this post was submitted on 25 Jan 2026
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[–] Janx@piefed.social 81 points 1 day ago (12 children)

While the victims reported more than $100 million in losses, Brink’s said the stolen items were worth less than $10 million.

When life gives you ~~lemons~~ theft, commit insurance fraud! I say fuck the rich "victims"...

https://apnews.com/article/brinks-jewelry-heist-ice-deportation-687c0197eda0ee6c8bfd1fb7f5987f35

[–] theparadox@lemmy.world 35 points 1 day ago (11 children)

I think it was said the fraud is actually in the other direction. Jewelry is regularly undervalued to reduce the cost of insuring it.

Brandy Swanson, the director of the San Mateo jewelry show, previously said the jewelers robbed of their gems had lost more than $100 million in the theft. Vendors claimed the figure was as high as $150 million.

Swanson noted it was her experience that jewelry owners tend to underestimate their pricey inventory when it comes to insurance, to keep costs low.

“That’s where the discrepancy comes in,” she said.

https://nypost.com/2022/08/13/brinks-doubts-gems-were-150m-in-jewel-heist-lawsuit/

[–] DagwoodIII@piefed.social 1 points 1 day ago (3 children)

All 'value' is bunk.

Back in the day, there was a place where you could trade a pound of salt for a pound of gold.

Both were worthless where they were found.

[–] balsoft@lemmy.ml 3 points 1 day ago* (last edited 1 day ago) (1 children)

Per Marx, value is a social construct, but it's not "bunk" because it is directly tied to the labor necessary to produce something.

[–] DagwoodIII@piefed.social 1 points 1 day ago (1 children)

Now you're just playing with words.

Obviously it took a lot of effort to get the salt to the place where it would be swapped for gold.

Also, a lot of people like to say that the book 'Starship Troopers' is fascist, but the society uses Marx's definition of value.

[–] balsoft@lemmy.ml 0 points 1 day ago

Haven't read the book so can't comment on it specifically. That said, some economic parts of socialist theories have been used to some extent by nazis (hence "National Socialists"), so it's not unthinkable. This doesn't diminish the merits of Marxism, especially because Marx's more political writings were expressly antifascist if analyzed from a more modern lens; besides, we had a lot of scientific development in understanding nationalism, colonialism and imperialism since then (see: Lenin, Fanon).

Obviously it took a lot of effort to get the salt to the place where it would be swapped for gold.

Yes, that is the point. Value is not "bunk", it is a very real social relationship primarily determined by the amount of labor expanded on producing a commodity and marketing it (in the sense of "bringing to market"). There is also a degree of speculation embedded in the actual price of any commodity, which is problematic, but it doesn't make the concept of value itself bunk.

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