TRASHFUTURE - Comin’ in for a Landing

Episode Date: July 8, 2020

Welcome to another edition of TF’s coverage of humanity’s trajectory following our step off the ledge. We begin to look at what happens when the unstoppable force of capital’s need to grow smashes into the immovable object of hard limits on economic growth in the long term. Riley, Alice, and Milo discuss what the Economist’s calls “The 90% Economy,” and ponder just what world we will emerge into. If you want access to our Patreon bonus episodes and powerful Discord server, sign up here: https://www.patreon.com/trashfuture Here's a central location to donate to bail funds across the US to help people held under America's utterly inhumane system: https://secure.givelively.org/donate/the-bail-project  If you want one of our *fine* new shirts, designed by Matt Lubchansky, then e-mail trashfuturepodcast [at] gmail [dot] com. £15 for patrons, £20 for non-patrons, plus shipping.  *WEB DESIGN ALERT* Tom Allen is a friend of the show (and the designer behind GYDS dot com). If you need web design help, reach out to him here:  https://www.tomallen.media/

Welcome back to BBC Indiana. Today we continue our series in the history of podcasts. The following was found on a cassette tape discovered by workers cleaning up the Chernobyl Exclusion Zone in 2014. Upon analysis by experts, it was determined to be a rare piece of Summys Dot, a subversive dissident recording that we suspect may be the first ever podcast. And it's not just any podcast. It appears to be anti-Soviet, anti-communist, and almost periodically pro-capitalist. Hello and welcome to the Invisible Fist, the Soviet Union's only hardline capitalist McCarthyite podcast distributed exclusively on cassette tape. We are not to be confused with Friedman's Busy, the Soviet Union's neo-Nixonite so-called capitalist podcast

distributed on reel-to-reel tape, which is produced by crypto-communist traitors to the capitalist revolution. I am your host, at Adam Smith's GF, and I am joined as ever by my co-host, at Reagan Thought 69. Welcome to my bedroom. We begin our episode today, the 15th of September 1983, as we do every week, by denouncing crypto-communist elements working against the glorious capitalist revolution here in the Soviet Union. It has come to our attention that the host of the neo-Nixonite podcast, Friedman's Busy, at Deepthroat Truth of 420, is the son of a man who worked in a state-run factory. He calls himself a capitalist, and he's the son of a father who works in the state-run industry, even attended a school provided by the state. How can a man

in the pocket of big socialism call himself a capitalist? Before any of our six listeners write me yet more postcards, I am aware that my father is also working in a state-run factory. The difference is, I denounce my father. I will shout to him in the living room right now. Father, I denounce you! When glorious capitalist revolution occurs, all communists will be shot by our entrepreneurs who are able to leave the house. No, I agree. Quite frankly, we're personally too busy watching the extremely important anime series King of the Hill about entrepreneurs in the capitalist utopia of Texas. We also denounce rampant communist aggression of the Soviet invasion of the glorious nation of

Afghanistan. This is something which our western capitalist entrepreneurs would never do. To those of you who ask about so-called western colonialism, this is filthy communist propaganda. When the revolution comes, all Red Army soldiers will be executed by someone presumably, but not by me specifically. You know, I've actually been thinking, when we consider the glorious capitalist future for the Soviet Union, I think we have to get beyond the usual concerns about how entirely privatized sewer electricity networks would function. I feel like the entire concept of communal sewers and electricity generation is in its own way proto-socialist, and as such, I just feel it needs to be destroyed. Every household will build their own small sewer and power station to ensure maximum

freedom. Yes, anyone clinging to communist shibbolets such as communal sewers, electricity, educational health care is a counter-revolutionary. In fact, anyone who has been to school or a hospital may as well have guarded a gulag themselves. Come the revolution, these people will also be shot as Pol Pot sympathizers. Many people call us crazy, and we dream of a future in Russia where there are no public services at all, and the entire infrastructure of the state has more or less collapsed except for the police. But you'll see, you'll all see. Hello, and welcome back to your free TF for this week. It is a classic configuration we haven't seen in a little while. It's myself, Alice, and Milo. How you doing?

The chaos configuration. Time to say some libel and slurs. It's welcome to the libel and slurs hour. Yes, how dare these podcasters refer to me by a sound effect. So yeah, how's everybody doing this week? I think it's pretty funny that Ghislaine Maxwell died in prison after exposing just about everybody as... I saw the rumor that she had coronavirus. That later turned out to be false, but I'm sure by the time that this has come out again, she'll have like Mr. Magooed through

nine different fatal situations, all being Nicholas Tartaglione. Yeah, I'm not loving this alternate reality marketing for Hitman 3, but I do respect it. Oh, hell yeah, make it look like an accident. Also, like, come on, even if she admits everything, everything, like two or three rich people are going to go to jail, and then... No, no, no. No, no, but that's what I mean, right? Even if she admits everything. Then, like, the least important and least connected ones are going to experience some consequences, but like, I don't know, Bill Clinton's not going anywhere. No, the consequences that you're going to get are the dumbest and most nervous people in the world,

just incriminating themselves further on Twitter. I certainly thought it was a shame when that nice lady was crushed to death by a piano in prison. I've never met her before in my life, but it was a great tragedy for our nation. I mean, Alan Dershowitz just being like, yeah, I actually hope there is child pornography, so you can see that I'm not in it. There's also moments before we started recording, Ellen Powell, the former CEO of Reddit, just did a tweet that was like, yeah, I was at that same party. Everybody knew that she was, like, trafficking in child sex slaves, but like, apparently, the cool people who made the list

thought that was fine and then protected her tweets immediately. So, rest in power to Ellen K. Powell. I'm really hoping that there is a guy who's like, watching loads of child pornography to check that he hasn't been deep faked into it. No, I was only watching that to get directions on how to get away from that. My favorite thing about the Alan Dershowitz thing is like, the more I see of Alan Dershowitz's unfiltered opinions in public, the more I think he actually has no familiarity with the law at all. He's very close to doing the Boomer thing, where they'll be like, I invoke the Rome Statute that does not allow Mark Zuckerberg to advertise or sell any of my copyrighted content. He's basically a sovereign citizen. He's a post on his Facebook wall.

He's a professor. They can't arrest you for pedophilia. Law at Harvard University. And as we all know, the best lawyers will always give you this advice whenever you, like, whenever any kind of suspicion or aspersions are cast on you, start talking as much as possible to everyone around you. Several conflicting stories. Yes. It's the CrossFit principle, but applied to a legal He's throwing muscle confusion on the FBI. Jury confusion. Anyway, whispering in each juror's ear a completely different story. I love to do United States versus Rashomon and just have each juror be like,

well, that's not how I remember it. Also, I love that what we immediately before we hit record, you're all like, man, I'm really tired today. It's going to be a low energy show. Record Alan Dershowitz. Does the defendant have any closing remarks? And you just go up to the foreman of the jury and whisper in his ear, I killed the Lindbergh baby. It's does the defendant have any closing remarks? Then he's like, if I don't stop talking, the trial can't end. If I simply confess to every crime that has ever happened, they can't convict me on this one.

