#trillion dollar business

[twilight-deviant]

Telling content creators it's wrong to explore artistic freedom and be independently funded by fans, and they should instead continue taking advertisement revenue from google* is

NOT

the anti-capitalism stance actually.

*(Yes, google owns youtube.)

[limbbreakerextremeceolovemaker]

My stocks are going infinitely up. go ahead, try and fuck with me.

Go ahead, put anything. i literally just unlocked quarter of a total million dollar hack in the stock market by exploiting eexperimental Bio-Currency waveforms with my XM-Zwoinker, totally debralcrallifrateied the moneys. 30% Ham going up 21^2% 89% loins 10% ribs 99-1% tender ribs 19 dollars 56% Thighs (chicken) 3198 new Coins in the market, all of them hard. 583,123,094 Soft Coins exited the market. 12 Extra coins have been added to the pool.

Thank you!

[hogoutorlogout]

MONEY MINDSET MONDAY

i, a trillion dollar woman, will be giving away all my best ideas weekly. this does not constitute financial advice.... if you're a fool (you are)!!!!!!!!!!

to start:

TGIrl TGI Fridays

[wearealive]

// i do understand and support the android rebellion but low-key feel bad for the "owners" because they paid like $7-10k for the android and now they're just ditching lmao. cyberlife has some reimbursing to do.

[neonsbian]

how does my dad literally work in it but he thinks using adblockers is wrong like be serious

[rotary-supercollider]

Average leverage episode

Victim: please mr. Leverage. They bought my orphanage and they’re going to sell all the orphans I need you to stop them

Nate “Leverage” Leverage: I think we can get you some… leverage

Sophie: I’m going to start a bullshit argument now

Nate: please dont

Sophie: it’s going to last the whole episode

Nate: 🙄women (laughtrack)

Hardison: alright this is our mark Mr. Monopoly. He owns 16 weapons companies and took in 100000 billion million dollars last year. He just got into the orphan business and on the weekends he plays puppy golf.

Parker: whats puppy golf

Hardison: it’s like golf but you use puppies

Elliot: I’ve seen it. (snifffs deeply) not fun

Hardison: this guys ruthless. we’re going to be exploiting his one weakness. He really likes having a lot of money

Sophie: how?

Nate: we go steal an abstract concept

*they steal an abstract concept*

The mark: hello. I was impressed by your ownership of an abstract concept

Sophie: we’ll give you 50 trillion dollars for the orphanage

Mark: Zamn!!!

Sophie: 😏 we got him

*1 day later*

Sophie: here’s the 50 trillion dollars (holds up briefcase full of crimes)

The mark: I don’t want your money any more. I have a new plan. I’m goijng to dress all the orphans in hot dog costumes and start a theme park

Sophie: 😦

Elliot: we’re blown

Nate: Sophie throw the briefcase 💼 in the lake

Mark: whoa!! Thats wet money

Sophie: I can give you 5000 more orphans. Meet me at this unmarked warehouse in 6 hours

Mark: awooga

Hardison: Nate do you have a plan?

Nate: not yet

*Fade to black*

Nate: alright the marks on his way. Hardison what’s your 20

Hardison: I need at least 30 minutes to finish this Lego Taj Mahal

Nate: ok I’ll stall

Nate (playing bit character): I cooka da pizza!! Ohhhh (drops full pan of sauce on the marks head instantly killing him) mamma Mia (walks into the sea)

Parker: guys we have a problem

*6 Bad Men materialize out of thin air*

Elliot: 😒I got this 👊👊👊👊👊👊👊👊👊👊👊🤛🤜🤛🤜✊🩼✊🦶🦵✊🤛🚪🦶✊🦵🤌✊🦶👊🦵✊✊👊🎷👊👊👊

*the Bad Men disintegrate*

Elliot: shit hes here (dives into a trash can)

*the mark reaches the building. There are orphans waving at him from the windows*

Mark: ok I’m here to take the orphans

The police: SIR YOURE COMING WITH US

Mark: what?? This is a completely legal orphan deal

Police: theres no orphans here

*police man grabs an orphan. Hes flat. Flashback to Hardison setting up 5000 cardboard orphan cutouts*

Mark: but what are you arresting me for??

