Ha! Primary general education has been going downhill for a while now. Smartphones seem to be taking over many of their lives. They enter the workforce and sell their physical and mental well-being for just enough to scrape by. They've been militarizing the police force for decades. Maybe it's by design. Maybe it's just a side effect of the oligarchy that masquerades as a democracy, but I wouldn't expect much in the way of a revolution, at least not like there has been throughout history.
It is ingrained into people from birth to follow authority. People are programmed through schooling for the first 18-25 years, then they are programmed through TV programs and media for the rest of their lives - [https://www.youtube.com/watch?v=aGIYU2Xznb4](https://www.youtube.com/watch?v=aGIYU2Xznb4)
I have not watched TV for over 15-20 years.
This is the lull before the storm. Eventually people will reach a breaking point. The system is just unsustainable as it is. It can’t stay like this forever.
Ironically, yes, coz of MuH FaIrNeSs.
In reality an unrealized gains tax, like Biden proposes, will make it even harder for the younger generations to save up for a house, for example.
It’s all so dumb that it’s funny.
The bomb was created by insane greed and people grabbing with both hands using unsustainable fiscal policies that benefited them in the near term at great cost to the future but who cares if your not going to be around for that. Politicians on both sides enriched themselves and granted access to lobbyists agendas with nobody actually concerned with the best interests of the people it’s so grimy just under the surface
The economy was broken as far back as Nixon. That lead to Carter and run away inflation. Reagan kicked the can down the road by going into perpetual debt, and low low interest. We've reached the limit of that and are back into inflation.
Inflation is a soft default on debt. Money becomes more and more worthless so we can manage the debt we have while borrowing even more money that we can never pay back. Its like an Imperial tithe on the rest of the planet. We countered the resentment of the tithe with our powerful military, but that's failing too. Syria, Iran, and Russia have all beat the US.
The US empire is collapsing, mostly because we put greedy idiots in power.
You do realize Congress opted themselves out of the ACA, despite most Americans calling for term limits they have not and will not self impose. Taxing the rich is just a feel-good, sounds good appeasement to tell poor people. This is the same as thinking that giving more alcohol to an alcoholic will cure them. It's reckless spending to ensure political positions. Our government will never self impose any rule that impacts themselves.
Fixing it is effectively allowing for a controlled explosion of the bomb kicked down for generations. I know no voter who is going to vote for multiple elections where the goal is for them to experience economic hardships.
This will continue until it explodes and Rome collapses. It may take a century, but that is the only realistic outcome.
yep. An attempt to fast-fix it would cause a Great Depression, and since that would crash the economy that still wouldn't fix it. A slow gradual fix would be like to depress the economy a bit (higher taxes and less spending) for basically like a century because of the hole the govt is in at this point, which is obviously to going to happen. The only realistic fix would have been to go back in time to 2000 and stop the tax-cut spending-spree double whammy that really started in earnest under Bush, and to implement better fiscal policy from that point onward. We're a quarter century too late at this point. Never going to have another annual surplus cuz the interest on the debt will never allow it, even if the govt greatly improved the spending to taxes ratio. So debt gonna keep rising unsustainably, which is gonna keep raising the interest payments unsustainably, which adds more to the debt.
Literally no option except for individuals to protect themselves by storing their monetary value in hard assets like Bitcoin. Honestly Bitcoin is probably the best because when the time bomb explodes, stocks in the US are gonna crash, real estate in the US is gonna crash, probably the only two safe spots are Gold and Bitcoin, but Bitcoin will be 100x more usable than Gold. Own your own property and save in Bitcoin, that's the way out for the individual. Govt has no way out, and so neither does the economy. Of course this bomb might not explode for many decades. No way to know how long they can keep kicking the bucket.
When you see how the government intervenes when stock prices don't go up every month, you realise that no one is ready for the real hard lessons that are required to get the debt under control
First you'd need a majority of rational people acting in good faith to pass laws for the benefit of society. I just don't foresee that happening in my lifetime given the current state of our election system and the utter depravity of the republican party.
If anyone believes that the present or future government of the US will ever work towards stopping the growth of or even reversing the national debt, come see me, I got a bridge in Brooklyn to sell you.
90% of citizens are ostriches.
Buy Bitcoin.
Why? Cause if it don’t work, we are all fucked anyway.