One man can't be convicted of two crimes on the same day. Maybe he is the best lawyer. Maybe he knows something that we don't. And there is some kind of like airbud kind of thing in the federal criminal law where you absolutely just can get away with the most heinous crimes. If you're just like, yeah, no, I actually hope that all of the crimes that happen, there's actually a ton of incriminating evidence. And also, like I didn't know anything about it, but if I did, I would definitely not say anything about it, but I don't. So I do. If I did it by Alan Dershowitz. Hey, one of one of OJ's defense lawyers, you know, so maybe he's got something up his sleeve.

But all I can say is, you know, this is, I mean, it certainly is quite a bit of theater. And, you know, it's nice to hope that like any of the people involved will face any kind of consequences. But at this point, I just, I don't see how like, I don't see Bill Clinton doing a, the only president I could see making Bill Clinton do a perp walk is Donald Trump. Yeah, that's true. That is true. That's the only way to which the deep state thing is correct. And of course, we know Donald Trump is as deep into the Epstein thing as well, Bill Clinton or Kevin Spacey. So it's not going to happen. Anyway, speaking of first segments, let's get on to our first segment, shall we? Which is that Keir Starmer, leader of the Labour Party. Now, I know

Labour Party's a bust of flush. We don't really, you might have noticed, we don't really talk about it a whole hell of a lot. It's dumb. It's boring. I don't want to do it. Yeah, I'm not talking about like, they're not a series, they have fought tooth and nail to avoid being a serious organization. And this is a consequence of that, which is now just something that I think is very funny. Yeah, the adults are now back in charge, right? The adults who make sure that nothing ever happens. Well, they've made sure that nothing's going to happen in a new interesting and funny way, which is that Keir Starmer has told a caller on LBC who like called in to yell at him for, you know, I think quite rightly to yell at him for him saying like, oh,

Black Lives Matter is just a moment. And, you know, I don't agree with any of their political stuff. And I'll never back any of it. Someone called in and was like, yo, that's kind of fucked up because he has a call in show on LBC. And now he's agreed to undergo unconscious like corporate unconscious bias training in the week. He's listening to white fragility on two different playback speeds while he goes on his morning jogs. Yeah, I love to like listen to white fragility and why I'm no longer talking to white people about race on two separate earphones while I sleep to give myself the Beethoven effects and become not racist when I wake up. Become genius level, not racist. Yeah, exactly. Here's the thing, right? Yes,

the Labour Party is pretty racist. And quite a bit of that is say, I don't know, who was it that, what party was it that invaded Iraq? What party was it? And who was in charge of the 24-hour courts in the London riots? Remind me who that was? Who was DPP when that was happening? Listen, listen, Keir Starmer has only one response to that. And it's simply... But here's the thing, right? It's so funny to me that like after basically being a dismissive of Black Lives Matter and all this stuff, and after like dismissing all of the... Defending his party against charges of deep and virulent anti-Black racism, he's undergoing unconscious bias training. It's conscious! It's conscious bias!

He's going to stop doing the kind of like reflex actions of racism where you accidentally sleepwalk in front of a camera and you say, oh, I wouldn't have any truck with defunding the police and then you just sort of sleepwalk back off again. It's like, ah, damn it. I accidentally said something I think that was unpopular. I now need to like what, do a training fill in a form or tick a box so that people think that that wasn't me? I'm not about that. Police unconscious bias training. So they were more aware of the socioeconomic background behind why they're tasing someone. But I mean, this is... You joke, but this is why... He is so forensic, right? He has figured out that he is in trouble and as such has done the most

prosecutorial thing for getting someone off the hook, diverting them into a course that sounds like it's going to do something. You're going to do like a mandatory racism awareness course. Yeah, it's like... It's so obvious that that is going to do nothing. And it's obvious to everyone. Everybody. I look forward, I look forward so much to in two weeks time, newly minted, not racist Kier Stammer coming out wearing a kentai cloth and saying, no, I still don't think we should defund the police. Yeah, no. Yeah. The police should be woke now. Yeah. Exactly. What if we replace the the Met Police's custodian helmets with kentai cloth? What is that? Yeah, more of that. Yeah. It's just just completely a completely unserious

short termist. Because that's what centrism is really. It's just reflexive short termism with like friendly PR. Yeah. Yeah. So he says, I think everybody should have unconscious bias training and I think that is important. There's always the risk of unconscious bias and just saying, oh, well, it only applies to other people and not me is not the right thing to do. I'm going to leave from the front on this and do the trading myself. Oh, jeez. So again, what if we solved racism by doing a corporate away day? We have this barrel and this length of rope and we have to like convey the racism from one side of the cavern to the other. Oh, yeah. The whole labor front bench is going to play like the cereal box game and then they're going to understand why like,

you know, abstaining on the welfare bill in 2015 or like for the older among them going to war in Iraq in 2003 was bad. They're going paintballing, but it's a session where they all have to black up and all the guys who have the guns and they just have to run away while the guys who run the paintball players shoot them. Is that the kind of training they're doing? It is just so insultingly paltry because again, it's going. I'm so into the fact that 12 minutes into the chaos configuration, we have been presented with paintball, but it does black face paintball as they call it. It's just it's it is it is a group of this is what happens when PR takes over. Oh man, everything becomes PR. I hate when I'm just having a perfectly innocent paintball in

game and then all of my friends shoot me perfectly in the face with black people and then I immediately have to go on an interview with BBC News. I hate when that happens. Yeah, looking like Yosemite Sam after an unsuccessful attempt to blow up a rabbit hole. Anyway, so yeah, I look forward to that having precisely just no institutional change on the party at all. I think I look forward to that just basically having no effect. I look forward to no policies changing, certainly, especially not the ones that are trench racial inequality. No, it's going to be videos. It's going to be YouTube videos. And that's how we're going to do it. And that's going to be all it is. So great.

Just Kier Starmer showing you his card that says looking looking into racism, no entrenched racial inequality. Oh, no, this all mixed up. I mean, look, the other thing is the other thing is that this is this is what they're doing with full like as much as anyone accused Corbyn of having like this Stalinist level of control of the party and of purging factional enemies, having now done this to a large extent like having the Labour Party firmly within the grasp of these adults in the room, right? This is the change they're capable of affecting is making the Labour Party watch a video about how racism is bad. And I'm so looking forward to one about periods instead. Yeah, exactly. You may notice some changes in your body.

Perfectly normal and natural. But the problem is the problem is right. The Labour Party splitting into into boys and girls and going to watch videos. And the thing is that your penis grows larger. The thing is, though, right, having having done all of these factional purges, we're still going to find that like what remains of the left in the Labour Party is going to be held accountable for this in the long run. It will have been the Tracer Rebecca Long Bailey will have snuck in and change the VHS tape from how not to be racist into changes you may notice about your body. Curses. Yeah. So just fucking just a deeply unserious group of people continuing to be

unserious. Yeah. I don't know who this is designed to appeal to. I don't know. The same PMC psychos they lost to the Lib Dems. George Osborne, weirdly, who was like, man, this guy really wants to be Prime Minister. He's serious about it, which like I'm sure he said with the completely straight face. Yeah. I mean, yeah, he watched a whole video. He left a comment being like thought provoking with like a boomer amount of full stops. It's great. Fucking awesome. I love government by fucking Ted Talk.

