tj, in financial relativity theory, one of the accelerants is debt. GE is based on debt. That's how they got so big so fast. Qualcomm is based on making things that people want to buy, everywhere. In depressions, people give up buying luxuries, but they keep on buying essentials, such as cyberphones, booze and baccy. They'll give up booze and baccy before they'll give up their electronic na-na upgrade cycle. They need a fix and they need it now.
You are of course right that when a currency reaches the event horizon of a black hole, any form of paper is subject to the force of financial gravity, but some things are outside the event horizon and while being warped by financial space-time, they remain intact.
You don't bother with details, so are probably unaware that not only does QCOM not have debt, but we have a big pile of cash [some $10bn which is real money in most languages]. GE on the other hand has hairy legs, covered by debt. When the debt is dissolved when the deluge comes, all will be revealed.
GE sells things which people don't need, which they buy using debt, and GE produces it using capital borrowed from the careful, frugal, rainy day creditors with Virtuous Victoria Values.
Mqurice |
