@davidgerard Thanks for the archive. Who will pay for the power those datacenters use? Here is another late reminder that cities need to own and control their use of power. I will of course boost this, if only because it includes an archive link.
Post
Replies:
22
@davidgerard 20 years ago the banks were able to sell the CDSs because they lied their asses off about what was in there and the credit rating agencies went along with it. How good are the investors' memories? Do they think 'fool me once' or 'this time is different'?
@maccruiskeen the average memory span of a trader is about five minutes, so
@davidgerard oh ffs- this does not end well 🔥
@davidgerard Thanks for the archive. Who will pay for the power those datacenters use? Here is another late reminder that cities need to own and control their use of power. I will of course boost this, if only because it includes an archive link.
@indyradio these things have every problem you can think of, these loans are *bad* and will default, the banks *know* this, and they're working out who to fob the toxic waste off onto
@davidgerard
Rates have already increased grandly everywhere.
Too obviously, you and I are being made to pay.
"Sell 'em by the six-pack to public pension funds."
@whoosh now you might think
Oh wait, I've seen this one before!
@davidgerard Gosh I wonder what happened after they last did things pre-Global Financial Crisis style
@Ailbhe it was very cool and everything worked out *fine*
Whenever the 1% screw up big time, they launch a variety of exotic financial instruments to disguise the downward spiral for as long as possible.
In 1929, it was trusts (mutual funds)
https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929
https://www.edelman.com/newsroom/richard-edelmans-6am-blog/1929-and-trust
In 2008 it was Credit Default Swaps, Collateralized Debt Obligations, derivatives, & Mortgage Backed Securities
https://en.wikipedia.org/wiki/2008_financial_crisis
https://en.wikipedia.org/wiki/Credit_default_swap
https://en.wikipedia.org/wiki/Collateralized_debt_obligation
https://www.investopedia.com/terms/d/derivativestimebomb.asp
@davidgerard sound like the part of the big short where everyone agree the short instrument should pay out but won't because the bank need to first secure a good position. Or the scene where spiderman is using all its strength to prevent the train from derailing, except in real life, they let the train derail as soon as enough people jumped off
@davidgerard fyi archive link doesn’t work
@gimulnautti works here. try https://archive.ph/GoRyM - or curse DNS
@davidgerard I can just imagine these toxic waste bombs exploding during the worst oil crisis ever and we are so fucked because the dumbest motherfuckers are in charge of everything it was nice knowing ya 🫡
@takosix @davidgerard it takes decades. The 2008 was engineered in the 70, pumped in the 80-90 and started to cripple everything in the 2000s. I don't know, that's what the Big Short movie taught me.
@davidgerard @splinux @takosix
When Koch launched a venture capital outfit, Silicon Valley publicly went hard right.
https://www.axios.com/2017/12/14/koch-tries-its-hand-at-venture-capital-1513277500
First started noticing the AI hype cycle & techno-fascism go into overdrive after #PrinceBonesaw visited Google, Thiel, Apple etc in 2018.
The fossil fuel industry launders its cash via the tech sector, before its fossil fuel asset values collapse, as renewables take hold.
https://www.nytimes.com/2025/10/27/technology/saudi-arabia-ai-exporter.html