You know, Elaine Maxwell did one of those, by the way. Oh, she did a Ted Talk. Yeah, she did a Ted Talk. The video no longer exists for some reasons that are mysterious to me. I would get children to listen to you. God damn. Yeah. Anyway, you may notice this changes in your body with Elaine Maxwell. Upon which time the president will no longer want to fly with you and that's okay. It's so wild that the Maxwells are going to be the first family to have both of the father and daughter murdered by agents of the state like 30 years apart. All right. So anyway, I don't want to waste too much time talking about the Labour Party.

I feel like we already have, but you know, I hope your corporate away day goes well as you again don't take seriously any of the problems you're trying to solve. Yeah, stupid. And if you're on the left, why, and you're in the Labour Party still, why are you still paying subs to this? Christ. All right. So I want to move on though, because the Labour Party is a waste of time and we should only ever talk about it to laugh at it, such as we are now. But I want to move on something a little more macro, a little higher level. Because we're beginning, I think, to see the shape of the world after

the coronavirus lockdown period, if not the coronavirus itself. Yeah, there is no post-coronavirus world, but there is a post-universal lockdown world. Yeah. And I think this can go into our, let's revisit the line series of episodes, our little checks in. Just checking in on what the line, what the line is doing, having been totally severed from any kind of like political, financial, sociological implications. It now is just like this weird toy that like affects that one guy's baseball caps so that he can put on the Dow 10,000, Dow 20,000. Yeah, it's all just Groundhog Day, but for that guy with the Dow hat.

I can't wait for Dow 69. Yeah, so this is our, that's what I call music. Goodness. So basically, this is another station in our line, go, stop series where we look at the morbid symptoms that occur when the unstoppable force of an economic system requiring continuous growth without limit at any cost, butts up against the immovable object of the economy can no longer grow without killing everybody. Wait, wait, wait, wait, wait, Riley. Sunday, Sunday, Sunday. You're telling me that the tendency of the rate of profit is to fall.

What the fuck? I have not premised my entire economy on that being the opposite of true. And now you tell me that the tendency of the rate of profit is to go down. Frantic and googling what the opposite of true is. Me finishing the spinning, Jenny. Well, this won't have any long term effects. Yeah, I love to have like a steam loom that gets a bit out of hand. And 200 years later, you work for an app that decides to put Kente cloth on all the police offices. Yeah, you can do that with a regular Jenny. I mean, because like the the actual argument, right about the tendency of the rate of profit

to fall is that is that you can make profit out of human labor rather than like capitalized investment because you can, it's the human labor that you extract the wealth from the human labor effectively. Otherwise, the profit just goes elsewhere in the value chain if it's like no humans are involved. So it really is like, yeah, somewhat like one guy invented the spinning, Jenny, and now our bosses are apps, essentially. Great, perfect. Anyway, that's all of capital. That's a gross oversimplification. It's far more correct than that one, I think literal economics professor who was like, tried to debunk Marx with a meme with a SpongeBob meme, where he tried to like take on the labor theory of value and was like,

Marx, idiot says, only labor can create value. And then he points to risk or transfers of wealth or land as things that generate value on their own without labor. When just left to their own device, I love when I just leave my field fallow and it just generates money for just naturally occurring money that grows. I mean, thanks to Lex Greensill, money farming techniques, you just give him the field and it grows money. We will do a follow up on Greensill because there's more there. And as a result of our episode on Greensill, financial journalists now just keep sending me information about Greensill. Yeah, it's literally like the meme that I posted of baby Yoda as us watching fucking

Interpol's financial crimes unit with a sniper rifle just taking out fucking Marcus Brown. I'm now I'm now drunk on power, right? I think we have we have some listeners in like various financial crimes units who are just like taking notes from us. Hell yeah, we're not just having to go like, what is a bussy? So look, the but I want to talk about right is this thing, the description of the state of the results of the crash of the economic system requiring continuous growth without limit at any cost against the immovable object of an economy that if it keeps growing, everyone will die and then there won't be any more growth. And the economist, I'm not sure about that. What about the

fields? Money fields. Yeah, they just have to get supply chain finance. They don't need any labor. No, so look, so the economist has called this the 90% economy. Now, I've got some criticisms of the economists point of view, but it's an argument that I think is at least a good jumping off point. So basically, the 90% economy, and this is a little bit from the economist, they say that data suggests that if Americans choose to avoid person to person proximity of the length of an arm or less, that occupations where they want me, which is, which is that if they do that that occupations worth approximately 10% of national output become unviable. So, and that's the big sucking factory is no longer possible if you have to work at the

big second factory and his daddy before him now they're closing it down that the dick sucking factory is they even close the racism factory. What are we supposed to do in this town? So basically, this isn't in this isn't just about like the obvious things that spring to mind, like restaurants or tourism or theater or whatever that you can't do socially distanced. Well, it's for example, it's stuff like people working in a factory example, and which we'll talk about a little more in detail later as an example. The dick sucking factory. But effectively, it basically means that look, there is a cap, there is all of a sudden,

there are caps on economic activity that there weren't before. And it doesn't mean that like other forms of activity will just sort of take their place like the thing. It is, there are now limits. There are hard limits that are more or less imposed by nature that unless the coronavirus goes away, are going to be limits that we have to live with. And we what we all know is when when capital cannot grow, when it has but when it has to grow, it turns to one, it turns to reducing the pay and living working conditions of the people that work for it. It's like losing weight, right? You don't have any of the like excess calories that you need. So you start digesting bits of yourself.

I've heard late capitalism defined before as the cannibal stage of capitalism, where it's where all of the things that at least perform to function. No longer even perform their original functions. It's just nothing. But so the economist also says that the 90% economy is a big step down from what came before the pandemic. It is more fragile. So it is more apt to stop and break down. And when let's say shocks occur, it is it's going to the losses are going to be bigger and harder to recover from it will be less innovative, which is I think again, this is the economist being the economist, the economist loves the tree based economy. It's so innovative.

Yeah, it's innovative in the way that we have like talked about startups as being innovative. It will not supply you with some weird shit to make fun of. Like the economy now, but what will you do when there's no Wi-Fi connected salt shaker? What? Simply put salt on your dinner yourself using your arm like a fucking hog? This is horrible news for us. This is like this puts this in dangers. A full third of our show of not being able to talk about a startup that like just decides, huh, what if you had like a pair of pants that were Wi-Fi enabled? Now I'm just thinking of a like trash suture in one year's time, right? It's like, I've got a startup and then just immediately

one of us goes, is do they make soilent and he's like, you get this every week. I think the startups are going to go from silly to evil quite a bit more. And there was a crossover and it will be more unfair. So and they say a 90% economy is one that consistently fails to reach its potential and we say, why talk about it? So they conclude about this 90% economy. They say the world economy that went to retreat in March as COVID-19 threatened lives was one that looked sound and strong. We painted over all of this mold so it looked fine. Exactly. Like sound and strong for whom? What has the coronavirus done that wasn't already there?

