The pandemic’s state money flood marked the formal arrival of cloud capital

Evidence

It was the pandemic, with the flood of state money it unleashed, that ushered in the Age of Cloud Capital. And if we want a milestone with which to mark its formal arrival, that summer’s morning will do nicely. But as I have hinted already, the story of the rise of cloud capital on the back of state money actually begins earlier than this, for it was in the wake of the crash of 2008 that state money began to be printed en masse by the world’s central banks and started to have its strange and counter-intuitive effect on profit. — Yanis Varoufakis, Technofeudalism, 378

Categorization

• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 378
• XREF: connects to: A new form of capital called cloud capital has emerged with unprecedented commanding power.; Even pandemic-losing platforms invested central bank money in cloud capital — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 377; Central banks funded cloud capital that destroyed market sovereignty — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 440 (+2 more)

Broader Connections

• Central banks funded cloud capital that destroyed market sovereignty #expands (0.90) — Yanis Varoufakis, Technofeudalism, 440
• The Fed’s COVID-era policies shifted public resources to large corporate capital holders. #expands (0.88) — Clara E. Mattei, Escape from Capitalism, 377
• Cloud capital made humanity work for free or a pittance #expands (0.85) — Yanis Varoufakis, Technofeudalism, 444