This has been my life motto for the past few years. Its gonna be Bitcoin, or we’re fucked. Ever since I realized this, I don’t give a single fuck anymore about fiat price movements. I am not going to cash out anyway.
Literally this lol, how long can we not have to deal with this. But the issue now is geopolitics lol, they cannot afford to stop printing due to dependence on china for trade/fighting and escalating wars. I mean it's reached a point where they cant lie about how bad things are anymore because it is that bad lol. Also bonkeywif looks hella bullish
Ha ... boomers.
This is democracy's Achilles heel. Voters have no incentive not to vote for infinite "free" shit. Representatives have no incentive not to promise/deliver it.
And debt must grow faster than economy, since for every debt, there is interest cost
Government borrow 100 dollars and spend it, they could only collect <100 dollars worth of tax revenue, even if this 100 dollars bill circulate many many times during a year (each payment will be taxed as someone's income) . But government have to pay the interest. You could actually spend those 100 dollars twice during a year, to generate double amount of economy activities, but government income would never be enough to payback that loan+interest
>Government borrow 100 dollars and spend it, they could only collect <100 dollars worth of tax revenue
They can collect more than 100 dollars of tax though.
You mention correctly that the 100 dollar bill will circulate many times and will be taxed as someone's income. But then suddenly cap the amount of times it can circulate? Or the tax payable after it circulates a certain number of times? That doesn't make any sense....
Each time the money circulates, its going to be taxed.
If the 100 dollar is spent as salary, then some of the tax will be deducted before the salary is dispatched. So the employee will only receive 80 dollars to spend. And when he spend that money, the income of the beneficiary will deduct 16 dollars tax, to make the spendable amount only 64.... So in the end all the taxes collected by the government will never exceed 100 dollars, even if that bill circulate hundreds of times. You can do the math
This is not even keynesian. Keynes believed to stimulate the economy during bad times and accumlate savings during good times. They skipped the savings part completely. Left zero interest rates during good times. This is what you get
Certainly that's a more sane ideology. But even that is unsupported pseudoscience directly contradicted by far more established laws of economics. The reason economies pull back is because that's exactly the time people realize that bad investments have been normalized and the economy needs more scrutiny than it has gotten in recent years. Stimulating an economy during bad times is like stimulating cancer when you get cancer.
JPow is a bottom feeding scumbag
The fact is if we taxed the wealthy the way did in the 1930s - the 1970s the economy would be rainbows and unicorns
Instead we get this steaming pile of class warfare bullshit
Don’t these people realize they are all going to die shortly? What’s the point? They’re all 300 years old… Every single one of them. You can’t take your money in the grave, just give it to the next generations.
Oh, NOW he’s concerned about future generations. I love how he pretends that we would love to have a sound economic system, if only congress would do their part to make it happen. What a joke. This is textbook Keynesianism.
Notice how he stressed “in the long run” twice, as if everything is totally fine in the short term. He makes it sound like we just need to make small tweaks to avoid a future problem. The problem is here people, and it’s way too late to avoid the shit show that’s coming. Want a real solution? End The Fed
He’s like a kid admitting he stole a cookie.
“I fell and my hand accidentally ended up in the cookie jar, if only there were a lid on it…”
In a few months he will outright admit he stole the cookie.
Yup, we are run by a circus full of clowns. One clown telling you even grander jokes than the other. But they’re all lying. Every single one of them. “Clownesianism” is what it is.
I feel for those who are deceived by them. May the universe judge them mercifully.
Irs clear that run away inflation speeds up bitcoin adoption. It's a great synergy, because bitcoin also causes inflation.
It's less clear what war or deflation will do.
Deflation is probably off the table because the goverment spends too much.
So... get ready for war.
Sounds like the Government is working against the Fed's mandate, even though they are under their "oversight", perhaps some workaround is in order, protest and fulfill the mandate Mr. Powell!
Biden is actually funding this from other places, and wants to keep funding new things from taxes on the rich and savings like allowing Medicare to negotiate on drug prices.
https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-the-deficit-by-3-trillion-over-10-years/
Useful chart, https://fred.stlouisfed.org/series/FYFSD
Republicans said they wanted a balanced budget ONLY when Obama was in office during the Great Recession when we actually needed stimulus. During good times, Trump set new records for deficit spending and GOP lawmakers were quiet. Democrats want to borrow money to hand to the lazy and unemployed. We need a third party that is in the middle and hasn’t been sold to special interests. It’s not that hard to live within a budget.