It's a yes. Were we recovering jobs numbers? Sure, but all those jobs had figured out ways to pay less than minimum wage. The fact is, were we starting lots of companies? Yeah, maybe, but those companies might have been started by money loaned at 0% interest that just didn't expect to succeed. Were we getting lots of new products? Well, yeah, your boss was getting lots of new products to surveil you. But aside from an occasional iPhone firmware update, it wasn't performing very well for anyone because none of the problems that came out of 2008 were ever actually solved. And so what we're now beginning to look at is, what does a world look like

that has all the problems of post-2008 and then has absolute limits on growth? Because that's the key difference between 2008 and now is that 2008 was essentially a crash in a commodity housing driven by wild speculation and financial innovation. And so that commodity crash wiped off a lot of value, but it didn't put a cap on productive potential. Which means, sorry, go ahead. The fundamental way you have to understand all of this is that at some point in Britain and America, the entire Commentariat class got AirPods and they were like, no wires, cool. Thank you, the future. This is awesome. I keep thinking about Chrissy Teigen's post about how her mom is just like throwing out

AirPods like every week or so. And I just, yeah, no, great, perfect. That's awesome. King shit. Yeah, amazing. So the other thing, right, is that this doesn't just, if we're looking at hacking up the profitable potential of the economy off because the possibilities of what you can do with labor have been curtailed, then you're also looking at many, many businesses that don't exactly have wide margins becoming completely unviable. And that has resulted in the console- I've had to lay off over 40 flat-nose geysers.

Every time the big, mighty voice gets more goblin-esque. Dave Courtney, it turns out that being a sort of what, fake gangster, not a lot of profit in it. Yeah, the thing about Dave Courtney is he sounds like he's being strangled 100% of the time. There's no money in clumps anymore. I like to move back into fucking good items. So what shall we do first? Shall we talk about what the recovery, how to think about what the recovery is going to be or what can we expect? I think let's talk about what we can expect from the actual future because it's very funny to me

from a foreign politics perspective that we've essentially just now done sanctions on ourselves. We've spent the last 50 years of international relations being like, man, we can just impose hard limits on other people's economies any time we want. This rules. And then just like us reaping, we just suddenly find that there's this external force that puts hard limits on our productivity and on our economy that we can't do anything about. We're just like, oh, man, this sucks. This is fucking awful. Man, I've been doing this to people. I belong in here. Yeah, we have our Ayatollah. So basically, I put down a few thoughts. I'm happy to hear

yours as well. I think, look, those sectors of the economy that do survive, which is, again, most of it, the vast majority of it will survive. It will just be changed. Come on, Wimpy Burger, what new market? Yeah. So those sectors of the economy that survive, those fragments of capital, they will survive by becoming more abusive and more exploitative because the lost productivity, that's certainly not coming out of capital's end. No, no, no, no. Or if it does, it will come out of bits of capital that are sort of tossed like sacrificial lambs to try to keep everything stable. So for example, Boris Johnson today is now blaming care home owners for the coronavirus

problem in care homes. Sure. Why do they have owners? Who gave them owners? Well, look, if they just managed the coronavirus more responsibly, something that they were given no incentive to do, then we wouldn't have this problem. And if they didn't have the incentives to structure their businesses such that they would be vulnerable to this kind of thing by engaging in relentless cost cutting so that they can continue outsourcing work from cash-strapped councils, then they never would have gone into this situation. Just forget that we used to relentlessly praise the entire sector for being like that up until about two days ago. You constantly think there's going to be a little

bit at the end of the episode of the economy where everyone learns a lesson, but that part of the episode just never comes. See, if you hadn't have done that, we never would have gotten into this mess. Okay, Pa. No, that bit never happens. They just do it again because our economy is fundamentally run like the mafia, right? The government is just Chris Maltesanti going like, now listen, the kick to Tony is going to come out of your rent. That's just the way it is when you're starting out. Well, I think also it's like, no, they do learn lessons. For example, they learned that it's no longer possible to engage in irresponsible debt financing through things called banks. So now we have to do some do it through something not called banks.

And we're going to do it. We're still going to do it because it still makes us rich, right? So they do learn lessons. It's just the lesson is never learned, say by the commentary, certainly. Surely this huge structured financial instrument that relies on perfect profitability and basically obscures huge debt obligations can't destroy the economy a second time. Surely the first time was just a freak accident. So the example right of capital or fragments of capital, those that survive basically almost in a Darwinian way becoming more abusive and exploitative, you can look at Boohoo, the fashion brand that is relentlessly promoted by Love Island. Oh, yeah. Oh, yeah. By the way, that's the other thing. The problem with Love Island, it's not that more people apply

to it than apply to Oxbridge, which of course they should. No one should apply to Oxbridge. Everyone should apply to Love Island. The problem is that Love Island is essentially... I read classics at Love Island. I was at Snogging College at Love Island. My degree is written on the side of a water bottle. So basically exists as an hour long commercial for Boohoo. Now, Boohoo is a company that... clothing brand. They're very happy because they just unveiled a plan to pay all their executives 150 million

pounds in bonuses like a couple weeks ago. Oh, good. I'm sure everything's going very well with their workers right now. Wait, wait. These are the trash future accounts. Sorry. Let me get back to the news. I'm sure everything's going fine with our workers. So basically, what they've done is they have taken advantage of their ability, of their sort of market leader position to start snapping up all their competitors. So they bought pretty little thing. They've bought Oasis. I believe they bought River Island as well. And they account for 80% of Lester's known clothing production capacity,

Lester being a major garment production hub of the country, right? I was really surprised by this to hear that they're making so much stuff in Lester because so big reveal time. My family were all in the garment industry at one point. It's turbo fucked. If you want to learn about some really fucked up capitalism shit, UK garment industry completely like most of these come all the high street shops are constantly on the verge of going broke and they basically pass it on to their suppliers who are even more on the verge of going broke. But they all basically make everything in China and Bangladesh because otherwise you can't afford to sell skirts in River Island for like four pounds or whatever

the fuck. Or you can if you use like near slave labor in Lester, which is usually like immigrants, especially undocumented immigrants. But you can't do that. That's illegal. Yeah. So essentially, Buhu's their... The exact same reaction in authority as you are. You're just like, yep. Yeah. That's why your slave Maxwell can't be murdered. Buhu's CEO, John Little said, quote, during unprecedented and challenging times, the group has delivered very strong

trading and operational performance. But wait a minute, all of the margins of this business are very tiny. So that's, of course, the most successful one gobbles up all the other ones. And the reason it's most successful is because Buhu is able to keep its costs very low, like inducing factories in Lester to compete against one another. This was said by... That's cool. That's usually good. So this is a problem of monopsony where you're one buyer of things. You're able to input... You're able to basically lean on all of the people who are selling to you.

