Posted 3 years ago on June 24, 2020, 12:13 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
If Wall St. and all the banks and billionaires disappeared tomorrow, if the entire FIRE Sector went bankrupt, the production and distribution of food would still be the highest priority economic activity. We can live without Wall St. We can't live without food. Yet many, perhaps most, think the stock market is the economy. What the fuck ...???
Yeah. I get it. When a politician measures the health of the economy they quote the DOW. The news media quotes the politicians. They all say it over and over again. We've all heard it so many times, perhaps every day of our lives or oftener, we take it for granted that what's good for the investors is good for us all. Milo Minderbinder told us we all have a share and we believe it.
How does that work? How can everybody profit by buying and selling stocks and bonds of entities that, presumably, make their money by the production and distribution (to consumers) of real goods and material services? When we've all become rich by the abstract economic activities of Wall St, who will grow our food and bring it to us, for the continuation of our mundane roll as consumers? And finally, what is the real economy? What is important to we the people? ...
"... the overall, natural economy must return urgently to prominence, or we’re all shut down." - Michael Symons https://www.nakedcapitalism.com/2020/06/the-economy-isnt-about-money-its-about-putting-food-on-the-table.html