Discussion about this post

User's avatar
Shawn's avatar

When I read this line in your piece...

"the system is already an open conspiracy of the capitalist class"

I thought of Katharina Pistor's excellent book, The Code of Capital, the thesis of which is essentially that law (and lawyers) create capital. In other words, the legal encoding of assets *is* the capital. The law itself is the asset. This is where the conspiracy is made manifest.

Expand full comment
Jeff's avatar

I think that depositors got a bailout is not all that significant in the grand scheme of things.

Far more important is the new Fed facility, which (in effect) allows banks who have made bets on interest rates remaining low take a mulligan on those bets. The Fed is now in essence saying that the purpose of interest rate hikes is *solely* to generate unemployment; financial institutions will be protected from any fallout.

Expand full comment
14 more comments...

No posts