So this is all from a report from Labor Behind the Label, which is a garment workers rights group. What happened in Lester, by the way? I'm sure nothing bad. So essentially, so just finishing up this background, right? Buhu is because they're such a huge buyer, they're able to force prices down at factories, which means that factories, when it comes time to say, ask questions about, do we get this contract from Buhu or do we endanger the lives of many of our workers by giving... By basically having a coronavirus party in this illegal secret factory, they say, well, you said you're sick with coronavirus, you've gotten a test and it's come back positive,

you still have to come in or you're fired. By the way, don't tell anyone because then they won't come in. Just give everyone, because if everyone gets coronavirus, then they'll all have had it. So then they can carry on making the little hats or what. Absolutely. The only way out is through and through getting a bunch of River Island skirts. Listen, see, we've just got a big order coming from the Sky Mall, the Mall in the Sky now. I need you all at work making these dervishes. We need a cat serenity pod.

Essentially, what's happened is that they're able to pay people, poverty like starvation wages below minimum wage, they're able to put them in danger coming into work with one another when it's known that they're sick and they're doing this because this is the company that survived. The company that survived was the most ruthless and it is now the one who is setting the rules in the Leicester clothing industry. And Leicester, they're the ones having a local lockdown driven partly by outbreaks from factories. I think it was a meat processing plant that was one of the big ones, which is another turbo fucked area. But if you are in Leicester and you're

resentful of the fact that you can't go to the pub, this is why. Yeah. It's all like the fucking contagion of capsule here is what's driving this, which is why it's so wild. You see this pretty much everywhere. This is a trite observation for anyone is that inequality and exploitation is the single biggest causative factor of disease almost any kind. We love to learn nothing. We love to continue to cram people into illicit factories and we love to, as a result, not be able to go to weather spoons. Yeah. And here's the thing, right? The entire sectors of the economy becoming permanently unviable at their present scale means that if your profit margin is not wide,

let's just say for the sake of argument, you're less than 10% on average. Less wide than Dave Courtney, for sure. Then you're going to go out of business, or you're going to figure out a way to make it wider by basically being a piece of shit, or you're going to get bought by the one who's a piece of shit, which means on the aggregate that it is going to be far worse to be a worker. And we haven't solved the problems with the gig economy and stuff. We haven't solved those problems. And Matt Hancock is, again, he's been dispatched. He's been deployed. Spartan 117, Matt, has been deployed. He's been appalled, bursting through the atmosphere.

Exactly. Yeah. All the tool, Matt. We've launched an orbital rail, Matt. On impact, he said, well, we'll certainly have to look into this. Massive geosolids. But again, don't have to look into it, because I now direct your attention to a field like them in the matrix of reports about the abusive conditions in Lester garment factories, which we've been having expose after expose after expose since 2015, and it's only gotten more lethal. Almost as if this kind of like expose journalism doesn't fucking do anything. And also in the garment industry again, like twas ever thus, because the garment industry has always functioned on companies constantly going broke. So they would get brought up by like,

the Arcadia group used to do this before boohoo. It was like the same shit like Philip Green's mob. I think one of the most hated men in business. That's saying something. The thing is, right, what I think is most interesting about this is that all of these businesses were already doing this anyway. It's just now it's at warp speed. Yeah, everything 2020 is everything gets done. We're in faster. Yeah, every time they say the word be for some reason. Yeah. So like, for example, so you basically what you're going to see is fewer businesses that are more exploitative. You're also going to see financial markets becoming increasingly disconnected from the performance of the underlying companies until

there is a rude awakening, because we are still in the grips of an unprecedented stock market rally. I don't know why that 20,000 baby. Yeah. Yeah. Global stocks have been rallying. It's a triple digit gain in terms of points because it's not connected to anything anymore. It doesn't mean like it never actually did. But like even the stuff that it purported to like relate to, it just doesn't have anything to do with it anymore. It's just like they're just basically playing an expensive version of football manager at this point. Yes. It's just a big game. Yeah. I love to take Ruzomberok from the bottom level of the Hungarian fucking football league all the way to the premiership.

I'll tell you why this actually is happening is because the markets are making a bet that governments realize that without companies, they have no other way to get money to people. The only way that you can get money, which is essentially a claim on the labor of others, an inducement on others to labor for your benefits, money is a commodity that represents that effectively. The only way for that to be transmitted around is through, I think I mentioned this before. Yeah. It's like, we can't just allocate this. Ryman has to allocate this. Boohoo has to allocate this. The companies are basically betting that through sheer institutional inertia, they are required as distribution channels for money such

that they don't have to do anything and they know that most of their costs, so that some employees mainly, are going to be backstopped by one of the two kinds of entities that can legally print money, which is, of course, governments and then Greensill. The two genders. Yeah, governments and Greensill. It's not that financial markets are disconnected from company longevity, it's that financial markets are disconnected from the performance of tasks other than just kind of sitting there and distributing money. Again, until there is a rude awakening.

Cool. Also, on the other hand, I think we'll see increasingly political theater taking the place of any substantive action on anything. So, more boats will be spinning, more and more people will. Spinning boat. First, we had the spinning Jenny and now we have spinning boats. That's not even a society. Literally, if there was to be one thesis of this podcast, it is the completion of the spinning Jenny led to the necessity of the spinning boat in the towns, through some kind of great

butterfly effect. To the Boris Johnson clap for the bankers thing. Yeah. So, has anyone done that? Is that like a bridge-end secret service guy who's clapped for the bankers? Fully. Someone has clapped. Yeah, of course. All of us have been doing that. I've been making my ass clap for the bankers. Trying to get the surgery so I can make this pussy clap for the bankers. Yeah.

Please, hurry it up. So, nothing more than a squelch. The bankers aren't going to hear that. They're not going to create any more wealth. So, this is basically, if you want an example of that, look no further than Boris's phony new deal where he's taking what is essentially a normal year's discretionary spending for a conservative party that has formally, if not substantively severed its relationship with austerity, and then rebranding it as the new deal. Because effectively, if we've learned anything. We have not.

Wait, we've learned anything and I can assure you we have not. It's that essentially, if government by PR is all about making sure that you never do anything substantive, because PR, I think increasingly, is something we have to understand as unproductive guard labor. It's there as a sort of obscurationist tactic to underscore that whatever is actually happening that you're experiencing or whatever, this poverty that you're experiencing, whatever, you're not actually experiencing it. It's essentially a PR move to sort of forestall the need for physical guarding of things with conceptually guarding things. So, the fact is Boris Johnson is spending £5 billion on doing things like repairing

some bridges in Sandwell, which is all well and good. I mean, those bridges did need to be fixed, but he's doing it in such a way... And they can be sold. Well, he's doing it through a project, almost Milo. He's doing it through something called Project Speed, which is when you're undertaking a bunch of infrastructure projects is absolutely what you wanted to call it. Yeah, when you're just like fucking hyped on amphetamines repairing bridges, you're just going to be fucking sick.

