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[-] freagle@lemmygrad.ml 1 points 2 days ago

I think there's a very interesting contradiction here in that the technology oligarchs don't have money. They have securities. They sell some of those securities for money, they receive interest on those securities sometimes, but most of the time they borrow against those securities.

That means that the entire basis for their wealth is in the hands of the financial sector. And this presents a stacked problem for them. First, it means the financial sector has power over them by determining their stock price as well as setting the terms on liquidation and lending. But the second problem is that it's not cash, and therefore the tech oligarchs can't eliminate the financial sector entirely because it will tank or eliminate the value of their securities, which is where most of their wealth is. So they have likely been hard at work for a decade or more trying to figure out how to unseat the financial sector without destroying their own wealth.

Likely it will require use of the government to do it. The first signal they were doing that was 2008 when Facebook became an official channel for presidential campaigns. The fusing of the state and the technology companies accelerated after that. It's likely that this sort of thing was deemed orthogonal to the financial sector. Orthogonal but similar, in that the financial sector was thoroughly fused with the state, exemplified by the Dulles Brothers.

That fusion, though, likely created the path for technology to begin the process of subsuming finance without finance realizing it. And Trump, despite being aligned with finance, appears to be the vehicle for the catalytic changes to make this happen.

I'll go even further and say that Europe represents the financial sector's roots and the Trumpian stance of dominating Europe is a reification of the movement of technology dominating finance domestically.

Very interesting. This could be far more disruptive than I even imagined.

If this is the path we're on, the very obvious linchpin here will be mass produced autonomous weapons platforms or novel (likely energy) weapons (or both) that represent new lethal capabilities and capacities that will take decades for the working class to be able to organize against.

this post was submitted on 16 Feb 2025
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