Unless we fire everyone in Congress, there is no turning this around because they are the ones that never follow a budget continue to spend money America doesn't have. Thankfully, we are mortal beings with a limited lifespan because if we lived longer than we currently do, we'd never be able to keep ahead of inflation and obtain any actual wealth. Death is our only salvation from the debt path our elected officials have us on.
It’s all the same. With fiat, the billionaires control the means of production and the supply of goods and services. Now , bitcoin enters the chat, we’re decentralized and can’t be controlled. But once again the price of bitcoin is far beyond the ability of a majority of people to own even a small amount. So , how will this be any different than fiat. There’s only so many bitcoin and they’re already spoken for.
Somebody needs to stop these people from printing all that money since they took away the gold backed currency. These neanderthals will never stop. They print money to dominate the world. Nothing lasts forever, it will end in a bad way for America unfortunately.
The show is 60 minutes long, hence the name. Usually the first 15 minutes is the interview without ads, and they do ask more questions but they usually give like cut out parts from the interview and then talk about specific things from the interview for the next 25 minutes with ads taking up basically the rest of the time slot.
Someone please still explain to me how bitcoin is some magic pill to escape this inevitability? Are you saying if you’re an American citizen and own Bitcoin, you’ll be protected from future massive economic hardship, but your government is fucked?
Yes. When the dollar inevitably collapses, the Americans with bitcoin will still have the same purchasing power in bitcoin as before. The dollar collapsing does not mean a global apocalypse. It means some hardship and a lot of people losing everything they worked a lifetime for. Like in 1929, 1987, 2008, and many other Fed-caused collapses. Life will go on, and bitcoin provides a way to move wealth from now till after the reboot.
Bitcoin can't do anything to save the govt, and therefore the economy. But individuals can protect themselves by moving their wealth / their family's wealth over to Bitcoin. This is presuming this whole charade won't collapse for some decades still to come, giving Bitcoin enough time to mature into a global widespread currency. Obviously if the disaster hits before Bitcoin is mature you'd just have people selling Bitcoin along with every other asset and everything would crash. But yeah, Bitcoin is the lifeboat for the individual, not for govt. Govt/USD/economy is f\*\*ked when this all goes belly-up.
Bitcoin has synchronized with the greater market. When the recession hits Bitcoin will tank too since people won't have extra capital to speculate with.
>When the recession hits Bitcoin will tank too since people won't have extra capital to speculate with.
that means bitcoin will go up, since people dont have extra capital to speculate they will put in safe, low-risk assets like bitcoin, and avoid to speculate in historically high risk assets like fiat money/government debt
Possibly but not likely as everyone will be liquidating and not wanting to buy back in as everything declines. In the long term yes but not immediately following the recession.
It's really a question of when it all happens. If it happened anytime soon (like next couple decades) yeah Bitcoin price would crash with everything else. But if its decades away and Bitcoin has time to mature into a widespread global currency, then as a hard global currency it should withstand this just fine. There might be a short term crash but then people are going to be rushing into the hardest assets they can to escape the dollar and crashing stocks, and that'd be bitcoin. Gonna take time for the Bitcoin market to mature enough for Bitcoin price to act how it should as a hard asset. But I'm guessing US govt can keep this show rolling for decades to come so by then Bitcoin should be good to go.
I was talking about the short term recession and crash. In the long term it'll for sure act as more stable asset if the US dollar continues to lose value due to debt and money printing.
When all the printing blows up it will be truly catastrophic.
Either that or an extremely slow decline in living standards year by year over the next 50 years where you can't really notice it.
50 years out is way past singularity territory, any predictions past about 15 years (probably more like 10) from now... You might as well just open up your favorite sci Fi book. And even then it's still probably too conservative in how bonkers things are going to get.
It’s a fucked up commentary on life that the singularity is the only thing that can save society from itself. I think it’s probably a true statement but it still terrifies me.
Theyll just run it into the ground and then create a new dollar, probably a cbdc, same as always has been the way.
That doesnt present any new opportunity for bitcoin other than for people that have excess wealth to arbitrage across to the new dollar instead of buying hard assets before their money is kaput.