When you desperately want to be on an episode of Well, There's Your Problem. Yeah, so essentially, yeah, we are essentially not investing very much money, but investing it very, very fast in completing whatever projects we'd already planned on doing. And then most of the other projects are going to be undertaken with a relaxation of planning rules. I'm so excited for High Speed 2 to suddenly go 7,000 miles an hour. And instead of the planned route, it's just going to go directly through someone's house. We're not going to do eminent domain. We don't have time for that shit anymore. No, you just like, you just fucking get the

regular, you're just having a normal day. And then you're just like in your living room, having a nice time. And then you just hear a 7,000 mile an hour train just blasts through, maximizes fucking everything. The new North F.C. High Speed Maglev train that travels at 3,000 miles an hour. And on the side, it just says Love Trains, 18,000 miles an hour. It's going to be going, we're going back to coal somehow. One guy having to shovel really quickly. A Maglev diesel train with slamming doors for some reason.

That is absolutely something that Britain would invent. Yes. Blue labor. That is, that's also right. That train has a big flat cap on the front. Sorry. What the fuck are we going to do? Design it in roller coaster tycoon? I love to get on the train to Birmingham and it's the fucking death roller coaster, the one that just like generates enough G-forces that it kills you at the end. And I just arrive like in a half an hour, but with like a totally snapped neck.

Look, you're there, but you know, I'm sorry that you've had to die. But okay, so the other thing about this, right, is they're also expanding permitted development rules, which means that all of those people who are working in like slave conditions in Leicester now get to live 18 to like a single cupboard because that's now allowed to be a house. Luxury. Luxury. We lived in all in roads. We dreamed of cupboards. Well, like also, also this is like just a gift to say Richard Desmond just texting Robert Jenreck, hey, do you mind if I like cram 15 people into this room and then like allegedly illegally weigh on you to approve this? And Robert Jenrick's just like, well, I certainly can't talk to you

about this. However, I will approve it. Yeah, sitting in a cupboard at tiny tables and chairs, and he's like, oh, it's just like the jockey club. There's no conspiracy. It's too stupid to be a conspiracy like texting Robert Jenreck to offer him like such paltry things like, oh, hi, Rob, would you like? I've got some of these unused McDonald's monopoly vouchers. You're willing to approve this one billion pound development. You can get 10% off any breakfast sandwich. Now, they do expire tomorrow, so you do need to approve it now. Well, I guess these this free breakfast sub will have to go to waste. What a terrible,

what a terrible shame. Looks delicious. So political theater taking the place of substantive action. That's what we're going to have because the substantive action is all going to be on the part of capital working out ways that it can make up that lost growth. So the substantive action is Boris actually saying, we're going to slash regulation so that that so that the initiative can be taken by cap by commercial real estate developers to turn like, you know, all these gleaming office towers into slums. So yeah, that that is that is the substantive action. It's that substantive action is still happening. It's just the substantive action is is is basically making is finding ways to squeeze

people more. Yeah, just look to look to any any sanctioned economy for like a vision of what's going to be along next. Yeah, I think that's I think that's about right, right? Is that is that because in sanctioned economies, corruption is more is more replete, right? Abuse of abuse of workers and abuse of power is more common. Like sanctions basically just compound existing problems. And we are a country that had many existing problems, which are being compounded by sanctions. Yeah, we just sanctioned ourselves by accident. I look forward to when the average job is you just get placed in a special bag and load into the juice arrow. Your remaining content squeezed out of you into a glass.

And here's another here's another thing less innovative, the economist said Nick, no, innovation is still happening. It's just dedicated to maintaining order rather than yeah, rather than fulfilling people's needs. Right? Because the word innovation, the word innovation, when it's used by the economist tends, it tends to be used with positive connotations. Like, oh, this is innovative. That is to say, it is it is meeting a an unmet need in either a better way than has been met before, or it's it's meeting it differently, or it is meeting it at all. You know, that's what they think of as innovation. It's just they imagine unmet needs as the unmet needs of consumers all mass, rather than a bad need.

Rather than the unmet needs of capital to once again, continue being a piece of shit. So as an example, again, this isn't necessarily something that came from coronavirus. This is just the kind of innovation that I believe is going to be encouraged. This was posted in our Discord by some of our helpful fans that BMW is now going all in on car microtransaction. Oh, I saw this, you're getting wholesome a DLC for your three series. That's really sick. Would you like to go fast? Do you actually have to download the expansion pack? Actually, Milo, you're not far wrong. Heated seats was the example that they used. Well, how do you download it? You wouldn't download a heated seat.

Have the functionality, right? But like, in order to enable it, you just have to like, get a subscription. So like, if you want, you could just have heated seats the three cold months of the year. And then the rest of the time, you don't have to pay for it. So it's very convenient. Why is this economy so obsessed with making us rent everything? It's so annoying. Like, do you remember back when like, everyone used to buy everything and then they would be like, oh, if you want, you could rent this and people, at least people who weren't like, completely marginalized to the point where they could only afford to rent it would be like, no, I think I'll buy it because renting is obviously stupid. But now they're like,

what if we just don't let them buy it? Like, what if, what if all software you could only rent and everyone's like, no, fuck you, we wanted to buy it. And they're like too late now because we control the only software that does the thing you need. And we're talking into it now. Right. So the, so Tesla actually would computer limit the battery capacity of the Model 3s that they would ship. And then you'd have to subscribe to premium batteries to get the batteries. It's the battery that says plus. Yeah, you have to subscribe to the Patreon battery for the Balthasar speedboat batteries. Welcome to Tesla bonus.

Right. But the other thing, right, is that Boohoo is basically positioned relative to the garment manufacturers of Leicester and the garment manufacturers of Leicester's willingness to take a considerable risk, I guess, in just, you know, subjecting a lot of undocumented workers to fully illegal working conditions. Now, is it a big risk? No, because you're probably nothing, nothing bad's going to happen because of the, you know, the government has chosen to look the other way on this almost as a matter of policy. But still, it's not not a risk. So it's, this is, this is innovation in working conditions. This is risk taking. It's just things like the economists never see that as innovation or risk taking, because it's not good. It's bad. So again,

I disagree with the economists take that, right, the, that the 90% economy is going to be more fragile, less innovative and more unfair. It's like, yes, it will be more fragile and more unfair. But those things were already there. And it will be more innovative in ways that will make it also more fragile and more unfair. The Blitz economy was a lot more innovative in finding bits of meat that fell off the back of trucks. And this is what we're going to see again. So I love to like invest in spivs, basically. And here's the, here's the final sort of what can we expect thing, which is like graft will keep accelerating. As you mentioned that under a sanctioned economy, yeah, it's corruption gets much more replete. So I have a couple of examples. Oddly enough from

