- Jan 2024
-
docdrop.org docdrop.org
-
-
for: elephants in the room - financial industry at the heart of the polycrisis, polycrisis - key role of finance industry, Marjorie Kelly, Capitalism crisis, Laura Flanders show, book - Wealth Supremacy - how the Extractive Economy and the Biased Rules of Captialism Drive Today's Crises
-
Summary
- This talk really emphasizes the need for the Stop Reset Go / Deep Humanity Wealth to Wellth program
- Interviewee Marjorie Kelly started Business Ethics magainze in 1987 to show the positive side of business After 30 years, she found that it was still tinkering at the edges. Why? - because it wasn't addressing the fundamental issue.
- Why there hasn't been noticeable change in spite of all these progressive efforts is because we avoided questioning the fundamental assumption that maximizing returns to shareholders and gains to shareholder portfolios is good for people and planet.**** It turns out that it isn't. It's fundamentally bad for civilization and has played a major role in shaping today's polycrisis.
- Why wealth supremacy is entangled with white supremacy
- Financial assets are the subject
- Equity and bonds use to be equal to GDP in the 1950s.
- Now it's 5 times as much
- Financial assets extracts too much from common people
- Question: Families are swimming in debt. Who owns all this financial debt? ...The financial elites do.
-
meme
- wealth supremacy and white supremacy are entangled
-
-
Which is exactly what you do in the book. And what did you find? - So what I do, I take apart the operating system of capitalism, which is, and I look at seven myths, really that drive it.
-
for: book - wealth supremacy - 7 myths, 7 myths of Capitalism, capital bias, definition - capital bias
-
DESCRIPTION: 7 MYTHS of CAPITALISM
- The Myth of Maximization
- example of absurdity of maximization
- Bill Gates had $10 billion. Then he invested it and got $300 billion. There's no limit to how much wealth an individual can accumulate. It is absurd.
- example of absurdity of maximization
- Myth of the Income Statement
- Gains to capital called profit is always to be increased and
- Gains of labor is called an expense, is always to be decreased
- Myth of Materiality (also called capital bias)
- definition: capital bias
- If something impacts capital, it matters
- If something impacts society or ecology, it doesn't matter
- With the capital bias, only accumulating more capital matters. NOTHING ELSE MATTERS. This is how most accountants and CFO's view the world.
- The Myth of Maximization
-
quote: Laura Flanders
- The capital is what matters. We're aiming for more capital and nothing else really matters. That's the operating system of the economy. So the real world is immaterial to this world of wealth as held in stocks and shares and financial instruments.
-
Tags
- elephant in the room - financial industry at heart of polycrisis
- book - Wealth Supremacy - How the Extractive Economy and the Biased Rules of Capitalism Drive Today's Crises
- magazine - Business Ethics
- Capitalism crisis
- Marjorie Kelly
- 7 myths of Capitalism
- definition - capital bias
- Laura Flanders show
- polycrisis - key role of finance industry
- magazine - Business Ethics - founder - Marjorie Kelly
Annotators
URL
-
- Mar 2021
-
science.sciencemag.org science.sciencemag.org
-
Thorp, H. Holden. ‘Gradually, Then Suddenly’. Science 370, no. 6517 (6 November 2020): 639–639. https://doi.org/10.1126/science.abf5396.
-
- Feb 2021
-
www.nature.com www.nature.com
-
Patel, M. (2021). Test behavioural nudges to boost COVID immunization. Nature, 590(7845), 185–185. https://doi.org/10.1038/d41586-021-00329-z
-
-
twitter.com twitter.com
-
ReconfigBehSci. (2021, February 13). RT @NatureNews: We need to start learning now how best to ‘nudge’ people to receive their vaccinations. Https://t.co/vTmKpqizuU [Tweet]. @SciBeh. https://twitter.com/SciBeh/status/1360900272269197312
-
- Oct 2020
-
www.counterpunch.org www.counterpunch.org
-
As Matt Taibbi observed way back in 2009 in the midst of the previous bailout, “By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of CDS [credit-default swap] and CDO [collateralized-debt obligation], most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the [2008] crisis to effect a historic, revolutionary change in our political system – transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.” [10]
Great quote.
-
- Aug 2020
-
www.nber.org www.nber.org
-
Aizenman, Joshua, Yothin Jinjarak, Donghyun Park, and Huanhuan Zheng. ‘Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises?’ National Bureau of Economic Research Working Paper Series, 23 April 2020. https://www.nber.org/papers/w27030.
-
- Apr 2017
-
static1.squarespace.com static1.squarespace.com
-
ound," they are usually created.
Depends which kind of rhetor you are. For this example, if you are say the government official that is involved in this situation, the case could be made that the situation was created. But, if you are a reporter or some media employee, chances are you "found" the situation and translated to the public. At the same time, that's also the literally sense of found, which most likely isn't the meaning here.
-