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Cake day: June 22nd, 2023

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  • wewbull@feddit.uktoWork Reform@lemmy.worldA third so far!
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    4 days ago

    You’re talking about how a particular party or group within a party behaves. Presumably you’re talking about the DSA. That’s fine.

    Being socialist just means being an advocate for policies which put society above the individual.

    • Public education / healthcare / housing
    • A strong welfare system
    • Favouring government run services for necessities over corporate solutions. E.g. water / power / transport services.

    Being socialist just means that you agree that those a good goals. It doesn’t say anything about how you think they should be achieved.





  • The 2008 bailout happened because it was the banking sector that was exposed. If the consumer banks fail, everybody’s accounts go up in flames.

    Part of getting that bailout was that the banks had to restructure to insulate commercial banking from investment banking. Supposedly the investment arm can now get taken out, and the damage to the commercial arm is limited. I’ll believe that when I see it. The big question at the moment is “how exposed are the banks?”.

    Oracle, Nvidia, Microsoft, OpenAI, Anthropic are all massively exposed. Nvidia and Microsoft might be big enough for a decimated version of themselves to come out the other side. Everyone else is going to the wall. No need to bail them out though. That’s a contained explosion.

    If the bank are making loans of hundreds of billions thinking they’re sure fire money makers, but actually they’re piles of shit, then it’s 2008 again. That’s when we see if they really protected the commercial arms of their banks.







  • It’s Trident.

    Andy Burnham is expected to unveil on Thursday an £8.4bn investment for the UK’s next generation of nuclear submarines.

    Aimed at preparing Dreadnought-class boats for service by the 2030s, the nuclear-armed vessels are set to replace the current Vanguard-class and will be equipped to launch Trident 2 D5 ballistic missiles

    This is on top of £16B since the 2020 defence spending report, and £30-40B before that (Wikipedia is a bit fuzzy on some of it). This is sunk-cost spending (no pun intended). There’s no other option except cancel the program.

    …and none of it covers the missiles, which isn’t an independent system.

    We need to have much better government procurement oversight. Contract values need to be understood properly upfront. Bids are intentionally low, with companies knowing that once they’re “in” costs can go up and they’ll get paid. It’s a well understood strategy, but it continually happens.