Police man: sir you filled all of city hall with gravy

*flashback to Nate filling city hall with gravy while wearing a T-shirt that says “Im bad businessman”*

Mark: you can’t do this to me!!

Police: (arrests him)

Nate: heh. You could say he got... Leveraged

Parker: i have autism

Everyone: oh my god Parker shut up

[taffywabbit]

so like. at what point are we going to stop listening to game companies saying "the game was poorly received and didn't meet our sales targets, and that's why we're removing it from storefronts and taking down all the servers mere months or even weeks after release" for titles that had a long expensive development, were barely marketed, and nobody knew they'd even released until after they heard they were getting shut down and couldn't be played/purchased anymore?

I feel like the prevailing takeaway for anyone who doesn't just conclude "yeah, game was pretty mid, makes sense to me" has usually been "this company just has unreasonably impossible sales expectations and treats every project like a failure if it doesn't print a trillion dollars". but these ARE allegedly experienced business execs who aren't complete idiots, and after this most recent debacle with Concord I'm starting to wonder if a bunch of these "games getting wiped out of existence when they underperform instead of just being allowed to persist as they are and maybe improve with time" cases in recent years might be more of a Warner-Discovery type situation, like nuking an entire animated series or film that was worked on for years and preventing it from being sold because it has to be officially unprofitable for the company to use it as a tax write-off. I look at a game that was worked on for 8 years and only made available for 2 weeks, and it's hard not to see the parallels.

great work, AAA games industry, really normal and sustainable stuff you're doing over there as usual

[robertreich]

How Trump Killed Every Business He Touched

Trump’s entire candidacy is based on a lie.

TRUMP: I’m really a good businessman. I’m so good at business.

Not true. Trump is a business failure. Almost every business he’s touched, he’s driven into the ground.

RUBIO: You ever heard of Trump Steaks?

TRUMP: Trump Steaks are the greatest steaks, and I mean that in every sense of the word!

RUBIO: You ever heard of Trump Vodka?

TRUMP: It’s a smooth vodka. It’s a great-tasting vodka.

RUBIO: All of these companies that he’s ruined!

It’s true! Trump had a failed board game…

TRUMP: My new game is Trump the Game.

…a failed bicycle race called the “Tour de Trump”…

TRUMP: I think this is an event that can be tremendous in the future. And it can really rival the Tour de France.

…a failed football team.

TRUMP: It’s gonna stay strong. It’s gonna stay strong for a long time.

Trump decided it was a good idea to start a mortgage company in 2006.

TRUMP: It’s a great time to start a mortgage company.

That failed in less than two years. Let’s see, what else was there?

JOHN OLIVER: Trump Magazine, which folded, Trump World Magazine, which also folded…

ROMNEY: Whatever happened to Trump Airlines?

Oh! That was a good one! One of his planes had a crash landing within the first two months, which he insisted was “the most beautiful landing you’ve ever seen.” The business failed within three years.

Trump has even managed to bankrupt multiple casinos. How do you lose money running a casino?

There’s an old joke that the easiest way to make a small fortune is to start with a large one. And that’s exactly what Trump did. Multiple analyses show that if Trump had simply invested his multi-million-dollar inheritance in an index fund and didn’t touch it, he’d be a lot richer than he is now. Think about that. His entire life’s work has been less successful than if he’d done nothing.

And when he was president, Trump ran the country like he ran his failed businesses. He added $8.4 trillion to the national debt — largely through his tax cuts for the rich and big corporations.

Trump has managed to survive every one of his business failures by leaving other people on the hook — leaving workers unpaid and shafting his investors.

The whole idea that Trump is good at business was a carefully-crafted illusion — concocted for a reality TV show. And like a lot of reality TV shows, we’ve come to learn it was all show, and no reality.

The only business Trump has been successful at is conning people. Now he’s trying to do it again. Don’t fall for it.

[mostlysignssomeportents]

Google is (still) losing the spam wars to zombie news-brands

I'm touring my new, nationally bestselling novel The Bezzle! Catch me TONIGHT (May 3) in CALGARY, then TOMORROW (May 4) in VANCOUVER, then onto Tartu, Estonia, and beyond!

