The Wes Cecil Podcast Late Capitalism: A Survival Guide - Ep. 2 Financialization
Nov 24, 2025
In this discussion, financialization is revealed as a profound force shaping daily life. A call to live on cash for a week exposes how deep its reach is. The contrast between conventional commerce and the invasive nature of global financial actors highlights a dystopian reality. Topics like the surge in credit card debt, hidden costs of transactions, and the impact of tech-driven economies emphasize users turning into products. Philosophical responses offer ways to resist this pervasive financial control.
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Financialization Is Distinct From Commerce
- Financialization is the expanding intervention of global financial actors into daily life and commerce.
- Wes Cecil argues this shift is recent and distinct from ordinary trade, producing pervasive new friction.
Credit And Debt Have Become Nearly Universal
- Credit access and household debt have grown dramatically since 1970, shifting most daily transactions into financial systems.
- This change makes nearly everyone's ordinary purchases mediated by large financial institutions.
Card Fees Add Hidden Inflation
- Transaction fees from card processing add measurable cost to goods and services.
- Wes Cecil estimates these fees add about five percent to consumer prices in the U.S.