Kimono Fox murderer, end of a Coen brothers movie, Jolly and mom. He has to cheat hair disease, where he like occasionally says something that's entirely accurate. Yeah. So he's hit one of his projects has been tracking. It was good because I really didn't want to go into the, I basically was like, all right, well, before this episode, I'm going to find some dodgy contracts in the Europa contracts database. By the way, you can just find these, they're all published online. They're just all there. I was like, all right, I'll find some of the dodgy contracts. Oh, Jolly and mom already did that. Cool. So 108 million pounds were the public contracts of taxpayer money, your money. If you live in the UK, for a PPE, we're given to

Tory friends and donors who own companies that make a one case chocolate, another case pigeon netting chocolate face mask. Why not? Delicious. It's innovative. Yeah. I'll say that you would you buy with chocolate coins? Oh, the chocolate economy. Oh, don't cough on me. My mouth is chocolate. We gave we gave 108 million quid to water. Yeah, I got the downloadable content for my bad to make it to chocolate. Take a bite out of the steering wheel. I got a hungry. Literally, almost you might as well just say there's 108 million pound prize for the one of these 10 members of the public that we've selected for a reality show as to who can develop a better glove and mass produce it. You might as well say that. And also 250 million hand shoe because

there's also a quarter billion of taxpayer money again. So a quarter billion, the new deal, the proposed new deal to save the country is five billion. This is a quarter billion of taxpayer money. Went to the IANDA family office, which is a wealth management company. Sounds like someone who calls Moses lack. So I'll explain what a family office is. Basically, for those of you who don't know, a family office is a kind of asset manager. So it's an asset management firm. They're usually not very big. They'll usually employ two to five people, depending, although in some cases more, that manages the wealth of one family. Aren't they usually like these days, disgraced hedge funds that lost their hedge fund license and had to become a family office?

Isn't that like a whole grift? That's a very, very frequently. Yeah. Or it'll be like a former banker from like a bulge bracket bank will just have a couple of high net worth individuals or ultra high net worth individuals that they know and then just say, look, I'm like showing up like a sort of dodgy contractor on your door like, yeah, I'll manage your money for you for like slightly less. Just do the giant eye emoji, but this was also Epstein's grift. Sort of. But he wasn't a family office because he had lots and lots of different. He was a small asset manager. A family office tends to be multiple people working for one family. I see. Okay. If you got money that needs looking after, I've got a locked up garage with four

fucking massive geysers to get completely safe. We'll plough some of it into fucking air dryers and stuff. It'll be all right. So another quarter billion was spent on masks, but from Ianda family office based in a tax haven and managed by one of Liz Truss's senior advisors, apparently. Cool. Cool. Yeah. Well, you know what? Britain imports 60% of its masks. That is a disgrace. Listen, Liz Truss is having a busy week of trying to roll back trans rights almost single-handedly. She can't keep track of every 250 million quid or every arms export or every arms export license. Exactly. Exactly. When you're when you're stationing yourself outside all of the bathrooms at Westfield to make sure that like the people who go in match their assigned gender

at birth, you don't have time to be watching money go in and out of like funds. Maybe we should just start market being trans as kind of DLC for your body. My dick was chocolate. Right. So essentially, right. This is the the coronavirus public response driven as it was by essentially infinite public money, which is one of the which is one of the main drivers of what's going on now, right? It's infinite public money for everyone but you. It's infinite public money that can be given to you by your employer. It's infinite public money for anyone who has a business and is like friends with a Tory spad who can just apply to be a sole source provider for like 250 million pounds worth of masks. It's a bonanza for them because infinite public money

is distorting all the incentives from on the buy side, much like a zero interest rate distorted all the incentives on the other side. So we have two massive incentive disorders working together to really keep the to keep society more or less vertical. Once again, the most the most prescient work of art for 2020 was 100 geck's money machine. Can I just say every time I call someone a Tory spad, I really feel like I'm getting away with something. Yeah, it feels like a slur, doesn't it? Yeah, the best guy. I fucking spad. Right. So anyway, the underlying forces of infinite public money in order to maintain institutions that otherwise all would fail at once and zero interest rate finance companies

that are essentially unable to do unable to continue growing, but also unable to stop trying to grow effectively mean those forces clashing together are going to be the things that shape the future of the when I say the economy, everything that is going to be the two forces that are structuring what most people are going to experience are those two. And that's very true. That's true here. In the States, there is more fragmentation and less willingness to accept reality. Yeah, you're going to be more in thralls of Bacillus, Gavin Newsom, whereas here like that kind of localism, it often may not apply for viewers in Scotland, right? We'll see about that, but we don't know. Well, it's a combination of look of fragmentation

at multiple levels and also a lack of political will to largely just put an infinite amount of public money into maintaining into maintaining more or less things as they are, right? So America, I think, is continuing on largely the path that we and Patrick Wyman talked about. Yeah, we can't spend this this infinity amount of money on making things the same. We can only spend it to make things worse. Yeah. And so in Britain, things are going to get worse, but more, you know, it's going to get worse and faster, but it's also going to be thrown around in a lot of strange directions as these two forces rub up against one another. And so here's, I also want to talk a little bit about the recovery itself, the recovery by the numbers. So it's recovery of

jobs and recovery of GDP percentages. Oh, yeah, that thing is definitely happening. Well, it is going to happen. And this is weird, because it's going to happen. But again, it's going to be weird. It's going to be different. So basically, let's just say, the first premise here, yeah, there is popular opposition to dying of coronavirus. It's certainly not universal. Most people, when asked if they want to die, say, no, I wouldn't like that. I don't think. Others are telegraph readers. Anyway, so popular opposition to dying of coronavirus, yes, is putting the brakes on growth and governments, especially in the UK and the US, have to decide how much mass death is acceptable to buy certain amounts of more economic activity.

The example of which for that, of course, is the Lester garment factories, where we decide that, yes, it is acceptable to have like, I don't know, let's go back to like Victorian levels of worker fatality, because that's what we need in order to turn a profit in this extremely tight industry, because who who decided what if dresses cost 50p. Anyway, so the question is tends to be the lever they can push and pull is, how much mass death are we going to tacitly or overtly accept? So, you know, that's also that can be wrapped up in the popular duty to go to the pub and give yourself GERD by eating four different weather spoons breakfast to win a culture war battle. Which is great. Yeah, that's fantastic.

Deeply how we from Uncut Gems voice, this is how I win. Yeah. So, you know, you also like, let's take the previous recession 2008 as, if not our perfect model as our example. The snapback of GDP growth and employment returning to normal, it actually happened pretty fast. The wages certainly didn't return to normal, but by the numbers of jobs, that is how they're counted, which is fudged and GDP like GDP per capita by 2010 was above 2008. The snapback of GDP growth is actually the Dow hat. What I'll say to this actually is I was at a friend of the show's house the other day, I won't say who. And I was saying, because his dad was talking to us about like what it was going

to be like going back after this. And I was like, well, you know what, to an extent, I was like, for mine and said friends, entire working life, like this stuff has been completely shit. So, like, we don't even really care. Like the economy's been fucked forever. And he's like, that's not true. The economy's been in constant growth since 2009. I'm like, yeah, but not in a way that's actually been good for anyone. Like everything in any material way has been completely fucked if you're not one of like 100 people. Yeah, exactly. And that's and so like GDP might snap back pretty quickly. But the important transformations that the transformations that created the world we are in today have not been about GDP at all.

