@imani makes a powerful analogy: Corporations behave (are *constructed deliberately* to behave) as callous, self-maximising, humanity-indifferent artificial intelligence.
“Corporations run on a form of code – financial regulation and accounting practices – and the modern version of this code literally prohibits corporations from treating human beings with empathy.”
As Imani points out, we as a society choose what code those corporations run.
If the US can finally see the end of a #ClimateDisaster project https://www.wsj.com/articles/keystone-xl-oil-project-abandoned-by-developer-11623272010
then maybe there's hope for Adani Corporation to accept #AdaniNoMeansNo
although maybe that will also first require a complete change of federal government here too.
“If most of a CEO’s job can be outsourced, this suggests it could also be automated. […] the difficulty of making genuinely rational strategic decisions, and the cost of the people who do so, are also good reasons to hand this work over to software.”
When @Cory (@pluralistic) asserted the need for a “privacy regulation with a private right of action”
Mike Masnick (not on the Fediverse yet? please let me know) countered that by saying he expects it to “lead to a ton of litigation that buries smaller companies” thereby further entrenching the titans.
@pluralistic I didn't see a response to that, have you addressed that concern?
This was during Archive.org's “How do we build something better?” panel https://blog.archive.org/2020/09/24/dweb-panel-if-big-tech-is-toxic-how-do-we-build-something-better/ which I recommend.
So, please don't believe the fantasy of Frydenberg that the AU govt needs a surplus.
A federal govt surplus is *the same as* a debt that the public owes to private lenders. We should not be aiming for that.
Don't believe the fantasy that AU govt can't fund something without finding the money somewhere. AU dollars never come from taxes. AU dollars are created whenever the AU government wants them.
The AU govt has no lack of dollars; they lack the will to spend money where it is needed.
The choice of what activities and entities to tax, when done by the federal government who created the dollars in the first place, is always a choice of who and what spending power should be destroyed or supported.
Taxation is never needed to fund anything the federal government does, because they can spend dollars into existence whenever they choose.
Taxation is needed to regulate the economy, by choosing who gets to keep how much spending power in the economy.
Speaking of the wealthy not paying for useful things, why not?
Because they have their material needs met, and a person with the wealth of 1000 other families can't live in 1000 homes and sleep on 1000 beds and dine at 1000 restaurants simultaneously.
Their extra money is used, in part, to control what everyone else will do. Through corporations, through lobbying, through media reach, etc.
How to reduce that outsized spending power? Destroy some of their dollars. That's taxation.
The spectre that people will raise is that of price inflation: if there are too many dollars chasing labour, or food, or housing; but not enough of those to buy — that will cause prices to keep rising no matter how many dollars are created.
Does that sound like our current situation?
Or is there actually a glut of unsold food, of overpriced empty real estate?
Of work to care for people and fix infrastructure, that desperately needs to be done but the wealthy aren't paying for it?
So if AU dollars are spent into existence by the AU govt, why can't they just keep spending endlessly?
Well, they can. They can never run out of AU dollars. Any dollar amount they choose to spend, they can spend. They never need anyone to give them dollars in order to spend dollars.
AU govt spending dollars is a good thing if there are things people need, that are available for sale in AU dollars. People who want to work but no one will pay; people who need housing but can't afford it; etc.
Those voices often obscure the issue by talking about the federal deficit – the AU dollars spent into the economy – as though that were a “debt”. It's not.
The AU government *is also* in debt to private financial institutions. If that debt grows large, it's a big problem: those creditors will come calling and demand repayment.
What those financial institutions *don't* have on their books, is the federal deficit. So they lie, and pretend that's a “debt”, which sounds more scary. It is not debt.
Naturally, you will rarely hear the obscenely wealthy *personally* calling to reduce the federal deficit. Most of them you'll never hear at all.
They delegate that to LNP ministers, to Murdoch press writers, to classical (fantastical) economics experts. Those are the voices you will hear, sometimes somberly, sometimes stridently, insisting that the AU govt is in deficit (true) and somehow that's a desperate problem (only if you're a financial institution addicted to private debt).
Your irregularly-scheduled reminder that #AustralianGovernment is the sole source of Australian dollars.
A Federal government deficit is *where our money comes from*: it didn't exist before, govt signs a spending bill, and now the money exists for us to access.
If the AU govt is in financial surplus, *all of that is private debt* owed to privately-held financial institutions.
And that's why the obscenely wealthy endlessly screech to reduce govt deficit: that forces us all into debt to them.
The second-place player kept on eliminating the rest of us with brazen skull placement; but Malcolm patiently waited him out. Then when they were both reduced to a single remaining disc, faced off one-on-one in a final bluff to get the fatal 2 points.
I think @mherbert needs more action figures.
USPol, police accountability
Remember that George Floyd's death beneath the neck of the police officer who crushed his throat for 9 minutes, was originally reported as “Man Dies After Medical Incident During Police Interaction”.
The police must be accountable to the people they are charged to protect, always.
USPol, police accountability
Derek Chauvin is today convicted of all three counts in the 2020-05-25 murder of George Floyd in Minneapolis. Bail is denied, Chauvin is returned to detention awaiting sentencing.
Consider this a friendly, local pub. Make yourself at home, bring your friends, have a good time! Meet new people, have a laugh, enjoy the ambience, and the Oxford commas.