Think of those billions of cloud serfs who are, at this very moment, putting so much time and energy into building up someone else’s cloud capital. Their unpaid labour produces extractive power and cloud rent for very few cloudalists, money that will never re-enter the wider circulation of income, while earning them no income themselves. Allow me to describe this as the shrinking of the global value base. Add to this the wage squeeze that cloud capital also imposes on waged workers, as it increasingly turns them into cloud proles. The result is a substantial reduction in the incomes that the
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