As a guy with nothing, I really couldn’t give much less of a shit about retirement accounts and the ultra rich losing money. And I already make shit wages and live on almost nothing. The only thing that is going to really hurt is the continued hyperinflation.
Can’t see past your nose, can you?
Oh I can see it. I just don’t give a fuck.
Enlighten us oh great prophet.
Go slow so our little brains can understand.
I’ll take a stab at it:
- Local businesses will suffer across the board, might lead to this poor fella maybe loosing his already shit job.
-There won’t be another job for him to take (see first point).
-He makes shit money so he has nothing saved up.
-social nets and government help is being systematically wiped out.
-It’s the streets now, and for many others like him. Where does this lead? Massive uptick in crime, and a lot of crime everywhere. Everyone is fucked - those who currently care and those who currently don’t care.
I’m actually semi prepared for this. My shit paying job is working for a non-profit that distributes food to people who need it, and honestly those who work there have the first access to the resources if they are in dire need. If all of that were to fall apart, and it could, my history is in working in food service and frankly I can get a food service job as well as anyone else. I’m super qualified. It might pay shit, but if anybody can do it I can and somebody will be doing that job as long as any jobs exist.
If the economy collapses completely and there are no jobs, I’m kind of prepared for that too. I’ve got a .22 rifle with a suppressor and a crap load of ammo that I can feed my family with for at least a couple of years feeding on squirrels and cats and dogs and fuck it humans if I have to. Not that I want to eat any of those things but damn it I’m going to survive. I’m not someone who advocates poaching or breaking laws, but when it comes to survival everything goes out the window. I know how to garden too. I have crazy amounts of filtration capability for water also, not to mention you can just boil it and as long as we’re not dealing with irradiated Fallout water, I’ll be fine. I could live the next year just in a quarter of the camping gear that I own, no matter what the weather. Birds make good eating too. If everyone’s money becomes completely valueless, I’m better off than most.
Right - first option survive the storm, next option… Murder? Steal? Pillage? (I’m stretching what you said, but it was implied). This is the very possible future we all might be living in, so again to OP’s point about spiting your nose/face. Basically I find the moves of Trump to be catastrophic and the potential of where it might lead us is… Horrific
Why is this comment getting downvoted, while Fingolfinz is getting upvoted in the same thread for saying the same thing…?
As bad as this is, it can still get a lot worse. The market seems to be pricing in a high probability that Trump will reverse course. If the tariffs stay on for at least a few months, there will certainly be a recession, probably a depression, and possibly social unrest that will take decades to fully recover from.
When things really crash is when the rich will decide to pay their cash and start buying up shit, and then we will think the economy recovered but really all that happened is another wealth redistribution in the wrong direction
Maybe but it could crash anyways. JP Morgan tried to stabilize the stock market in 1929 by buying up stocks, but it collapsed anyways and led to the Great Depression.
Entire year of gains lol
He did as he promised, financial liberation.
From the poor
Stocks aren’t real resources, they are imaginary potential resources. Stocks market fluctuations are important only as long as people think they are. Like a king who is a king only because his subjects consider him a king.
The same is true for fiat currency.
Anyone too dumb to know how stocks work probably thinks you’re talking about the car
Neither are money, but we’re still not a communist society so we still consider it one.
If you want stocks to not be important, phase out public companies.
Tell that to the people living on automatic withdrawals from their IRA accounts 🙄
They shouldn’t have put their faith in that system.
Big “leopards ate my face” vibes.
It’s giving BTC/silver/gold investor, off-the-grid incel vibes
Some stock have value because the company is profitable, solid and is making money. I am no investor but Coca Cola I would imagine fit the description.
Oh, so my 401k losing money isn’t real? Damn, that’s a relief.
That’s what you get for being suckered into accepting 401ks instead of pensions.
You say it like I had a choice to get a pension.
Pension funds have invested in stocks and bonds for decades.
O’Doyle rules!
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This is bad for us too. A cratering stock market slows down hiring which depresses wages and makes it harder to find work.
If jobs need to get done, you’ll be able to find positions to work in.
Don’t be fooled into thinking we can’t succeed unless rich people get theirs.
A recession is basically only those jobs hiring. Its the opposite of a bubble where because nobody has spare money nobody is spending so nobody is hiring and everything is undervalued. That’s why the only solution to the great depression was to hire a ton of people to do something.
The stuff the ccc did was awesome, they preserved huge chunks of America’s cultural heritage, made beautiful things, and made lots of natural beauty available to the masses. Go to any national park that existed at the time and you’ll see it. But they existed to take the masses of itinerant labor and put them to work for reasonable wages. It kickstarted the economy, fed people and gave them money to send to their family, and ensured that skilled labor remained as such.
