cross-posted from: https://futurology.today/post/5004513
Diamond prices are down 60% since a 2011 high, and they are still falling. It’s not all down to lab-grown diamonds, demand is down too, especially in China.
No one can lab-grow gold yet, so its rarity and scarcity protect its value, but that will end too. It’s just a question of when. China launched an asteroid touch-down mission this week, which will make it the 4th country/region to do so, after Europe, the US & Japan.
How soon will it be feasible to mine asteroids? Who knows, but a breakthrough in space propulsion might mean the prospect happens quickly when it does. It’s possible gold has twenty years or less of being high value left.
The $80 Billion Diamond Market Crash Leaves De Beers Reeling
We shit on capitalism a lot but we rarely acknowledge the true greats of the game.
I can’t think of a more evil corp than De Beers aside from Bayer pharma and maaaaaybe Monsanto and Nestle.
This a momentous occasion for gravedancers
For as much smoke Marx had for Capitalism, he also was awed by it. In the manifesto, he wrote:
Capitalism, undoubtedly, is a system of production that no other previous mode of production could even imagine. No other previous social relation could have produced this amount of abundance and technological progress. It is the unevenness of the capitalist system, and its fundamental laws, which bar the vast majority of people from ever benefiting from the productive forces of Capitalism.
This is just another example of the “[constant] revolutionising the instruments of production”. The De Beers are becoming a relic, attempting to hold on to old modes of production. Their practice will, inevitably, be regulated to the dust bin of history.
I don’t think it has anything to do with capitalism frankly. It’s technology. The soviets grew faster than most capitalist countries, monarchies that still exist compete quite well with capitalist nations. Think the Saudis. Capitalism is simply the private ownership of capital. The organizational structure behind the econonomy. The thing that really did all this amazing stuff was the technology itself. As we get more advanced our ability to advance increases. Exponential progress. That could happen under any system. It is more true imo that the abundance and technological progress that occured in the last few centuries created the conditions for capitalism to exist. Rather than capitalism creating the conditions for that progress.
Well said, tovarshi
It’s a feedback loop, actually.
Heh. You’re not wrong on that part. I suppose that’s the dialectical part of it.
Bayer owns Monsanto, or at least its old assets. Monsanto as a company doesn’t exist anymore.
Incredible. Bayer really looked at Monsanto and said ‘that’s a culture fit’ out loud
Corps actually compete for most evil Corp title. What you have described ain’t even the surface
EETC is like: hold my gin