The Skimmer Economy
New piece out on how Facebook is set to destroy local news . Why? Because it wants to use local news to make billions while local news makes nothing.
This is the skimmer economy. It is the corollary to the housing industry, where the real money is not in building houses but in financializing mortgages.
The problem is that the skimmer economy is not sustainable. It always ends up killing the host organism.
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