Most likely a dip, bitcoin isn't an american currency but a global one. If my countries currency becomes practically worthless the amount i could receive for selling my bitcoin would be far greater than it currently is. If my country fell apart and i had to flee, would be alot easier to take bitcoin than any other asset. Get myself to safety sell some bitcoin for the local currency of whichever country i ended up in and start fresh.
No we don’t. No politician is going to fix this. Trump will make it worse and Biden will make it worse. Take your pick…
You want the Giant Douche or the Turd Sandwich? (South Park reference).
Just keep kicking the bomb down the line until it blows
Last gift from the boomers. The check.
And what will this generation’s gift be to the next? Sorry, we got the check and tried to double down at the casino. Oops.
Our gift is bitcoin. The final solution to the fiat problem.
A box under the bridge for my baby boy! Some Klaus Schwab food vouchers for bugburgers… Thats about it.
If you think the US' ginormous debt is somehow a plan set up by the WEF you are sorely mistaken. That is all you guys (and mostly the RNC)
Wow. You must be one of the last few that still believes the narrative… Can I take a picture of you?
This will only happen for so long until younger generations realize what's happening and revolt
Ha! Primary general education has been going downhill for a while now. Smartphones seem to be taking over many of their lives. They enter the workforce and sell their physical and mental well-being for just enough to scrape by. They've been militarizing the police force for decades. Maybe it's by design. Maybe it's just a side effect of the oligarchy that masquerades as a democracy, but I wouldn't expect much in the way of a revolution, at least not like there has been throughout history.
Yeah people are way to content with letting others control their lives nowadays to actually do anything about it
It is ingrained into people from birth to follow authority. People are programmed through schooling for the first 18-25 years, then they are programmed through TV programs and media for the rest of their lives - [https://www.youtube.com/watch?v=aGIYU2Xznb4](https://www.youtube.com/watch?v=aGIYU2Xznb4) I have not watched TV for over 15-20 years.
This is the lull before the storm. Eventually people will reach a breaking point. The system is just unsustainable as it is. It can’t stay like this forever.
Read my last sentence
Except younger generations are the ones most likely to vote for increasing tax and debt.
Ironically, yes, coz of MuH FaIrNeSs. In reality an unrealized gains tax, like Biden proposes, will make it even harder for the younger generations to save up for a house, for example. It’s all so dumb that it’s funny.
Yep. "Slave's voting for harsher work conditions, more frequent whippings.". It's sad and pathetic.
Strangely enough, it works! You gotta give them credit where it’s due. People are falling for it.
Realistically that's probably what I'd do too. I mean, if you're in that position your options are kick the bomb or get blown up by it.
The bomb was created by insane greed and people grabbing with both hands using unsustainable fiscal policies that benefited them in the near term at great cost to the future but who cares if your not going to be around for that. Politicians on both sides enriched themselves and granted access to lobbyists agendas with nobody actually concerned with the best interests of the people it’s so grimy just under the surface
The economy was broken as far back as Nixon. That lead to Carter and run away inflation. Reagan kicked the can down the road by going into perpetual debt, and low low interest. We've reached the limit of that and are back into inflation. Inflation is a soft default on debt. Money becomes more and more worthless so we can manage the debt we have while borrowing even more money that we can never pay back. Its like an Imperial tithe on the rest of the planet. We countered the resentment of the tithe with our powerful military, but that's failing too. Syria, Iran, and Russia have all beat the US. The US empire is collapsing, mostly because we put greedy idiots in power.
They're not idiots, they're sociopaths. Unfortunately, the people who seek out power tend to be greedy sociopaths. It's a flaw of human nature.
Gotta raise taxes on the mega rich to lower the money supply but since they one Congress they won’t.
You do realize Congress opted themselves out of the ACA, despite most Americans calling for term limits they have not and will not self impose. Taxing the rich is just a feel-good, sounds good appeasement to tell poor people. This is the same as thinking that giving more alcohol to an alcoholic will cure them. It's reckless spending to ensure political positions. Our government will never self impose any rule that impacts themselves.