Even Google admits – grudgingly – that it is losing the spam wars. The explosive proliferation of botshit has supercharged the sleazy "search engine optimization" business, such that results to common queries are 50% Google ads to spam sites, and 50% links to spam sites that tricked Google into a high rank (without paying for an ad):

https://developers.google.com/search/blog/2024/03/core-update-spam-policies#site-reputation

It's nice that Google has finally stopped gaslighting the rest of us with claims that its search was still the same bedrock utility that so many of us relied upon as a key piece of internet infrastructure. This not only feels wildly wrong, it is empirically, provably false:

https://downloads.webis.de/publications/papers/bevendorff_2024a.pdf

Not only that, but we know why Google search sucks. Memos released as part of the DOJ's antitrust case against Google reveal that the company deliberately chose to worsen search quality to increase the number of queries you'd have to make (and the number of ads you'd have to see) to find a decent result:

https://pluralistic.net/2024/04/24/naming-names/#prabhakar-raghavan

Google's antitrust case turns on the idea that the company bought its way to dominance, spending the some of the billions it extracted from advertisers and publishers to buy the default position on every platform, so that no one ever tried another search engine, which meant that no one would invest in another search engine, either.

Google's tacit defense is that its monopoly billions only incidentally fund these kind of anticompetitive deals. Mostly, Google says, it uses its billions to build the greatest search engine, ad platform, mobile OS, etc that the public could dream of. Only a company as big as Google (says Google) can afford to fund the R&D and security to keep its platform useful for the rest of us.

That's the "monopolistic bargain" – let the monopolist become a dictator, and they will be a benevolent dictator. Shriven of "wasteful competition," the monopolist can split their profits with the public by funding public goods and the public interest.

Google has clearly reneged on that bargain. A company experiencing the dramatic security failures and declining quality should be pouring everything it has to righting the ship. Instead, Google repeatedly blew tens of billions of dollars on stock buybacks while doing mass layoffs:

https://pluralistic.net/2024/02/21/im-feeling-unlucky/#not-up-to-the-task

Those layoffs have now reached the company's "core" teams, even as its core services continue to decay:

https://qz.com/google-is-laying-off-hundreds-as-it-moves-core-jobs-abr-1851449528

(Google's antitrust trial was shrouded in secrecy, thanks to the judge's deference to the company's insistence on confidentiality. The case is moving along though, and warrants your continued attention:)

https://www.thebignewsletter.com/p/the-2-trillion-secret-trial-against

Google wormed its way into so many corners of our lives that its enshittification keeps erupting in odd places, like ordering takeout food:

https://pluralistic.net/2023/02/24/passive-income/#swiss-cheese-security

Back in February, Housefresh – a rigorous review site for home air purifiers – published a viral, damning account of how Google had allowed itself to be overrun by spammers who purport to provide reviews of air purifiers, but who do little to no testing and often employ AI chatbots to write automated garbage:

https://housefresh.com/david-vs-digital-goliaths/

In the months since, Housefresh's Gisele Navarro has continued to fight for the survival of her high-quality air purifier review site, and has received many tips from insiders at the spam-farms and Google, all of which she recounts in a followup essay:

https://housefresh.com/how-google-decimated-housefresh/

One of the worst offenders in spam wars is Dotdash Meredith, a content-farm that "publishes" multiple websites that recycle parts of each others' content in order to climb to the top search slots for lucrative product review spots, which can be monetized via affiliate links.

A Dotdash Meredith insider told Navarro that the company uses a tactic called "keyword swarming" to push high-quality independent sites off the top of Google and replace them with its own garbage reviews. When Dotdash Meredith finds an independent site that occupies the top results for a lucrative Google result, they "swarm a smaller site’s foothold on one or two articles by essentially publishing 10 articles [on the topic] and beefing up [Dotdash Meredith sites’] authority."

Dotdash Meredith has keyword swarmed a large number of topics. from air purifiers to slow cookers to posture correctors for back-pain:

https://housefresh.com/wp-content/uploads/2024/05/keyword-swarming-dotdash.jpg

The company isn't shy about this. Its own shareholder communications boast about it. What's more, it has competition.

