On 18 November, the Financial Times told us that a Bank of America survey has found that a “majority of global fund managers think companies are overinvesting, as market anxiety grows about the sustainability of the artificial intelligence spending boom”.
The capitalist press is again revealing the accuracy of Marxian economic theory, which describes how capital will and must flow into industrial sectors with potential/actual relatively high profits. The end result will always be over-investment and an ensuing sectoral slump which, depending on circumstances, can turn into a world slump.
As the refrain goes, capitalism is “forever blowing bubbles, pretty bubbles in the air”. Except for us, the working class, the bubbles aren’t pretty at all!
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