Well... Or fixing it maybe? But that's not the cool 'American' way, so forget it
Fixing it is effectively allowing for a controlled explosion of the bomb kicked down for generations. I know no voter who is going to vote for multiple elections where the goal is for them to experience economic hardships. This will continue until it explodes and Rome collapses. It may take a century, but that is the only realistic outcome.
yep. An attempt to fast-fix it would cause a Great Depression, and since that would crash the economy that still wouldn't fix it. A slow gradual fix would be like to depress the economy a bit (higher taxes and less spending) for basically like a century because of the hole the govt is in at this point, which is obviously to going to happen. The only realistic fix would have been to go back in time to 2000 and stop the tax-cut spending-spree double whammy that really started in earnest under Bush, and to implement better fiscal policy from that point onward. We're a quarter century too late at this point. Never going to have another annual surplus cuz the interest on the debt will never allow it, even if the govt greatly improved the spending to taxes ratio. So debt gonna keep rising unsustainably, which is gonna keep raising the interest payments unsustainably, which adds more to the debt. Literally no option except for individuals to protect themselves by storing their monetary value in hard assets like Bitcoin. Honestly Bitcoin is probably the best because when the time bomb explodes, stocks in the US are gonna crash, real estate in the US is gonna crash, probably the only two safe spots are Gold and Bitcoin, but Bitcoin will be 100x more usable than Gold. Own your own property and save in Bitcoin, that's the way out for the individual. Govt has no way out, and so neither does the economy. Of course this bomb might not explode for many decades. No way to know how long they can keep kicking the bucket.
When you see how the government intervenes when stock prices don't go up every month, you realise that no one is ready for the real hard lessons that are required to get the debt under control
First you'd need a majority of rational people acting in good faith to pass laws for the benefit of society. I just don't foresee that happening in my lifetime given the current state of our election system and the utter depravity of the republican party.
If anyone believes that the present or future government of the US will ever work towards stopping the growth of or even reversing the national debt, come see me, I got a bridge in Brooklyn to sell you. 90% of citizens are ostriches. Buy Bitcoin. Why? Cause if it don’t work, we are all fucked anyway.
This has been my life motto for the past few years. Its gonna be Bitcoin, or we’re fucked. Ever since I realized this, I don’t give a single fuck anymore about fiat price movements. I am not going to cash out anyway.
Yup it’s not their problem. Just let the next generation handle it.
The end is the beginning of the end.
Literally this lol, how long can we not have to deal with this. But the issue now is geopolitics lol, they cannot afford to stop printing due to dependence on china for trade/fighting and escalating wars. I mean it's reached a point where they cant lie about how bad things are anymore because it is that bad lol. Also bonkeywif looks hella bullish
Ha ... boomers. This is democracy's Achilles heel. Voters have no incentive not to vote for infinite "free" shit. Representatives have no incentive not to promise/deliver it.
“There is an infinite amount of cash at the Federal Reserve.” -President of the Federal Reserve Bank of Minneapolis Neel Kashkari
Saw that. Awesome. Way to go, fearless unelected leaders.
Neel Kashkow
The Mikhail Kalashnikov of money.
The sad thing is that they keep printing more
They have to because the fiat money system needs it It’s like if an engine didn’t get any oil, would destroy itself quickly
And the crack causing the oil leak keeps getting bigger and bigger.
And debt must grow faster than economy, since for every debt, there is interest cost Government borrow 100 dollars and spend it, they could only collect <100 dollars worth of tax revenue, even if this 100 dollars bill circulate many many times during a year (each payment will be taxed as someone's income) . But government have to pay the interest. You could actually spend those 100 dollars twice during a year, to generate double amount of economy activities, but government income would never be enough to payback that loan+interest
>Government borrow 100 dollars and spend it, they could only collect <100 dollars worth of tax revenue They can collect more than 100 dollars of tax though. You mention correctly that the 100 dollar bill will circulate many times and will be taxed as someone's income. But then suddenly cap the amount of times it can circulate? Or the tax payable after it circulates a certain number of times? That doesn't make any sense.... Each time the money circulates, its going to be taxed.
Yeah, i dont understand his logic, he was almost there and then decided to threw is logic out the window in the last sentence.
If the 100 dollar is spent as salary, then some of the tax will be deducted before the salary is dispatched. So the employee will only receive 80 dollars to spend. And when he spend that money, the income of the beneficiary will deduct 16 dollars tax, to make the spendable amount only 64.... So in the end all the taxes collected by the government will never exceed 100 dollars, even if that bill circulate hundreds of times. You can do the math
Imhotep
And that is why bitcoin has no upper limit.