Take Forbes, an actual news-site, which has a whole shadow-empire of web-pages reviewing products for puppies, dogs, kittens and cats, all of which link to high affiliate-fee-generating pet insurance products. These reviews are not good, but they are treasured by Google's algorithm, which views them as a part of Forbes's legitimate news-publishing operation and lets them draft on Forbes's authority.

This side-hustle for Forbes comes at a cost for the rest of us, though. The reviewers who actually put in the hard work to figure out which pet products are worth your money (and which ones are bad, defective or dangerous) are crowded off the front page of Google and eventually disappear, leaving behind nothing but semi-automated SEO garbage from Forbes:

https://twitter.com/ichbinGisele/status/1642481590524583936

There's a name for this: "site reputation abuse." That's when a site perverts its current – or past – practice of publishing high-quality materials to trick Google into giving the site a high ranking. Think of how Deadspin's private equity grifter owners turned it into a site full of casino affiliate spam:

https://www.404media.co/who-owns-deadspin-now-lineup-publishing/

The same thing happened to the venerable Money magazine:

https://moneygroup.pr/

Money is one of the many sites whose air purifier reviews Google gives preference to, despite the fact that they do no testing. According to Google, Money is also a reliable source of information on reprogramming your garage-door opener, buying a paint-sprayer, etc:

https://money.com/best-paint-sprayer/

All of this is made ten million times worse by AI, which can spray out superficially plausible botshit in superhuman quantities, letting spammers produce thousands of variations on their shitty reviews, flooding the zone with bullshit in classic Steve Bannon style:

https://escapecollective.com/commerce-content-is-breaking-product-reviews/

As Gizmodo, Sports Illustrated and USA Today have learned the hard way, AI can't write factual news pieces. But it can pump out bullshit written for the express purpose of drafting on the good work human journalists have done and tricking Google – the search engine 90% of us rely on – into upranking bullshit at the expense of high-quality information.

A variety of AI service bureaux have popped up to provide AI botshit as a service to news brands. While Navarro doesn't say so, I'm willing to bet that for news bosses, outsourcing your botshit scams to a third party is considered an excellent way of avoiding your journalists' wrath. The biggest botshit-as-a-service company is ASR Group (which also uses the alias Advon Commerce).

Advon claims that its botshit is, in fact, written by humans. But Advon's employees' Linkedin profiles tell a different story, boasting of their mastery of AI tools in the industrial-scale production of botshit:

https://housefresh.com/wp-content/uploads/2024/05/Advon-AI-LinkedIn.jpg

Now, none of this is particularly sophisticated. It doesn't take much discernment to spot when a site is engaged in "site reputation abuse." Presumably, the 12,000 googlers the company fired last year could have been employed to check the top review keyword results manually every couple of days and permaban any site caught cheating this way.

Instead, Google is has announced a change in policy: starting May 5, the company will downrank any site caught engaged in site reputation abuse. However, the company takes a very narrow view of site reputation abuse, limiting punishments to sites that employ third parties to generate or uprank their botshit. Companies that produce their botshit in-house are seemingly not covered by this policy.

As Navarro writes, some sites – like Forbes – have prepared for May 5 by blocking their botshit sections from Google's crawler. This can't be their permanent strategy, though – either they'll have to kill the section or bring it in-house to comply with Google's rules. Bringing things in house isn't that hard: US News and World Report is advertising for an SEO editor who will publish 70-80 posts per month, doubtless each one a masterpiece of high-quality, carefully researched material of great value to Google's users:

https://twitter.com/dannyashton/status/1777408051357585425

As Navarro points out, Google is palpably reluctant to target the largest, best-funded spammers. Its March 2024 update kicked many garbage AI sites out of the index – but only small bottom-feeders, not large, once-respected publications that have been colonized by private equity spam-farmers.

All of this comes at a price, and it's only incidentally paid by legitimate sites like Housefresh. The real price is borne by all of us, who are funneled by the 90%-market-share search engine into "review" sites that push low quality, high-price products. Housefresh's top budget air purifier costs $79. That's hundreds of dollars cheaper than the "budget" pick at other sites, who largely perform no original research.

