Activity

[...] Credit-card companies are earning 3 or 4 percent on every purchase. That’s more than the growth rate of the entire economy. And it doesn’t even account for the primary source of credit-card company revenue, which is all the interest customers are paying (or further accumulating) on their bala…

[...] speculators saw in digital technology a gateway to a new, virtual form of colonialism: a new place to lend and deploy capital, new territory for growth.

Alas, the big data profiles of teenagers can’t support the same robustness of growth as entire continents of slaves and spices. Besides, …

This is the real cause of the severity and longevity of the 2007 crash. Rather than figuring out how to compensate for central currency’s extractive bias, a highly digital finance industry chose to exploit it. The digital perspective that allows us to see money as an operating system doesn’t necess…

[...] Money makes money faster than people or companies can create value. The richest people and companies should, therefore, position themselves as far away from working or creating things, and as close to the money spigot, as possible.

Currencies, tokens, and precious metals have indeed been used as means of exchange for thousands of years; but debt-based, interest-bearing, bank-issued central currency is a very particular tool with very particular biases—most significantly, a bias for growth. Capitalism itself is less the driver…