.

'The Dynasty' effectively traces how those close to the Hungarian prime minister have become miraculously wealthy alongside his political career for at least 15 years.

mediafaro.org/article/20250222

Le Monde · Documentary describing how PM Orban's family became so wealthy attracts millions of viewers in HungaryBy Jean-Baptiste Chastand
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The debate reflects the inherent #conflict in the highly unusual arrangement of having the world’s foremost #business leader — & its richest person — actively working in the #WhiteHouse w/o having stepped aside from his business. Musk’s #wealth has surged since the election, in which he poured $277M into the election of #Trump & #Republican candidates, in part because #WallStreet expects his businesses to gain from the friendly policies of his new allies in Washington.

*Wealth of world's billionaires rose by $2 trillion in 2024, 3x faster than in 2023

*within a decade, there'll be at least 5 trillionaires

*44% of the planet's people are now living below the World Banks poverty line of $6.85/ day
theguardian.com/news/2025/jan/

The Guardian · Wealth of world’s billionaires grew by $2tn in 2024, report findsBy Julia Kollewe