Google search has a problem. AI botshit is dominating Google's search results, and it's not just in product reviews. Searches for infrastructure code samples are dominated by botshit code generated by Pulumi AI, whose chatbot hallucinates nonexistence AWS features:

https://www.theregister.com/2024/05/01/pulumi_ai_pollution_of_search/

This is hugely consequential: when these "hallucinations" slip through into production code, they create huge vulnerabilities for widespread malicious exploitation:

https://www.theregister.com/2024/03/28/ai_bots_hallucinate_software_packages/

We've put all our eggs in Google's basket, and Google's dropped the basket – but it doesn't matter because they can spend $20b/year bribing Apple to make sure no one ever tries a rival search engine on Ios or Safari:

https://finance.yahoo.com/news/google-payments-apple-reached-20-220947331.html

Google's response – laying off core developers, outsourcing to low-waged territories with weak labor protections and spending billions on stock buybacks – presents a picture of a company that is too big to care:

https://pluralistic.net/2024/04/04/teach-me-how-to-shruggie/#kagi

Google promised us a quid-pro-quo: let them be the single, authoritative portal ("organize the world’s information and make it universally accessible and useful"), and they will earn that spot by being the best search there is:

https://www.ft.com/content/b9eb3180-2a6e-41eb-91fe-2ab5942d4150

But – like the spammers at the top of its search result pages – Google didn't earn its spot at the center of our digital lives.

It cheated.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/05/03/keyword-swarming/#site-reputation-abuse

Image: freezelight (modified) https://commons.wikimedia.org/wiki/File:Spam_wall_-_Flickr_-_freezelight.jpg

CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0/deed.en

[sillysiluriforme]

That one post, about how everyone has an akuma mark- that wouldn't be the case, and if anything that makes it worse. An akuma (or two) a day for several years is 1,000 people, maybe 2,000. Paris has a population of 10 million. So not that many people. But consider the suffering. Being a non-akuma'd person knowing your life is forever changed, possibly in quarantine forever, all because a small handful of people couldn't keep calm. (we know it's not their fault, but blame must land somewhere and hawkmoth is distant and unseen...). To watch as your future, or your children's future crumbles, because no one in or out means limited opportunities. There'd be riots (and more akuma possibilities). But to be one of the targeted? To have the suspicion (because akumas do strike twice, thrice, or more...) and the blame (if you'd just stay calm, if you just said no...). To lose an entire day of your life, watching as everyone you loved looks fearfully or angrily towards you (what did you do? what did you say?), to lose your job (what if it happens again? or was it because of your job?). To watch everything get worse, because of course: Any disruption to Paris would be Catastrophic. The paris region produces a GDP of 1 TRILLION dollars. 1/3rd of France's GDP. A day's disruption could cost billions of dollars. Even if property gets repaired, time still moves forward- a day not worked is a day where things dont get done. Things like road maintenance, court dates, repairs to water pipes, electrical generation, surgeries, and so on. Critical workers would need to get a suicidal level apathy towards akumas, because if they stopped work everytime one appeared then lives would be lost to power shortages, lack of medical care, and water. All the traffic supplying goods every day- even if they don't get inspected going in or out, any changes to that would raise prices in a heartbeat. Refrigeration becomes unreliable, as powerlines could be cut whenever. Education goes rock bottom, as who can focus when something's happening every day? Desperation rises, as there's nowhere to go, goods are more expensive or unavailable, jobs are in short supply because so many places go out of business, or outright leave.

God, forget the holders, forget the akumas, forget the reality warping little-g gods, the sheer decay of Paris would be enough to make this AU nightmarish. If Paris remains under akuma quarantine for long enough, the effects would become exponential. As businesses leave, the money disappears. Goods become critical, as a city that big needs an entire nation to feed it (but without the money, who would bother selling to Paris?). Infrastructure becomes abandoned, as cost cutting and triage prioritizes only critical locations. The government moves elsewhere (how could they function otherwise?) taking jobs, money, and focus away from the city. Homelessness, joblessness, poverty become the norm, as with inconsistent power and deliveries, how can businesses operate? Hawkmoth is murdering the city of love, over his own doomed love.

