The world could face the biggest credit crunch in history – thanks to Donald Trump
https://www.independent.co.uk/voices/editorials/trump-us-debt-credit-crunch-iran-war-borrowing-b3037171.htmlOpen linkView original on lemmy.todaySyndicated from the fediverse. Read and engage on the original instance.
View original on lemmy.todayhttps://www.independent.co.uk/voices/editorials/trump-us-debt-credit-crunch-iran-war-borrowing-b3037171.htmlOpen linkView original on lemmy.today
56 replies
Trump is an accelerationist’s wet dream. They don’t have to lift a finger, this admin is doing all the work for them.
In a sense, this government is a caricature, a grotesque display of the evils of capitalism laid bare for the public to see. From this, a greater class consciousness will arise.
If he throws the election, this country will be pushed to a level of suffering that will finally boil over into action.
It’s unfortunate so many will suffer greatly in the process, and it’s also unfortunate no one will act until it reaches that point. Such is the course of history.
I still have no idea how conservatives maintain this illusion that they are "gud aht 'conomee" when there is just so little evidence of it. I guess we can thank the Murc's Law Media for upholding that stupid narrative.
The economy was going in all the right directions by the end of 2024. And then this asshole "won". And all because people thought Biden was doing poorly on the economy.
I just can't even.
🙄
They are good at making their rich friends richer and burning through reserves/resources. They are also good at making racists feel heard. That combo has been very good for them
Yeah Biden was actually good on the economy. People have become so ignorant of economics they think there's a button the government has for "make economy good". Nope, the inflation was caused by the free market, Biden got it down without it turning into a recession, stuck the soft landing.
Trump could've done nothing and took credit for a good economy that he inherited from Biden. But instead he fucked it all up. He'll probably blame Biden for that and a lot of people will believe that. Or believe the "late stage capitalism" bullshit they consume from social media.
Yeah. People ignore or conveniently forget the effects of Covid on both the supply chain and people getting stimulus checks to keep them whole. And then, Russia attacked Ukraine, disrupting the oil supply....none of these things were something Biden had much control over. Unlike donnie starting a war with Iran...
They have been doing it since day one. I get that his idiot goons have to repeat that they were handed an economy that was like someone in the emergency room because a truck backed over them (laughing *the fuck *out loud at that one), but for others to buy that shit and then repeat it?
Yeah, that tends to be one of the things that make my eyes roll up in my head. I'm no super-fan of capitalism, but not everything is "late stage capitalism", FFS. I guess I was 14 once, too, but....Jesus. The amount of WELLAXTUALEEE people that pop up to do some half-assed armchair Communist critique after seemingly have read a pamphlet or watched some hot take is rather hilarious.
Well I don't understand how the Great Depression wouldn't be late stage capitalism. It's just inconvenient for that narrative that the height of human prosperity happened during the 100 year period of late stage capitalism.
Really annoying because we could look at the policies that got us out of the great depression and say "why don't we try those things again?" Trust-busting, Keynesian economic policy, actually having wealthy people pay taxes, that kind of thing. Go with what works.
Thinking capitalism is an ideology is the problem. It's just buying and selling things really. Systems develop from that and those systems can be bad. So it needs regulation.
It's like a machine that needs maintenance. Not doing maintenance on a machine will result in it breaking down eventually, no matter how good the machine is. Libertarian types and socialist types both consider it ideology, one group thinking it's perfect and should be left alone, the other thinking it's evil and should be destroyed. Both groups are wrong. It's like saying a hammer is perfect and should be used for every job or saying a hammer is evil and should be destroyed. It's just a tool, people shouldn't get all emotional over it.
Nah, he probably won by rigging things so he'd win with Elon's help.
I'm telling my kids not to worry, they're probably going to earn millions of dollars a month when they grow up.
I just don't tell them how a twinky will cost millions of dollars.
Well I’m no economist, but if we’re earning 2 million dollars a year with a $200k fixed rate mortgage, maybe the non-capital class will finally find some relief.
Also, Elon is saying money won't matter by 2036.
In the meantime, I guess everyone should give more of their money to Elon and donnie and their schemes.
Trump is perhaps the catalyst, but he is certainly not the reason.
This will end well for everyone
If "everyone" is anyone worth $100 mil+, then you're absolutely right!
I mean, do the poors even count as people?
(/s in case that isn't blatantly obvious)
We’re all gonna be millionaires!
