What's with all the tech layoffs?

HanDman@infosec.pub to Asklemmy@lemmy.ml – 329 points –

Every day there’s more big job cuts at tech and games companies. I’ve not seen anything explaining why they all seam to be at once like this. Is it coincidence or is there something driving all the job cuts?

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The Federal Reserve raised interest rates in order to cause layoffs. The capitalist class wanted to enlarge the reserve army of labor so that workers would be too worried about losing their jobs to demand raises.

'You Are Gambling With People's Lives': Warren Rips Powell Over Job-Killing Rate Hikes

This is a thing that sounds like some crazy uncle bullshit but it is actually completely true and non-controversial.

The scariest thing to a central banker when it comes to inflation is that wages might start to go up. When that happens the inflations is basically permanent.

People need to understand that the Federal Reserve is the cartel of the US private banks, and that they have captured the US Treasury as well, which is the US sovereign fiat money printer. Just look at the history of people in executive positions at the Treasury and the Fed. It’s a revolving door between those positions and the executive positions at major US banks and corporations.

Bitcoin solves this. Clear, unambiguous, unchanging monetary policy that doesn't constantly increase the supply and take a portion of your dollar's value to give to anybody else. It is not aligned with any country or even block of countries and is truly the first international currency in that sense. No politician or even national or supra-national government can force Bitcoin do do anything that isn't part of its protocol because it's so decentralized.

It has been running 24/7 365 for 15 years without a single major security issue in the protocol or a single hour of downtime. With lightning network upgrades, transactions confirm in under a second internationally with fees 1000x less than credit cards, often under a single cent.

It is accessible to anybody in the world with a cell phone and internet access, including the billions, with a B, who don't have access to stable banking infrastructure or local currency. No credit checks, no needing six forms of ID, no overdraft fees, no bank holidays, no middlemen, no nonsense. And it does this with less electricity than you'd think, less than 1% of global electricity usage, mostly from renewable sources as miners chase the cheapest electricity and the cheapest electricity is from renewables and over-provisioned grids.

For anyone remaining in the world who still believes cryptocurrency nonsense, I have a bridge to sell you.

I agree this has got to be the root reason. They are scared.

Which is ironic because one of the Fed's chartered purposes is to maximize employment. I guess maximizing profits is more important, even though it's not on the list.

Yup. From an article I linked to in another comment:

The Federal Reserve Board’s ostensible policy aim is to manage the money supply and bank credit in a way that maintains price stability. That usually means fighting inflation, which is blamed entirely on “too much employment,” euphemized as “too much money.” In Congress’s more progressive days, the Fed was charged with a second objective: to promote full employment. The problem is that full employment is supposed to be inflationary – and the way to fight inflation is to reduce employment, which is viewed simplistically as being determined by the supply of credit.

So in practice, one of the Fed’s two directives has to give. And hardly by surprise, the “full employment” aim is thrown overboard – if indeed it ever was taken seriously by the Fed’s managers.