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Culture War Roundup for the week of April 7, 2025

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or invest in America securities, assets

The greatest American asset is being considered the richest and strongest country. You buy US bonds because they're safe and they're safe because people buy them in times of trouble... It's prestige that was once based on a rock-solid base of production but is now a floating castle in the air. Likewise you buy property to a large extent because it'll appreciate and it's appreciating because people buy it. Until it doesn't and the bottom falls out of the market.

This seems like a particularly bad example because they clearly create a product which people are willing to pay for. Their job is no more 'fake' than an independent cobbler or carpenter

No, it is fake and less valuable. People want all kinds of things, many of which they shouldn't have. Many people are perfectly willing to trade in their wealth, health and dignity for fentanyl. But this isn't a proper kind of economic activity, that's why most places ban it. There are many improper economic activities between mutually agreeing parties that most consider to be bad: insider trading, corruption, debt-slavery contracts, child labour...

Markets are not the sole arbiters of value, they're useful tools in some contexts. They need to be regulated to prevent externalities and incentivized to target the right areas. Of course much of the regulation that goes on is stupidly implemented to achieve bad ends. Nevertheless, there is more to value than prices. There's a hierarchy with material production at the top. Louis Vuitton does not have any military value. Steel, food, electronics, transport or AI are more important to an economy. When the chips are down, they're just really expensive handbags. Real value is independent from branding, real value is derived from concrete capabilities.

Louis Vuitton does not have any military value.

In mild fairness, there are like a few luxury brands that have had crossover with military procurement in WWII (e.g. Hugo Boss), though some did deal in metallic products to begin with (Rolls-Royce).