Paris becomes a colossal burden on the french economy, a nightmarish battleground and a looming threat to the world. The country is left with a hellish choice: Let the city sink on it's own, or be dragged down with it?

[YOU FUCKING GET IT ANON. YOU EXACTLY GET IT.]

[suzukiblu]

Canon divergence where immediately after making Superboy someone at Cadmus realizes how damn lucrative "we can make a designer baby out of same-sex or infertile or not even the same SPECIES couples and also make it any age said couples want" actually IS as a business model and anyway then they never need another government grant again and clones' rights get Flash levels of fast-tracked because literally every other rich person in the world has at least one or ten of said designer babies within the next five years. What, Lex Luthor did it, why can't THEY??

( Lex, somewhere: . . . this is not remotely the legacy I intended to leave but if I lean into this I will make ten trillion dollars, be worldwide-famous and adored/revered for the rest of human history, AND influence the evolution of the species more than any other single human being to ever have existed so guess this is my legacy now. also no one can arrest me for illegally cloning a Kryptonian metaweapon if I pretend this was totally on purpose, worst I'll get is sued for child support. /literally already writing the first check )

Teen idol Superboy is suddenly instead a poster boy for this new wave of test tube miracle babies and can't go anywhere without getting swarmed by people with questions about how this works, is there a catalog or something? A website?? And the Agenda has to decide between mass-producing clone soldiers or clone KIDS, because let's be real, the math on the profits/longevity/decreased likelihood of getting their labs regularly destroyed by pissed-off superheroes there is hard to argue with. If this means a grumpy lil' kindergartener version of Match exists in this theoretical AU and that Superboy IS getting clockwork-regular child support checks from Lex Luthor, then so be it. So be it, I say!!

Is that anything, fandom? Can we do something with that?? 🤔

[probablyasocialecologist]

The almost overnight surge in electricity demand from data centers is now outstripping the available power supply in many parts of the world, according to interviews with data center operators, energy providers and tech executives. That dynamic is leading to years-long waits for businesses to access the grid as well as growing concerns of outages and price increases for those living in the densest data center markets. The dramatic increase in power demands from Silicon Valley’s growth-at-all-costs approach to AI also threatens to upend the energy transition plans of entire nations and the clean energy goals of trillion-dollar tech companies. In some countries, including Saudi Arabia, Ireland and Malaysia, the energy required to run all the data centers they plan to build at full capacity exceeds the available supply of renewable energy, according to a Bloomberg analysis of the latest available data. By one official estimate, Sweden could see power demand from data centers roughly double over the course of this decade — and then double again by 2040. In the UK, AI is expected to suck up 500% more energy over the next decade. And in the US, data centers are projected to use 8% of total power by 2030, up from 3% in 2022, according to Goldman Sachs, which described it as “the kind of electricity growth that hasn’t been seen in a generation.”

21 June 2024

[fuckyeahmarxismleninism]

Recently, senior US politician and Republican Senator Lindsey Graham unabashedly stated in a media interview that Ukraine holds business value for the US. He claimed that there are "10 to 12 trillion dollars of critical minerals" in Ukraine, and the primary reason for supporting Ukraine is to seize these critical minerals by defeating Russia on the battlefield. Furthermore, he advocated for seizing and using frozen Russian assets in Europe and the US.

These remarks reveal the true intentions behind the US political elites' current policy toward the Ukraine crisis. As foreign netizens bluntly stated on social media, "Now you know why the West won't allow peace talks."

[zvaigzdelasas]

[BBC is UK State Media]

Truong My Lan is charged with taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. Prosecutors say $27bn may never be recovered.[...]

The evidence is in 104 boxes weighing a total of six tonnes [!!!]. Eighty-five defendants are on trial with Truong My Lan, who denies the charges. She and 13 others face a possible death sentence.

"There has never been a show trial [sic] like this, I think, in the communist era," says David Brown, a retired US state department official with long experience in Vietnam. "There has certainly been nothing on this scale."

The trial is the most dramatic chapter so far in the "Blazing Furnaces" anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong.

