One thing you can say about capitalism is that it has a way of creating new, ever more diabolical scams and asset bubbles. You would think the credit derivative debacle of the 00's would have been the peak, but now we have NFTs, crypto and blockchain lmao.
And now, before the hype train completely goes off the rails, the "metaverse" and fake virtual "real estate" is going to be the latest fraud to compound all the underlying frauds. It's fictitious capital all the way down!
Who is going to foot the bill once the rest of the world catches up to China and realizes that crypto mining is an overwhelming social/environmental ill? How many systems are going to be reduced to toxic waste from blockchain-inspired mania before it all collapses?
NFTs are especially hilarious because they don't even solve the intractable problem of copyright infringement that every digital "asset" suffers from, they just make it easier to trade and speculate on the "ownership" of that problem!
I really wonder if anyone involved in designing the credit derivatives that collapsed the financial system a decade ago are involved in any NFT schemes.

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More from @izak_novak

23 Nov 21
The fundamental injustice with capitalism is the separation of the overwhelming majority of people (the working class) from control over the economic forces (both the means of production and the market) that dictate the better part of their lives. It is antidemocratic to its core
Socialism is about restoring and expanding the peoples' democratic control over the economic forces of society through state power+control combined with cooperative/more democratic economic structures. It's not just tinkering around the edges with reforms.
It is especially *not* just reformism via concessions from the capitalist class, on the contrary that power balance needs to be flipped such that whatever still exists of the capitalist class must play by the rules set by the people.
Read 16 tweets
22 Sep 21
Okay, I'll bite. I think the Evergrande crisis is a telling example of the limits and risks of China's subordinate capitalist sector, but because of China's two-tiered, state-led economy, the systemic risks are low and not comparable to capitalist economies. Some thoughts:
First, some background. Michael Roberts did an excellent post on Evergrande and what he thinks will happen, which I largely agree with. See:…
Remember that what made the housing crisis so severe in the US was the extreme obfuscation caused by the securitization of junk mortgages, inaccurate credit ratings and the subsequent compounding of risk through derivatives. This made the liquidity crisis severe.
Read 15 tweets
13 Jun 21
Lol Amnesty's latest report on Xinjiang notes in its methodology section (the only part that matters) that "nearly all" interviewees are being kept anonymous, making it impossible to independently verify their stories or validate their credibility, possible ulterior motives, etc.
This is the oldest trick in the human rights propaganda playbook, and it is used *extensively* in reports on places like the DPRK.
The report argues this is because of "risks" to people criticizing the government including "journalists." Their source for this claim about "journalists"? Radio Free Asia. Of course, you wouldn't know this "journalist" was from RFA unless you read the footnote (I wonder why?)
Read 7 tweets
4 Apr 21
You didn't use Western sources? Really? Let's see about that. In this video, Vaush cited the WSJ: (1/9) Image
The Jamestown Foundation, "a Washington, D.C.-based conservative defense policy think tank.[2] Founded in 1984 as a platform to support Soviet defectors" (2/9) Image
Business Insider, "an American financial and business news website founded in 2007. Since 2015, a majority stake in Business Insider's parent company Insider Inc. has been owned by the German publishing house Axel Springer." (3/9) Image
Read 9 tweets
19 Mar 21
THREAD: Highlights of Chinese remarks at the US-China meeting that happened in Alaska. The quoted speakers are Director of the Office of the Central Commission for Foreign Affairs Yang Jiechi and State Councilor/Foreign Minister Wang Yi. [Minor editing to fit tweets]

YANG: "The wars in this world are launched by some other countries, which have resulted in massive casualties(...) We don't believe in invading through the use of force, or to topple other regimes through various means, or to massacre the people of other countries"
YANG: "So we believe that it is important for the United States to change its own image and to stop advancing its own democracy in the rest of the world. Many people within the United States actually have little confidence in the democracy of the United States"
Read 16 tweets
28 Jul 20
I'm truly terrified by how sophisticated, hegemonic and effective anti-China propaganda has become. The English speaking world has been so relentlessly blanketed in the two "Big Lies" about China (HK/Xinjiang) and many small lies, that they've created an alternate reality.
Trying to have a conversation with someone who only gets their information about China from the NYT or Reddit is borderline impossible. This is how the propaganda works: it becomes self-perpetuating and self-reinforcing.
First, you establish the baseline lie: "China is oppressing Xinjiang" Then, anything that has to do with Xinjiang becomes toxic because "that's where China is oppressing people" so we end up with the mask story: "your masks are made by oppressed people in XJ"
Read 10 tweets

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