Straight up, that’s probably going to be what this takes to get out of. A green new deal. Not the bullshit one we had proposed. Not the infrastructure act. No, hiring a fuck ton of young people to lay high speed rail lines and build solar and wind farms and battery facilities at wages that will let them reproduce and restart their local economies.
Only a government can do that. A company would pay market rates and expect a reasonable profit. A government can tax hoarded wealth, seize assets, and generally compel the behavior that gets you out of that mess.
If jobs need to get done, you’ll be able to find positions to work in.
Yeah, agreed. No guarantees that they’ll pay a wage you can survive on though, or that they won’t cut corners on worker safety etc. There were lots of jobs during the industrial revolution but most were profoundly shit to the point they’d shorten workers’ lives.
We live in a capitalist society (unfortunately). Rich people hoard their capital during recessions, which means fewer job openings. I graduated HS during the 2008 recession, and it took me 6 months of applying everywhere I could to get a temp job in a factory paying minimum wage (and no benefits or any job security at all, of course). It was literally hard to get a job at McDonald’s or Wendy’s. IIRC, it took nearly both of Obama’s two terms for the job market to recover to what it was. So yeah, you may be able to find a job after a lot of hunting, but everyone’s so desperate they’ll accept anything. The way things are going with deregulation and all that, I wouldn’t be surprised if company-towns make a comeback (which, incidentally, is kind of like the corporate city-states people like Peter Thiel, who worked with Musk and groomed JD Vance, openly talk about).
I’d argue that’s reversing cause and effect. A cratering economy on Main Street often gets reflected as a crash on Wall Street.
Sometimes the outcomes diverge. One common analogy in finance circles is that the stock market is like a hyperactive puppy on a long leash being walked by a slow owner whose gradual movements trend in a particular direction while the puppy erratically moves back and forth near that owner. Maybe it’s some kind of hype or panic moving markets in a way that’s uncorrelated with the underlying economic activity. Or it’s a specific play on a specific type of financial instrument that has become untethered from a thing it used to be tightly wound up with. Many financial panics happen when correlations between things break down, and all the financial engineering in a particular type of product relied on a bad assumption so that it spreads to other financial products.
But in many cases, they move together because the people buying and selling stocks feel sentiment driven by actual economic fundamentals.
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Heya you are correct that the rest of the world is being dragged into it. The tarrifs for us (Australia) have a little sver lining though, our meat will be cheaper if what we exported to the US stays here and no alternative market is found so I am happy about that. The farmers will feel it but us Aussies are always happy to help bail the farmers out tbh, could be a good opportunity for us to create something similar to USAID and send some food where its needed. Who knows really, but its an opportunity for everyone except the US. So thanks for making every other nation (that was trading with the US) great again.
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Oh it could definitely be beneficial to Americans, it could very well collapse the US which would probably spur on a post Imperial boom. Basically if the US collapses the inevitable economic reorganization could cause some areas to improve greatly.
Problem is that I suspect that you’d also have what would amount to a Crusader Khmer Rouge or two forming, upside is that’s what punitive campaigns are for. Also id prefer if the entire US didn’t turn into that.
I hope you call it AusAID, it’d be perfect
Well we did have AusAid, just got renamed to DFAT (Department Foreign Affairs and Trade), which do provide assistance to foreign nations but our scope is limited and as far as I could see we were not really buying any excess agricultural production to send off. I have to look into it because maybe we don’t or all of ours is absorbed into the Asian markets. But was thinking due to the US BS could be a good opportunity to still help our farmers while doing some good at the same time. Bang for our buck, when I saw the USAID doing it for their farmers before it was cut I thought its a great program that provides benefits across the board.
Yeah its a no brainer situation like paying farmers to fallow so your soil can heal
2 trillion, so far!
C’mon keep it going!
we’re in a recession right now. this is the beginning of one. people mass selling off their stocks to take money and that shakes all markets down the river is exactly a recession start. get ready folks.
He did that in theee month. Only 4 more years to go
Time to recycle some things…
Better quality version (I think)
“1,000,000 men out of employment”
Certainly showing it’s age there. You’d never see unemployment statistics announced that way today. Not even sure if this is because of how “men” used to be used to refer to people in a more general way, or because women didn’t make up a significant portion of the workforce (or because they didn’t care about that demographic…)
“Net loss of gold in exports” too… Usually we see GDP used for that kind of statistic now
$2T so far
13 hours later and I had the arrogance to think I had an original comment.
And you italicized it! Well done!
…and cancelling 500k work visas just few days ago, that should hit the economy too
And everyone being deported as well. Even most of the illegals paid into the economy. Now we’re taking that away and spending who knows what to create chaos.