A conservative [sic] ideologue [sic] steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party's monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party.

The campaign has seen two presidents and two deputy prime ministers forced to resign, and hundreds of officials disciplined or jailed. Now one of the country's richest women could join their ranks.[...]

Although Vietnam is best known outside the country for its fast-growing manufacturing sector, as an alternative supply chain to China, most wealthy Vietnamese made their money developing and speculating in property.

All land is officially state-owned. Getting access to it often relies on personal relationships with state officials. Corruption escalated as the economy grew, and became endemic.

By 2011, Truong My Lan was a well-known business figure in Ho Chi Minh City, and she was allowed to arrange the merger of three smaller, cash-strapped banks into a larger entity: Saigon Commercial Bank.

Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% [!!!] of Saigon Commercial.

They accuse her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.

The amounts taken out are staggering. Her loans made up 93% [!!!] of all the bank's lending.

According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.

That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes.[!!!!!][...]

David Brown believes she was protected by powerful figures who have dominated business and politics in Ho Chi Minh City for decades. And he sees a bigger factor in play in the way this trial is being run: a bid to reassert the authority of the Communist Party over the free-wheeling business culture of the south.

"What Nguyen Phu Trong and his allies in the party are trying to do is to regain control of Saigon, or at least stop it from slipping away.[...]

faster growth in Vietnam almost inevitably means more corruption [sic]. Fight corruption too much [sic], and you risk extinguishing a lot of economic activity.

10 Apr 24

[pissvortex]

Imperialism under Biden/Harris:

- Started war with Russia over natural gas

- Sponsors genocide in Palestine

- Continued attempts to overthrow social democrats in Latin America

- Continued sabre rattling against China and the DPRK

Imperialism under Trump:

- Continued sabre rattling against China (except Trump seems fine not propping up Taiwan)

- Continued attempts to overthrow social democrats in Latin America

- Assassinated Qasem Soleimani

- Bombed Syria

So, overall, it's two spur of the moment bombings versus two entire wars. Plus Trump negotiated with the DPRK and wants to dismantle NATO. For idiotic reasons, obviously, but he's objectively the anti-imperialist option.

you seem serious so: You have a very juvenile understanding of imperialism that seemingly only includes military action. Even if Trump did dismantle NATO it would not change America’s status as the finance capital / usury state of the world - I see no reason to doubt what he says openly is his intention when he says this move would actually increase American financial domination. That is imperialism, albeit a deviation from the current neoliberal global partnership imperialism because Trump is an American exceptionalist and (perhaps naively) believes in total American domination. He doesn’t really care about traditional conservative/liberal notions of diplomacy or world relations, he just likes watching the numbers go up. Every time there was a dip in the stock market he would just pump it with a trillion more dollars from the federal reserve. He correctly identifies America as the world’s money printer, and since the world has a U.S. currency standard, he has no reason to fear this backfiring. It’s why he’s pursuing this idiotic tariff idea, he knows the rest of the world will take a lot of punishment to continue to be “in” on American finance and he can make his petit bourgeois constituents happy with free money for hare-brained small business. He leaves the actual big finance and megacorporations alone and lets small businesses live in this fantasy realm of free government funding forever. It’s like a fake economy for complacency layered under the real one. This is not anti-imperialist, it’s petit-bourgeois populism and it isn’t better by any means.

[simply-ivanka]

How the Biden-Harris Economy Left Most Americans Behind

A government spending boom fueled inflation that has crushed real average incomes.

By The Editorial Board -- Wall Street Journal

Kamala Harris plans to roll out her economic priorities in a speech on Friday, though leaks to the press say not to expect much different than the last four years. That’s bad news because the Biden-Harris economic record has left most Americans worse off than they were four years ago. The evidence is indisputable.

President Biden claims that he inherited the worst economy since the Great Depression, but this isn’t close to true. The economy in January 2021 was fast recovering from the pandemic as vaccines rolled out and state lockdowns eased. GDP grew 34.8% in the third quarter of 2020, 4.2% in the fourth, and 5.2% in the first quarter of 2021. By the end of that first quarter, real GDP had returned to its pre-pandemic high. All Mr. Biden had to do was let the recovery unfold.

