by James Howard Kunstler
Kunstler.com
Is it so, as some wags say, that industry no longer makes money; only finance does? That’s been the operating theory for much of the West lately. Of course, that invites the question: what then is finance supposed to finance… that is, put money into? Why… industry, of course, and in the broadest sense of the word: the production of goods… goods being things that have value (that’s what’s good about them). How quaint! But most of the industry that used to be here has gone to other lands.
What about all that money (capital) flowing into technology: Facebook, Google, Amazon? Hmmmm. What does Facebook produce, besides conflict between its users? Okay, it harvests data about them to sell to advertisers. And what are the advertisers advertising? Their products. Who produces the products? Mostly those people in other lands. Facebook users, then, are increasingly not employed, at least not in the production of goods. Perhaps in services like nursing, trucking, garbage pickup, food prep, police, firemen, prison guards, government bureaucracy (is that a service or a dis-service?) and et cetera.