Assuming the title to be accurate, what is a good way for the working class (90%+ of all humans) to save and succeed in this current environment?

  • finley@lemm.ee
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    5 months ago

    Socialism. The problem here isn’t with currency, it’s with capitalism.

      • J Lou@mastodon.social
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        5 months ago

        A moneyless society that scales up to billions of people is unlikely to be possible

        Postcapitalist alternatives that use currency to facilitate trade between actors without social ties seem much more plausible
        @asklemmy

      • davel@lemmy.ml
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        5 months ago

        Do you have socialism at home? Because if you’re in Europe, no, you don’t. Social safety nets under capitalism is not the same thing as abolishing private ownership of the means of production.

        Do you have fiat money at home? Because if you’re in the Eurozone, no, you really don’t, because you don’t have monetary sovereignty. What you have is a cartel of European private banks running the show, as Yanis Varoufakis and Michael Hudson will tell you. Europe’s Transition From Social Democracy to Oligarchy

        • Skua@kbin.earth
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          5 months ago

          How is a lack of national monetary sovereignty relevant to whether or not a currency is a fiat currency? The euro isn’t backed by anything, it’s as much a fiat currency as any other.

          • davel@lemmy.ml
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            5 months ago

            It is fiat money, it’s just that it’s not theirs, meaning their country’s government. It’s the unelected, undemocratic private bank cartel that has control of it.

            • Skua@kbin.earth
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              5 months ago

              Most central banks are run by unelected civil servants appointed by the head of government or a similar position/body. By this logic, the US dollar, Japanese yen, Chinese renminbi, and British pound equally do not belong to those countries. The ECB is just subject to the heads of 27 governments instead of one.

              • davel@lemmy.ml
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                5 months ago

                In the case of the US, the Federal Reserve is our “central bank,” and it too is largely the cartel of US private banks. But it doesn’t create new money—bank loan-created money notwithstanding—the Treasury does. And the system is intentionally made more complicated & opaque than necessary so that almost no one understands how it all works. So in practical terms you’re somewhat correct. But the US government isn’t as under the neoliberal thumb of the private banks as Europe is, at least when it comes to printing money for the military-industrial complex. Why the [US] Government Has Infinite Money

      • EleventhHour@lemmy.world
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        5 months ago

        Without any sort of specifics, this is just a meaningless non sequitur. The equivalent of “nuh-uh!”