Instead, Democrats in March 2021 used Covid relief as a pretext to pass $1.9 trillion in new spending. This was more than double Barack Obama’s 2009 spending bonanza. State and local governments were the biggest beneficiaries, receiving $350 billion in direct aid, $122 billion for K-12 schools and $30 billion for mass transit. Insolvent union pension funds received a $86 billion rescue.

The rest was mostly transfer payments to individuals, including a five-month extension of enhanced unemployment benefits, a $3,600 fully refundable child tax credit, $1,400 stimulus payments per person, sweetened Affordable Care Act subsidies, an increased earned income tax credit including for folks who didn’t work, housing subsidies and so much more.

The handouts discouraged the unemployed from returning to work and fueled consumer spending, which was already primed to surge owing to pent-up savings from the Covid lockdowns and spending under Donald Trump. By mid-2021, Americans had $2.3 trillion in “excess savings” relative to pre-pandemic levels—equivalent to roughly 12.5% of disposable income.

So much money chasing too few goods fueled inflation, which was supercharged by the Federal Reserve’s accommodative policy. Historically low mortgage rates drove up housing prices. The White House blamed “corporate greed” for inflation that peaked at 9.1% in June 2022, even as the spending party in Washington continued.

In November 2021, Congress passed a $1 trillion bill full of green pork and more money for states. Then came the $280 billion Chips Act and Mr. Biden’s Green New Deal—aka the Inflation Reduction Act—which Goldman Sachs estimates will cost $1.2 trillion over a decade. Such heaps of government spending have distorted private investment.

While investment in new factories has grown, spending on research and development and new equipment has slowed. Overall private fixed investment has grown at roughly half the rate under Mr. Biden as it did under Mr. Trump. Manufacturing output remains lower than before the pandemic.

Magnifying market misallocations, the Administration conditioned subsidies on businesses advancing its priorities such as paying union-level wages and providing child care to workers. It also boosted food stamps, expanded eligibility for ObamaCare subsidies and waved away hundreds of billions of dollars in student debt. The result: $5.8 trillion in deficits during Mr. Biden’s first three years—about twice as much as during Donald Trump’s—and the highest inflation in four decades.

Prices have increased by nearly 20% since January 2021, compared to 7.8% during the Trump Presidency. Inflation-adjusted average weekly earnings are down 3.9% since Mr. Biden entered office, compared to an increase of 2.6% during Mr. Trump’s first three years. (Real wages increased much more in 2020, but partly owing to statistical artifacts.)

Higher interest rates are finally bringing inflation under control, which is allowing real wages to rise again. But the Federal Reserve had to raise rates higher than it otherwise would have to offset the monetary and fiscal gusher. The higher rates have pushed up mortgage costs for new home buyers.

Three years of inflation and higher interest rates are stretching American pocketbooks, especially for lower income workers. Seriously delinquent auto loans and credit cards are higher than any time since the immediate aftermath of the 2008-09 recession.

Ms. Harris boasts that the economy has added nearly 16 million jobs during the Biden Presidency—compared to about 6.4 million during Mr. Trump’s first three years. But most of these “new” jobs are backfilling losses from the pandemic lockdowns. The U.S. has fewer jobs than it was on track to add before the pandemic.

What’s more, all the Biden-Harris spending has yielded little economic bang for the taxpayer buck. Washington has borrowed more than $400,000 for every additional job added under Mr. Biden compared to Mr. Trump’s first three years. Most new jobs are concentrated in government, healthcare and social assistance—60% of new jobs in the last year.

Administrative agencies are also creating uncertainty by blitzing businesses with costly regulations—for instance, expanding overtime pay, restricting independent contractors, setting stricter emissions limits on power plants and factories, micro-managing broadband buildout and requiring CO2 emissions calculations in environmental reviews.

The economy is still expanding, but business investment has slowed. And although the affluent are doing relatively well because of buoyant asset prices, surveys show that most Americans feel financially insecure. Thus another political paradox of the Biden-Harris years: Socioeconomic disparities have increased.

Ms. Harris is promising the same economic policies with a shinier countenance. Don’t expect better results.