What do Chilean socialists & Jeff Bezos have in common? Jacques Fresco grew up during The Great Depression, watching food rot in warehouses while people queued for soup. Resources & factories existed, but the economy stopped - why? The coordination system broke down. ... "There were millions of tons of food, but nobody to buy it" One of the things that excessive speculation did, was cause a massive over-production of everything. The thing is, market economies can‘t handle abundance. We throw away millions of tons of food to maintain price stability. Scarcity creates market value, abundance destroys profit. ... Nowadays, the printer goes brrr. After the 2008 crash, they just typed numbers into computers. $700 billion for bank bailouts manifested in an instant. But money is fiction - it has no intrinsic value. And actually, most resource coordination doesn't happen through markets at all, it happens through computer-aided planning. ... What's wild? This was pioneered by a...
2.53K
13
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.