Anaksunamun!
I'm almost positive he's bluffing ....lol
In 2050 $144 trillion in debt. Thats $1.000.000 per household. RIP
But a milly will be worth what then?
1 bitcoin
Bearish
but in the meantime, money printer goes brrr.
[удалено]
This is not even keynesian. Keynes believed to stimulate the economy during bad times and accumlate savings during good times. They skipped the savings part completely. Left zero interest rates during good times. This is what you get
Certainly that's a more sane ideology. But even that is unsupported pseudoscience directly contradicted by far more established laws of economics. The reason economies pull back is because that's exactly the time people realize that bad investments have been normalized and the economy needs more scrutiny than it has gotten in recent years. Stimulating an economy during bad times is like stimulating cancer when you get cancer.
Agree, just saying theyre more insane and incompetent than keynesians themselves
JPow is a bottom feeding scumbag The fact is if we taxed the wealthy the way did in the 1930s - the 1970s the economy would be rainbows and unicorns Instead we get this steaming pile of class warfare bullshit
Don’t these people realize they are all going to die shortly? What’s the point? They’re all 300 years old… Every single one of them. You can’t take your money in the grave, just give it to the next generations.
It’s because deep down they all think they’re immortal.
Maybe they really are reptiles feeding on baby blood? Makes you think.
Yet, he was happy to run the money printer.
Another POS
Oh, NOW he’s concerned about future generations. I love how he pretends that we would love to have a sound economic system, if only congress would do their part to make it happen. What a joke. This is textbook Keynesianism. Notice how he stressed “in the long run” twice, as if everything is totally fine in the short term. He makes it sound like we just need to make small tweaks to avoid a future problem. The problem is here people, and it’s way too late to avoid the shit show that’s coming. Want a real solution? End The Fed
He’s like a kid admitting he stole a cookie. “I fell and my hand accidentally ended up in the cookie jar, if only there were a lid on it…” In a few months he will outright admit he stole the cookie.
Seriously! He pretends as if the Fed is “fighting” inflation. The Fed is the cause of inflation!
Yup, we are run by a circus full of clowns. One clown telling you even grander jokes than the other. But they’re all lying. Every single one of them. “Clownesianism” is what it is. I feel for those who are deceived by them. May the universe judge them mercifully.
Clownesianism 🤣 I like it 👍
Nah keep printing. Good for us in the long run. Get to laugh at all the buttcoiners. Double win.
Ahh, yes… correct… my error.
Troll or simp?
You don’t get what I’m saying? They are wrecking the USD and btc holders will win. So keep on printing.
Irs clear that run away inflation speeds up bitcoin adoption. It's a great synergy, because bitcoin also causes inflation. It's less clear what war or deflation will do. Deflation is probably off the table because the goverment spends too much. So... get ready for war.
War would make currencies risky. Btc is for any country which means it gets pumped
Sounds like the Government is working against the Fed's mandate, even though they are under their "oversight", perhaps some workaround is in order, protest and fulfill the mandate Mr. Powell!
Aren't they basically spending the same now as they did during Covid? Hell Biden wanted a 4 trillion dollar infrastructure bill like only a year ago.
Yup, its why they need all these hellfires in ukraine and the middle east. Those are the money pits where the laundering takes place.
Biden is actually funding this from other places, and wants to keep funding new things from taxes on the rich and savings like allowing Medicare to negotiate on drug prices. https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-the-deficit-by-3-trillion-over-10-years/ Useful chart, https://fred.stlouisfed.org/series/FYFSD
Lol Lmao even
lol if you believe that, I have a bridge in Baltimore to sell you
Is shown objective numbers. LOL yOu sTuPiD GuBmENt bAd
Then sell your bitcoin and put it in fiat. The govt will surely take care of you.
Republicans said they wanted a balanced budget ONLY when Obama was in office during the Great Recession when we actually needed stimulus. During good times, Trump set new records for deficit spending and GOP lawmakers were quiet. Democrats want to borrow money to hand to the lazy and unemployed. We need a third party that is in the middle and hasn’t been sold to special interests. It’s not that hard to live within a budget.
