by Ryan McMaken
After years of bubble-fueled “prosperity” funded by monetary inflation, American consumers appear to be running out of money.
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62 sats \ 7 replies \ @SimpleStacker 18h
I personally know some people in dire straits
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140 sats \ 2 replies \ @grayruby 17h
I don't want to dox anyone but is this guy the "some people" you are referring to?
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40 sats \ 1 reply \ @SimpleStacker 16h
You could say he thought he could get money for nothing, but now he's in dire straits
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0 sats \ 0 replies \ @grayruby 16h
I see what you did there.
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20 sats \ 3 replies \ @Undisciplined OP 18h
I can't imagine how expensive basic costs of living are around you
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42 sats \ 2 replies \ @SimpleStacker 16h
I just paid for a $7 coffee, FML
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105 sats \ 1 reply \ @Undisciplined OP 16h
That's a price I refuse to normalize
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42 sats \ 0 replies \ @krispy_donkey 15h
For me this is the saddest part. In my country for instance a lot of inflation is being driven by high electricity prices. This is very dangerous because it feeds into almost all input costs. As a result many businesses have no choice but to raise the prices of their goods and services.
In Turn as you have pointed out a consumer’s response to these increased prices as to simply stop purchasing these goods and services.
As a final result so many small and independent businesses are simply going to close down, many people who took a chance trying to escape from the rat race, small mom-and-pop businesses or long-term independent businesses that have been around for many decades are all going to close, some will lose everything.
Just for this reason I feel central banking is truly evil and I cannot wait to replace a small group of people with a totally disproportionate amount of power over society with a system much more akin to a vending machine or traffic lights. I.e. predictable.
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42 sats \ 4 replies \ @grayruby 18h
The American consumer still had money? Canadian consumer ran out of money two years ago. Why won't our supreme leader send us money every month like the last one did?
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40 sats \ 3 replies \ @Undisciplined OP 17h
Americans didn't make student loan payments for about five years. That's like getting free money every month.
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42 sats \ 2 replies \ @grayruby 17h
Soon AOC will be President and that will all get cancelled. No point in paying those.
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40 sats \ 1 reply \ @Undisciplined OP 17h
True, the difference now is that we still aren't paying them but it's called "delinquency".
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42 sats \ 0 replies \ @grayruby 17h
I love that word. Makes me think of my youth. "juvenile delinquents" was a popular term.
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42 sats \ 1 reply \ @OT 16h
What happened with those student loans? Were they put on hold during the Biden/covid era?
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50 sats \ 0 replies \ @Undisciplined OP 16h
Basically, yes. I think interest was still allowed to accrue, but payments could be deferred without penalty.
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62 sats \ 2 replies \ @Scoresby 18h
Looking a lot like 2008, except for mortgages.
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20 sats \ 1 reply \ @Undisciplined OP 18h
Perhaps more like 2007
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0 sats \ 0 replies \ @Solomonsatoshi 15h
Yes but after this crash rather than bailing you out, again, China takes over.
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0 sats \ 0 replies \ @cryptopizzaparty 15h
Crypto winter may soon be upon us. Brace yourselves!
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0 sats \ 0 replies \ @Solomonsatoshi 16h
Meanwhile China has come to dominate global manufacturing and supply chains.
Chinas strategy is built upon a combination of state directed provision of the inputs to production (such as electricity supply, skilled labour, transportation etc) and private enterprise.
The Chinese government provide enterprise with low cost inputs and this enables them to be the most competitive value added economy in the world.
Meanwhile the neoliberalised west has forgotten how to make things instead drunk upon the false wealth of financialisation.
The west is now so far behind that its legacy hegemony built up over 500 years is crumbling.
The west can be paralysed by China if China ceases supply of any of many basic inputs required to sustain the wests already much depleted ability to build things.
Without rare earths the US military monetary combine cannot fight a war.
The USA has taken decades to build one new nuclear power station, while China using the same blueprint, but improved, can build dozens of new nuclear power stations for a fraction of the cost and in a fraction of the time.
With electricity supply growth now vital to powering the data centres required for AI China once again is poised to beat the west in this final race to gain global economic supremacy.
The deluded neoliberal Libertarian west thought free markets are all you need when in reality all empires have been built upon a synergy of government strategy and private enterprise initiative.
China has the mix about right and is swiftly gaining dominance over the tired, corrupt and entitled west.
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