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shneancy ,

if it makes you feel any better you’d go to prison if you decided to run a ponzi scheme… unless you’re a bank, that is

Varven OP ,
@Varven@lemmy.world avatar

Wait a bank is a Ponzi scheme

confusedbytheBasics ,

Not literally. I bet the poster notices the overlap between ponzi and fractional reserve lending and doesn’t care about the differences

blazera ,
@blazera@lemmy.world avatar

Which is?

SexualPolytope ,
@SexualPolytope@lemmy.sdf.org avatar

Bank is legal because… reasons…

confusedbytheBasics ,

Lota of differences but the key is: A ponzi scheme pays returns out of future investment. Fractional reserve lending pays returns from interest collected on investments.

Vej ,

I wonder how many debt collector calls the Whitehouse gets a day

Tikiporch ,

How much does the USA have in assets? I’m willing to bet more than $34,000,000,000,000.00.

barsquid ,

They could sell Wyoming to Canada, that’d be alright with me.

InputZero ,

Canada couldn’t afford it, their monopoly money is worth almost nothing.

pigup ,

I heard that the us still has good credit because although it owes trillions, it is worth quadrillions (all lands and assets), so not really a concern

CaptainSpaceman ,

Whats really neat is that modern credit score systems are only 40-50 years old

rockSlayer ,

And what’s sad are the number of people that act like credit scores are a force of nature we just have to accept

solsangraal ,

putting people in debt is how people with already too much money make even more money from people who never had enough

Fades ,

Hey bud, guess what? The gov don’t hand out a credit score, the banks do.

This entire meme is just OP admitting they don’t know how finance works in the US.

dependencyinjection ,

It’s a meme not a dissertation on finance.

From one pedant to another, you’ve gone to far this time.

Varven OP ,
@Varven@lemmy.world avatar

At least someone has it right

flerp ,

Where did they say the government handed out credit scores? The meme was pointing out a double standard, not saying the government hands out credit scores.

This entire comment is just you admitting you have below average reading comprehension.

PunnyName ,

The US also has a credit score but with other countries they do business.

wildcardology ,

And it’s rising at $1 trillion per 100 days in interest.

Maelvie ,

International associations managing countries credit scores are all located in the usa. Therefore the incentive to valorize debt.

dullbananas ,
@dullbananas@lemmy.ca avatar

Biden: ^It’s\ working^

Trump: Hang

RFK Jr: Can I offer you a zipline video in this trying time?

whotookkarl ,
@whotookkarl@lemmy.world avatar

I’m not even one trillion in debt

thefrankring ,
@thefrankring@lemmy.world avatar

Crypto

volodya_ilich ,

Unstable, and mostly used for speculation or illegal activity. Ew.

thefrankring ,
@thefrankring@lemmy.world avatar

for now

volodya_ilich ,

Forever until a powerful state starts to charge taxes in crypto.

thefrankring ,
@thefrankring@lemmy.world avatar

Technically, at least where I live in Canada, you have to pay taxes on crypto income and capital gains. It’s possible for goverments to track crypto transactions.

That being said, if you think normal fiat currencies are without crimes and illegal activities, you’re kinda stupid.

volodya_ilich ,

I’m not talking about the current way, I’m talking about the possibility of a privacy-focused crypto, issued by the state, where transactions can be made private with the Blockchain. This crypto, as it would be used for normal transactions, wouldn’t have more variability or speculation than the variability and speculation in converting US Dollars to UK Pounds. The post talks in hypotheticals, I do too.

I don’t think fiat currency isn’t used for illegal activity, I think crypto is mostly not used for normal transactions.

thefrankring ,
@thefrankring@lemmy.world avatar

Yes, that’s exactly what I think too. Cryptos and blockchains are good ideas and technologies.

Once one powerful country adopts and controls it (maybe create it themselves?), I assmune many more will too.

And then, everything will use crypto.

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