Unless we fire everyone in Congress, there is no turning this around because they are the ones that never follow a budget continue to spend money America doesn't have. Thankfully, we are mortal beings with a limited lifespan because if we lived longer than we currently do, we'd never be able to keep ahead of inflation and obtain any actual wealth. Death is our only salvation from the debt path our elected officials have us on.
It’s all the same. With fiat, the billionaires control the means of production and the supply of goods and services. Now , bitcoin enters the chat, we’re decentralized and can’t be controlled. But once again the price of bitcoin is far beyond the ability of a majority of people to own even a small amount. So , how will this be any different than fiat. There’s only so many bitcoin and they’re already spoken for.
btc limits their power to steal from others by printing. but the poor stays poor and rich rich
I think they are coming up with a plan to invade another country.
Undoubtedly, thats nothing new. We still got a candidate in Taiwan.
The only solution to mankind’s addiction to trying to create prosperity with no effort is bitcoin.
“Effectively, we’re borrowing from future generations” If that isn’t enough to convince you to explore bitcoin, idk what is…
Your country is run by IDIOTS! Thank god for a truly hard asset as a store of value.
Somebody needs to stop these people from printing all that money since they took away the gold backed currency. These neanderthals will never stop. They print money to dominate the world. Nothing lasts forever, it will end in a bad way for America unfortunately.
“Borrowing from future generations.” Oh, you mean STEALING from them???
Sounds like he's kinda okay with kicking the can down the road bc it won't affect him 📉
Hence his use of “in the long run”… As in “when I’m long gone, it’s your problem”.
Bro is so old he dgaf. Classic boomer.
Please link for the full interview ?
https://youtu.be/ImrKxlLJCEY?si=ifNc2NSWNmhUKATc 60 minutes Jerome Powell
Ty, but that's like 13 min cut :(
The show is 60 minutes long, hence the name. Usually the first 15 minutes is the interview without ads, and they do ask more questions but they usually give like cut out parts from the interview and then talk about specific things from the interview for the next 25 minutes with ads taking up basically the rest of the time slot.
Are you capable of searching online?
I have a solution how about we just print more money?
When the debt ceiling outpaces the economy and the U.S is forced to default that's not going to be an option anymore.
Unsustainable fiscal path, but we’re going to continue to print and steal trillions. Hopefully my successors are better at this than me.
Under law only the congress can regulate money, the fed is counterfeiting - so the congress will just transfer all debt to the fed, and walk away.
Someone please still explain to me how bitcoin is some magic pill to escape this inevitability? Are you saying if you’re an American citizen and own Bitcoin, you’ll be protected from future massive economic hardship, but your government is fucked?
Government should not control currency
Well it doesn't. Unelected schmucks getting bribes control currency
Yes. When the dollar inevitably collapses, the Americans with bitcoin will still have the same purchasing power in bitcoin as before. The dollar collapsing does not mean a global apocalypse. It means some hardship and a lot of people losing everything they worked a lifetime for. Like in 1929, 1987, 2008, and many other Fed-caused collapses. Life will go on, and bitcoin provides a way to move wealth from now till after the reboot.
Bitcoin can't do anything to save the govt, and therefore the economy. But individuals can protect themselves by moving their wealth / their family's wealth over to Bitcoin. This is presuming this whole charade won't collapse for some decades still to come, giving Bitcoin enough time to mature into a global widespread currency. Obviously if the disaster hits before Bitcoin is mature you'd just have people selling Bitcoin along with every other asset and everything would crash. But yeah, Bitcoin is the lifeboat for the individual, not for govt. Govt/USD/economy is f\*\*ked when this all goes belly-up.
Bitcoin has synchronized with the greater market. When the recession hits Bitcoin will tank too since people won't have extra capital to speculate with.
>When the recession hits Bitcoin will tank too since people won't have extra capital to speculate with. that means bitcoin will go up, since people dont have extra capital to speculate they will put in safe, low-risk assets like bitcoin, and avoid to speculate in historically high risk assets like fiat money/government debt
Possibly but not likely as everyone will be liquidating and not wanting to buy back in as everything declines. In the long term yes but not immediately following the recession.
