Wednesday, September 25, 2019

WeWork and Counterfeit Capitalism

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... One of the themes of this newsletter has turned out to be the breakdown of integrity in American business, and the consequences in terms of our increasingly inability to produce the vital systems we need to sustain our civilization. I’ve written about Con Edison and New York City’s vulnerabilities, how monopolies have undermined the Federal Reserve, why private equity is not business but a form of corrupted governance, and how Boeing is falling apart...

... Today I’m going to continue on this theme, and discuss the increasingly common tendency of capital markets to finance loss-making companies, which is an important trend I call “Counterfeit Capitalism.” The most hilarious example is WeWork, because it’s just such an obvious example of self-dealing couched in New Age management consulting speak. Its CEO, Adam Neumann, was just forced to step down. Both Neumann’s rise, and his fall, have important lessons if we want to correct serious errors in our political economy philosophy as a society.  (more...)

capitalism accountability business corruption monopoly fraud democracy

For millennials who imagine they've been hard done by their elders, this is the world that kids borne in the post-war era had to contend with -- fake news, fake culture, fake democracy, and fake capitalism. Add the military draft. "Great" America behaved no differently than the Ottoman Empire or the Soviet Union. That guy in the picture is one of yours.

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