You'll need to get a booster shot every 6 months now

submitted by casparvoneverecBig tiddy respecter from self.debatealtright

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[–]EthnocratArcheofuturist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (5 children)

midwits

Just because we don't accept your cringe conspiracy bullshit doesn't mean we're midwits.

He was arguing about how COVID lockdowns were a severe blow to capitalism despite me posting links that explicitly showed that the world's billionaires have gained 3 trillion dollars in wealth since the lockdowns began.

He was talking about the system. Yes, it was good for some billionaires but it wasn't good for the system itself. It doesn't actually want chaos, even if billionaires get richer because of it. Do you even understand the difference?

[–]casparvoneverecBig tiddy respecter[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

it wasn't good for the system itself

https://www.wsj.com/articles/blackrock-now-has-close-to-10-trillion-under-management-11626259550

Its not good for the system. The corporations are collapsing due to corona. Blackrock is certainly nearing its last breath

[–]EthnocratArcheofuturist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Again, how is Blackrock the entire system? You do realize that during the Great Depression there were capitalists who got richer, right?

[–]casparvoneverecBig tiddy respecter[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

It's a bedrock of the system. It along with vanguard, state street, and JP Morgan manage assets that account for nearly half of US market capitalization.

The system is stronger than ever due to covid lockdowns. Thousands of small businesses have disappeared but people's needs have not. That market share has been fully eaten up by large conglomerates. Those mom and pop shops are gone, they went under due to the lockdowns. Their customers are now forced to buy from Amazon and Walmart.

Corporations had trillions of dollars in bad debt before COVID. The government printed money to relieve them with the excuse of covid and Blackrock administered the relief. The fed bought up a lot of that bad debt and the Fed's balance sheet has ballooned. The interest on that debt will be paid by the US taxpayer.

Small landlords are going under and defaulting due to the moratorium on eviction. Their mortgage payments weren't waived. They are losing their houses and Blackrock is buying up the houses. Soon, if you want to rent anything, you'll have to rent from Blackrock, vanguard, and other big banks.

The stock market is at all-time highs due to the colossal quantity of money the fed printed and injected into it. When new money is made, the banks who receive it first, profit because the effects of inflation aren't felt yet. By the time it reaches the common schmuck, they feel the bite of inflation.

So, what is the net result of COVID-19 on capitalism?

Billionaires 3.8 trillion richer.

Workers 3.2 trillion poorer.

Trillions in corporate bad debt relieved.

The massive transfer of house ownership to the banks from small landlords.

The enlarging of corporate market share due to the destruction of small businesses.

If I were a capitalist, my dick would be harder than rolled steel right now. Covid hasn't harmed capitalism, it has sent it to turbo gear. For the banks and big corporations, it is one long dance to the bank.

[–]casparvoneverecBig tiddy respecter[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Just because we don't accept your cringe conspiracy bullshit doesn't mean we're midwits.

Have you taken the vaccine?

[–]EthnocratArcheofuturist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Yes.