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I have been converting my life savings into Euros. I expect all currencies to lose value due to America imploding, but I expect the American Dollar to become a Weimer scenario: Burned for fuel, and wagons of cash stolen, minus the cash. If Muskcoin X Everything becomes a thing, I want my finances to be aligned with democracies in Europe, not Fascist America.
This conflicts me.
I want to see trump fail, but I also want to see the stock market abolished.
Stock market won't be abolished. So I guess you gotta hope for 1 outta 2
I'm slow to buy into conspiracy theories but the fucker is doing everything I could think of to revert America to an economic backwater.
There was a senator that literally asked someone trying to be confirmed, if Trump was a Russian plant, what would he do differently? They kept trying to deflect.
Kind of, if Yanis Varoufakis has it right
Hot damn, i am also not an economist, I had to read that article 3 times just to grasps what Yanis is trying to say.
So in essence, when Trump and Musk said, brace for recession, it will have to be bad before it gets good, this article confirms it.
Trump wants to devalue the dollar to boost exports and thus strengthen the domestic production?
This i don't understand though:
This is what his critics do not understand. They mistakenly think that he thinks that his tariffs will reduce America’s trade deficit on their own. He knows they will not. Their utility comes from their capacity to shock foreign central bankers into reducing domestic interest rates. Consequently, the euro, the yen and the renminbi will soften relative to the dollar. This will cancel out the price hikes of goods imported into the US, and leave the prices American consumers pay unaffected. The tariffed countries will be in effect paying for Trump’s tariffs.
So foreign currencies will also soften relative to the dollar? How can all currencies devalue at the same time? Is he trying to create world wide recession ?
If someone could ELI5 for us, that'd be great.
Another thing I'd like to mention, I respect Yanis a lot but Trump has never given us any indication he indeed thinks and understands economics on this level. Maybe he treats us all as dumbasses and dumbs it down for us but the truth is, he has never spoken in terms that would indicate he understands economy at this level. So he's either getting muppetered by others or Yanis is giving him too much credit.
The ELI5 is: economist bends over backwards trying to justify the unjustifiable.
Trump is not a successful businessman. He does not understand economics at even close to that level.
I can't comment much about the economic plan, but make sense in Varufakis mouth.
Trump can't obviusly not plan such a think, but he has people around him, like the Heritage Foundation.
We know Trump is deeply into some fixations, which he whirl into on and on, one is the arrogant "make the other pays for my stuff". I can see him asking his people for such a plan, and it matches what Varufakis explained.
I personally don't think such an arrogant move will succed in 2025, but who knows.
Seems questionable at best, just like attributing that level of economic strategy from the guy.
The only thing of value I got from that article is the question of what is Trumps actual view of America being great again. Trump certainly hasn’t articulated any sort of consistent description of that. The article tries to give an answer yet I don’t see anything to support it except the claim that trump is a lot more clever than he comes across. I’m not buying it.
Even if he were that clever, such a plan seems more fraught with negatives than positives, plus doing things the hard way causing the most pain.
Interesting article, thanks.
I am, however, having a very hard time attributing this level of planning and sophistication to a man who can barely put a coherent sentence together, or read more than one page of text. I can't say I find his administration to be all that much better in those regards.
I'm leaning more towards total improvisation. But what do I know? I'm certainly not an economist.
Trump is dumb as shit, but there's several people behind him who aren't.
It is actually incredible how even the most bipartisan bills are getting axed, like the CHIP act. I always knew he loathed Obama-Biden so much he would cancel any and everything they did but, man, it’s just sad to see he doesn’t have an ounce of decency.
https://www.snopes.com/fact-check/richard-branson-trump-revenge/
Because that image looks like a conservative Facebook “claim”, even though it’s correct.
The article above claiming Trump has some 3d chess game going on to bring manufacturing back to the US, but killing the CHIP act, killing the incentives to build EV and renewable energy supply chains, killing aid to Ukraine that would have built up is military manufacturing …….. seems awfully counterproductive
Tesla is down 14% today, it's down almost 50% since Jan 21st. Maybe this is trump trying to get rid of Elon?
He could have had that illegal immigrant deported and his companies nationalized if he wanted to.
A damn shame what he is doing to the States. It's up to us europeans to defend freedom and democracy now
I guess you guys are the world leaders now.
If you're gonna start "defending freedom and democracy" the way the US does it, I'll ask to please keep that shit to yourselves this time around.
Oh absolutely, I don't mean in the way they invaded other countries for 'democracy' but rather in the way they acted as a shield for europe etc against Ussr/russia
See, that's the problem, last time they acted as a shield against the USSR, here they organized a coup against a democratically elected president, and funded the following dictatorship for 20 years or so. And honestly that was nothing compared to what they did in, say, Cambodia and Vietnam (France, I'm looking at you too).
But tbh it's not like I expect them to stop doing this kinda shit once the hegemony is shattered, so I'm rambling for nothing
Fair enough. May I ask where here is? I guess what I'm saying is that europe has to defend their own freedom now. American Democracy was outdated anyway. And I agree, I don't see an authoritarian USA being less imperialistic than they have been until now. I suppose it's a good thing we won't be helping them with it anymore
First thing is first… make sure fElon is not in your country.
It's funny that in the effort to make America great "again" we're doing things completely differently than we've ever done.
The old greatness, but through a dictatorship this time.
I wouldn't mind the stock market exploding if the economy didn't also follow suit
It's absolutely bull that the entire country has to deal with this shit when the stock market drops while only the rich benefits when the stock market does good.
Sock market can get fucked. 90% of the prices are imaginary
Pretty sure he's a closet accelerationist, they're trying to bring the country to it's knees so they can reshape it in their image.
when society is collapsed, can we find that curtis yarvin motherfucker?
Is it in the closet, though? With the likes of fElon and Peter Thiel being right there. Or Andreesen?
He never once said who he was maki g islt great for...and it's no any of you americans. It currently costs 5m for those that wish it to be great again.
He did though. He specified that America was the greatest in 1870-1890. That was the Gilded Age, when a small group of people known as the Robber Barons owned all of the wealth and means of production. The oppression of the working class ended with unification, strikes, and the creation of unions.
Just bc I hadn't seen him specifying dates anywhere: https://apnews.com/article/trump-tariffs-gilded-age-mckinley-grover-cleveland-1592dab80ad7159266db51b5baa774b6
Well, that makes sense because it sure feels like we're in another Gilded Age with new Robber Barons.
I promise you, the greatness of the US was never found in its stock market.
America has never been great.
That’s why they didn’t say “again.”
But they did say "undoing its greatness", which implies there was greatness to begin with.
It seems like little d is doing everything possible to break America.
I wonder what all those supposedly leftists that were constantly saying in the run-up to the election, "but economy so bad, neocon capitalist Republican lite genocide Joe and Kamala need to stop saying it's good" are going to be saying if he "succeeds" in his plans...