But all the government institutions are being dismantled, so why have taxes at all?
Need to pave a road to your house? Pay it yourself! Need to drive on a road you haven’t paid for? Pay the toll to the owner.
Libertarian police
I was shooting heroin and reading “The Fountainhead” in the front seat of my privately owned police cruiser when a call came in. I put a quarter in the radio to activate it. It was the chief.
“Bad news, detective. We got a situation.”
“What? Is the mayor trying to ban trans fats again?”
“Worse. Somebody just stole four hundred and forty-seven million dollars’ worth of bitcoins.”
The heroin needle practically fell out of my arm. “What kind of monster would do something like that? Bitcoins are the ultimate currency: virtual, anonymous, stateless. They represent true economic freedom, not subject to arbitrary manipulation by any government. Do we have any leads?”
“Not yet. But mark my words: we’re going to figure out who did this and we’re going to take them down … provided someone pays us a fair market rate to do so.”
“Easy, chief,” I said. “Any rate the market offers is, by definition, fair.”
He laughed. “That’s why you’re the best I got, Lisowski. Now you get out there and find those bitcoins.”
“Don’t worry,” I said. “I’m on it.”
I put a quarter in the siren. Ten minutes later, I was on the scene. It was a normal office building, strangled on all sides by public sidewalks. I hopped over them and went inside.
“Home Depot™ Presents the Police!®” I said, flashing my badge and my gun and a small picture of Ron Paul. “Nobody move unless you want to!” They didn’t.
“Now, which one of you punks is going to pay me to investigate this crime?” No one spoke up.
“Come on,” I said. “Don’t you all understand that the protection of private property is the foundation of all personal liberty?”
It didn’t seem like they did.
“Seriously, guys. Without a strong economic motivator, I’m just going to stand here and not solve this case. Cash is fine, but I prefer being paid in gold bullion or autographed Penn Jillette posters.”
Nothing. These people were stonewalling me. It almost seemed like they didn’t care that a fortune in computer money invented to buy drugs was missing.
I figured I could wait them out. I lit several cigarettes indoors. A pregnant lady coughed, and I told her that secondhand smoke is a myth. Just then, a man in glasses made a break for it.
“Subway™ Eat Fresh and Freeze, Scumbag!®” I yelled.
Too late. He was already out the front door. I went after him.
“Stop right there!” I yelled as I ran. He was faster than me because I always try to avoid stepping on public sidewalks. Our country needs a private-sidewalk voucher system, but, thanks to the incestuous interplay between our corrupt federal government and the public-sidewalk lobby, it will never happen.
I was losing him. “Listen, I’ll pay you to stop!” I yelled. “What would you consider an appropriate price point for stopping? I’ll offer you a thirteenth of an ounce of gold and a gently worn ‘Bob Barr ‘08’ extra-large long-sleeved men’s T-shirt!”
He turned. In his hand was a revolver that the Constitution said he had every right to own. He fired at me and missed. I pulled my own gun, put a quarter in it, and fired back. The bullet lodged in a U.S.P.S. mailbox less than a foot from his head. I shot the mailbox again, on purpose.
“All right, all right!” the man yelled, throwing down his weapon. “I give up, cop! I confess: I took the bitcoins.”
“Why’d you do it?” I asked, as I slapped a pair of Oikos™ Greek Yogurt Presents Handcuffs® on the guy.
“Because I was afraid.”
“Afraid?”
“Afraid of an economic future free from the pernicious meddling of central bankers,” he said. “I’m a central banker.”
I wanted to coldcock the guy. Years ago, a central banker killed my partner. Instead, I shook my head.
“Let this be a message to all your central-banker friends out on the street,” I said. “No matter how many bitcoins you steal, you’ll never take away the dream of an open society based on the principles of personal and economic freedom.”
He nodded, because he knew I was right. Then he swiped his credit card to pay me.
It hits even harder then that, I know a family of truckers that never stops working, but they’re Lebanese and not natively born yet are all U.S. citizens, so for now they’ve all decided to finally take time off untill this blows over, leaving an even bigger hole in our economy to fill for natural born citizen.
Let’s cancel student loans too, that will own the libs!
It was worth a shot.
If the economy crashes, people won’t be able to pay their loans, which I sincerely hope will fuck up a billionaire or two.
No the government will bail them out with unlimited funds while we all lose our homes, jobs, healthcare and food security. Then the morbidly wealthy will come in and buy up the foreclosed houses, small businesses and force wages and benefits down.
At which point do we eat them? I’m hungry.
Hopefully soon
Who knew that Tarriffs, a historically bad idea when used broadly and heavily, would be bad for an economy propped up by massive consumer debt and a stock market existing solely on speculation/over valuation?