They were about the transformations in who works, how much it pays, who owns things, and how many companies we can cram into a workers barracks. And so think about think less about GDP, which is this is why we say line go stop. This is the core of the line go stop theory is that the last scrap of usefulness from looking at things like GDP or employment numbers has been ripped away by the realities of the what is what the economist calls the 90% economy. We'll think of something better for it, but that's what we have for it for now. So remember economy. Exactly. But the much more edgy name. But right. So remember, the McDonald's terminals were a response to the recession. The mass automation outsourcing

or casualization of low paid work was a response to the recession that never got fixed. And now it's going to happen again, which means more people are going to be forced into that first position. And the people in that first position are going to be forced into even worse positions. Because remember, whose hiring is Amazon? They're hiring. Boohoo hiring. The factory, the factories that make boohoo's clothes boo is growing faster than ever. They're hiring. I'm really, I'm really upset that now the evil company we have to deal with is called boohoo. Everything just gets it gets more stupid every time. Yeah. Also, like where where was a lot of the growth coming from after 2009? Well, a lot of the growth

is driven. Yeah, a lot of the growth was driven by the Amstrad email or phone and its descendants in like SoftBank or whatever. It was these giant loss making unicorns that were essentially trying to become monopolies. I get that tendency hasn't gone anywhere. But it means that again, as companies consolidate as as more and more of them are made on unviable by tightening margins and a capped amount of economic growth, it's there's going to be more mega companies, essentially like Zybot's, who's we're in the cyberpunk world now. But like no one's got cool glasses. And so there's it's so like speak for yourself, bitch. Anyway, and the non banks that all came from 2008, they arrived in 2020. And the other thing we can't forget is that all of the

practices from 2008 are still happening. There's just happening in lenders to companies. So in the issuers and buyers of corporate debt, which is largely unregulated. So that's still happening. And that that's another bubble that's going to burst. And it was over 100 degrees in Siberia. So put all of that together. Yes, very successful experiment. We make worlds first radioactive wolf. He's also gay. We have we have moved Love Island to Siberia, where they will be promoting gulag made clothes. Yes, Love Island on the shores of Lake Baikal. Just like people people being deeply confused guy right guy night. Yeah, right. But even they're like, do you do not meet yet radioactive wolf?

So we'll be sorry with your water bottle. When you are face to face, we who will fuck then when you see radioactive gay wolf, you will not fuck. You will only be fucked radioactive gay wolf will stop for no influencer of some kind. What is this? You make money from contact at no class Nikki. I'm not sure what these websites are. No, radioactive wolf does not care for this. He cares only for the supremacy of the Slavic race. He's a radioactive racist. He's the fascist wolf. He's also gay. So it's so it's identity politics. It's a So basically the example from Australia is that it's looking like because they had

You can't you can't you can't go into a real world example when you've just presented us with the radioactive new gay fascistic evoke. Like the Yadar Nevolk. All right, you got you got any more stuff about the wolf or can I go back to talking about No, no, we have no, we're ending it on the gay wall. No, we're going back to talking about economics. God damn it. I hate this fucking family. I didn't ask to be born. So look, the example from Australia is because they they had a less severe coronavirus outbreak than us. They're now looking at what their recovery is because it's sort of happening and it's looking as though the economy is going to recover,

but wages and jobs will not as if those two things didn't have anything to do with each other anymore. Another episode to read to impressions of the Buntavista. I would say good morning Theo, but we've had to lay him off. Please don't lay off Theo. So it quoted Australia these sort of an analyst in Australia was quoted as saying that recession may actually already have passed its worst. However, that the unemployment average will stay at like, you know, it will stay higher that wage growth is going to lag inflation until like later in the decade with full-time employment to be

overtaken largely by part-time jobs also for several years. So good fine. GDP per capita even is going to grow and it's not and it will probably come back, you know, again, it won't grow that much, but it will come back to growth because we essentially are realizing that if we want it to keep growing, things are going to have to get more Victorian. Damn, well, you have to start riding around on penny farthings in stovepipe hats. That's exactly right. I say I work, I work 40 hours a week at 40 different jobs. It's absolutely top hole. If only I could cycle away faster from this radioactive wolves.

Look, it's it seems like something is taking shape that is not it's not necessarily neoliberalism because competition and markets are no like neoliberalism was no great lover of competition and markets, right? It would I love. Yeah, it loved. Well, it loved soul sourcing thing. It loved creating monopolies effectively, especially in the UK. It was important to have a private monopolies. Yeah, right. So I think we're seeing something now where the flows of money are becoming increasingly disconnected from any kind of economic activity at all. And the underlying performance of the economy is becoming largely epiphenomenal versus what's

actually going on. I don't know what to call it yet. And I think it is premature to start issuing sort of, you know, high minded pronouncements. I would simply call it a future of trash. Yes. Yeah, we could call it we could call it that. But it is it is something that I I believe is going to be as these concepts get defined substantially dissimilar from neoliberalism as we have known it and considerably worse. Sorry, sorry, everyone. Cool. Well, goodbye. I want to go back to remember earlier about an hour and 10 minutes ago where we were talking about like you labor party watching YouTube videos. Yeah, it was cool. That's what that's what they're that's what they're doing. So anyway, buy a shirt.

They're made in a garment factory in Leicester under completely safe conditions. Yeah, I'll buy a shirt, I guess. One pound fifty each. I am afraid. I'm afraid now we must end episode of podcast because radioactive wolf is loose. No. Hand me the cattle rod. You know what it is about the patriarch. The next t-shirt is going to be we're just going to commission that again. And we're just going to tell them radioactive gay Nazi wolf. Just that's the brief.

No, it wouldn't actually be a Nazi because it believes in the supremacy of the Slavic race, which is why the Nazis hated the Slavic race. That's a different kind. A new. Yeah. Yes. Yeah. All right. Cossack wolf. Yeah. So anyway, look, this is so it let's let's go back to that. No, let's let's not go back. Let's wrap up. Yeah. Let's not go back. We're not going back. No one can go back. Thank you once again for listening. I hope you're doing okay. I'm sorry. We've made your day appreciably worse yet again. Oh, we got a we don't watch a movie or something. Yeah. Yeah. We got a wheel in the big VHS. Someone had found the other day recommended me a weird movie from the seventies that has meatloaf

in it. So I feel like. Yes. Yes. So yeah, let's do that. All right. Yeah. Buy a shirt. Subscribe to Patreon. Bail fund link in the description. Our theme song is here we go by Jen saying you can find it on Spotify, which I don't know. Maybe you're going to rent your house from them at some point someday. Who the fuck can say? No, listen to it. All right. I'm ending this now.