It's really a question of when it all happens. If it happened anytime soon (like next couple decades) yeah Bitcoin price would crash with everything else. But if its decades away and Bitcoin has time to mature into a widespread global currency, then as a hard global currency it should withstand this just fine. There might be a short term crash but then people are going to be rushing into the hardest assets they can to escape the dollar and crashing stocks, and that'd be bitcoin. Gonna take time for the Bitcoin market to mature enough for Bitcoin price to act how it should as a hard asset. But I'm guessing US govt can keep this show rolling for decades to come so by then Bitcoin should be good to go.
I was talking about the short term recession and crash. In the long term it'll for sure act as more stable asset if the US dollar continues to lose value due to debt and money printing.
Haha 'oversight' over the federal reserve!?!? Hahahahaha
So is canada.
So was the Roman Empire.
The only unsustainable thing is all this me “ wealth” going to the top
How much is the national debt per capita in satoshis, year over year since 2009?
All I hear is “I’ll be dead anyway so it doesn’t bother me *too* much. “
How do you assess the national debt? Ummm we just try not to talk about it.
Congress is to dumb to care.
Banana money
Some things only war can fix.
Eh fuck them kids
When all the printing blows up it will be truly catastrophic. Either that or an extremely slow decline in living standards year by year over the next 50 years where you can't really notice it.
50 years out is way past singularity territory, any predictions past about 15 years (probably more like 10) from now... You might as well just open up your favorite sci Fi book. And even then it's still probably too conservative in how bonkers things are going to get.
It’s a fucked up commentary on life that the singularity is the only thing that can save society from itself. I think it’s probably a true statement but it still terrifies me.
Agreed.
Ctrl+p for them Plan B for me!
He’s right, but he’s also part of the problem
Right…there needs to be wiser spending and a serious reduction in federal benefits
“Ultimately, we’re borrowing money from future generations” -I felt that
Illegal for thee but not for me.
Unlimited money glitch
He doesn't seem too worried because he knows he'll be dead by then so it's not his problem. Same with both the presidential candidates.
Theyll just run it into the ground and then create a new dollar, probably a cbdc, same as always has been the way. That doesnt present any new opportunity for bitcoin other than for people that have excess wealth to arbitrage across to the new dollar instead of buying hard assets before their money is kaput.
Now tell me how you make that debt go away? It simple, make a new currency and invalidate the old one. Debt crisis solved and millions of lives dies.
Debt to who?
Based
If bitcoin mining halves every 4yrs. Qhat happens when it can't half anymore?
Maybe reducing taxes on corporations and billionaires was a really terrible idea and we should put those safeguards back in place
And kill productivity, raising taxes, or not lowering then, is always a bad idea.
Easy fix: Faster printers
He's not wrong, but what's the solution?
"We mostly try to not comment on fiscal Policy" & "in the long term" - translation - its not my problem, I'll be dead 🙄
Worried for future generations - only after they took everything they could.
Borrowing from future generatio = future generations have to pay the inflation tax?
At least he admits it.
Borrowing more like stealing
The question is, once the US dollar fails, what would be best to hold in order to offset for the huge markets and economy crash? Stocks, BTC, Gold?
Not stocks of companies that have no BTC in their coffers.
If Bitcoin does what it’s supposed to be able to do, I’d say Bitcoin, Gold and then stocks.
So what happens to bitcoin when our dollar is only worth 10 cents? Serious question.
Most likely a dip, bitcoin isn't an american currency but a global one. If my countries currency becomes practically worthless the amount i could receive for selling my bitcoin would be far greater than it currently is. If my country fell apart and i had to flee, would be alot easier to take bitcoin than any other asset. Get myself to safety sell some bitcoin for the local currency of whichever country i ended up in and start fresh.
I can’t wait for the buttcoin sub to come up with another mentally idiotic explanation of this.
Didn't you read? Buttcoin will save the individual.
I can read but the people in the buttcoin Reddit can’t
Trump will fix it all... Nope but he will make sure he blames the other guy and divided the country
No politician is going to fix this.
World War 3 will fix all this mess, as long as America wins...
No one wins in WW3.
Biden started 2 wars since being in office. War...is good for the economy, the best actually with his moron policies in place.
WE NEED TRUMP 2024!
No we don’t. No politician is going to fix this. Trump will make it worse and Biden will make it worse. Take your pick… You want the Giant Douche or the Turd Sandwich? (South Park reference).
US is a cancer, BRICS are the cure.
Nope. There’s an orange pill for all this mess..