👍 The GameStop Mess Shows That the Internet Is Rigged Too

Liked The GameStop Mess Shows That the Internet Is Rigged Too by Zeynep Tufekci (theatlantic.com)

The social contract is broken, and that’s why the game feels rigged. Right now, especially in countries like the United States, many of the largest, most profitable companies play the legal-tax-evasion game to the point that they are sitting on hundreds of billions of dollars in cash. (Apple alone has cash reserves that hover around $200 billion. Similarly, both Microsoft and Alphabet/Google have more than $100 billion in their cash pile.) These stockpiles are humongous and the companies are not productively investing them—by building something, or by paying people—so the money all goes back into the stock market. When there is such concentrated wealth, many assets—from stocks to Picasso paintings—appreciate. Such disproportionate investment in speculative or nonproductive assets, coupled with the lack of investment in things that make society work better for more people, like education and health care, further break the social contract.

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