One man should not have so much impact and control. I'm exhausted already and am just circling, waiting for this phase of history to be behind us.
I wish I knew when it will be over and if I'll live to see it. I fear after the dust settles, millions of people will still be oblivious that anything happened
I don't even care if we make it anymore, just want this over
He doesn't have that control. The "world" claim is false at face value.
Hope everyone paid attention to the dirty 30’s chapter of history, because looks like we are bound to repeat it. Thanks to the Orange Turd.
I'm so exhausted of global credit crises. It's fucking stupid we have to deal with this shit every 20 years like it's a recurring rash. Can we just agree none of this works, unplug it all and move on already?
It is working, for the Sociopathic Oligarchs. As we've gotten poorer, they've gotten much richer. Our misery is their profit, and they have no intention of ending that.
They only care about one thing, and it’s not the economy.
Is the one thing Oil or China?
China. They’re trying to cut China off from resources, primarily oil.
The pedophile rapist?
*child molesting rapist; people don't commit assault out of mere sexual attraction.
Yes! Also murderer, as indicated in the TRUMP-EPSTEIN FILES (TM)
What does this article mean when the markets are bad, Trump always turns back? No he doesn't, he just goes bankrupt...
Trump is going to bankrupt the world at this rate.
Sounds like there could be another "debt ceiling crisis".
except the credit agencies are dropping their ratings and the bond markets are forcing higher rates and the debt keeps climbing and the gov keeps bailing out and waiting money and foreign markets are divesting and so on.
It's working exactly as planned...
When it's not working, it's working.
Can't we just send Trump to the moon and leave him there? I bet he'd go willingly
It worked for Napoleon.
Well no. It is not Trump's fault that other countries are bought in. He does not control them; they have their own leaders.
It’s almost like we had 4 years under Sleepy Joe to tackle this if anyone gave half a shot
It’s always the Democrats fault for not fixing everything the republicans wrecked quickly enough. Fucking Democrats!
It's fair to complain that the checks and balances are neither checking nor balancing. Republicans are cunts, but Democrats are also cunts for not doing anything about them. And the dumbfuck American voter is the biggest cunt of all.
No question that the American voter is the ultimate problem (and I am one). Or more to the point, the American non-voter is the real problem.
But you seem to suggest each party carries equal blame, and that is most certainly not the case.
No I don't.
I’ll concede Dems have a better record on human rights, although I think their intentions ultimately still serve capitalism.
Then again, the drone strikes under Obama, the Vietnam War under Kennedy and Johnson…
Cuntiness is a spectrum, not an absolute value.
Sure, but you made no attempt to quantify the difference between them. Short of that, we must assume you mean they are equal.
If you want to call cramming 8 trillion more on the pile ‘fixing everything’ than be my guest
So instead of spreading the blame, your immediate reaction is to defend Democrats from blame for doing nothing?
Yes, yes they are to blame for doing nothing to stop damage. Republicans are up blame also. If you claim to be opposition and don't do anything up oppose, you need to be blamed.
Stop treating your life like a political team sport.
But both sides !
Yes, fuck both sides, now you get it. Jesus Christ you people will cheer "lesser evil" even as it eats you alive.
Fuck your lesser evil, it's just evil to us victims.
“You people” — now you’re being racist!
Shut up. Neo-liberal is not a race.
Calling the slaughter of brown people "lesser evil", is racist.
كس أمكم واحد واحد انشاء الله تتمدر حياتك و حيات اطفالكم زي ما سرقتو مستقبلنا و ذبحتو أطفالنا و شيطنتو ثوارنا و استعمرتو بلادنا و عينتو حكامنا و سميتونا إرهابية يا ولاد الكلب.
Your mother's pussy is one by one, God willing, your life and the lives of your children will be as you stole our future, slaughtered our children, demonized our revolutionaries, colonized our country, appointed our rulers, and called us terrorist, sons of a dog.
— yikes Im sorry for personally stealing your future! You really know how to zero in on the real cause in order to get what will make things better — not at blind futile directionless rage shouted at complete strangers. This will definitely work out! I admire you.
It’s not a team sport, and I most certainly don’t fly the flag of any party. Both both sides-ing the erosion of democracy is not only unhelpful, it benefits Republicans who are actually, verifiably to blame.
You can call democrats ineffective, and old largely agree, but blame isn’t the right word to levy at them.
Lack of specificity. Most of the time when this happens, they should have said "rich off AIPAC-Democrats".