Peter McCormack and Allen Farrington on the process of socialising losses [1:43:55]:
PM: When you socialise the losses, you are in turn socialising gains for the richest in society, because the process of socialising the losses is leading to inflation, which is increasing the price of the assets of the richest people
AF: Yes
PM: It’s SO fucked isn’t it?
AF: It’s pretty bad. I don’t like it.
It would be interesting to see a comparison with other causes of inflation, so we can see which bad processes are worse.
Really great episode, so many interesting topics, particularly the bit about folks that think they are making things better but are actually doing the opposite. #