i firmly believe it’s the interest rate hike. the fed rate has been set to “free money” since the GFC in 2007.
[aside from a little blip between 2016 and COVID when rates were gradually increased up to a whopping 2% over 4 years before being flattened to “free money” when COVID hit].
now, in less than 1.5 years, it’s gone from “free money” to 5.5%. that’s enough to make “investors” [aka, people who negotiate giant loans from investment banks to invest in companies] squeamish about negotiating additional operating loans and pressuring executives to find money under the couch cushions, so to speak…
to be fair, i think the enshittification process of trying to squeeze a buck out of everything was inevitable to capitalism, but the rise of interest rates so high over such a short window set a fire under it.
i think the enshittification process of trying to squeeze a buck out of everything was inevitable to capitalism
you could even call it enclosure
Digital enclosure is exactly what it is. Reddit did it to forums but the squeeze right now is to fully enclose the attention economy itself.
