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I a way, yes. The accumulation of capital through profit is apparently no longer necessary, but the right connections in banks that can create billions are necessary. I have suspected for some time that the investors that props up Uber and other so called unicorns are the last step in a chain that starts with a banks creating loans.

In another way, no. I suspect that if on goes back one can find a lot of these credit-created companies and I suspect that their portion has always been pretty large. If I recall correctly the German railroads were built to a large extent by companies that crashed and were taken over by banks. Those railroads were not financed by slowly accumulating profits, they were financed by credit. I don't know of any research to quantify how these poritons changed - not least because credit created companies has been seen as either an aberation (bubbles) or as pre-extending future profits, rather then a thing of their own.

But it sure is more naked now.

I like Varoufakis suggestion and would like to add that as companies grow they should be forced to take more stake holders on board.

Also 'All Power To The Soviets' was according to Goldman the anarchists rallying cry, that the Bolsheviks cynically co-opted, and then they undermined the local soviets (councils). The bakers soviets were apparently the last hold outs, working independently into the early 20ies, because otherwise the bakers striked, which meant no bread.

by fjallstrom on Fri May 7th, 2021 at 10:31:00 AM EST

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