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No_Ones_Slick_Like_Gaston , (edited )

Have the Pentagon pass a fucking audit and withold money if they don’t and is fixed in a year.

Failing five in a row is not a joke. Just tell this to your friends when they come talking about Trump and don’t see the big picture.

archomrade ,

I’ll eat my shoe if they do this with war breaking out in the middle east

Desistance ,
@Desistance@lemmy.world avatar

Tax billionaires and corporations properly and they can fix the debt in 5 years.

n3m37h ,

Can do it it in 2 years if they stop all military bullshit

Got_Bent ,

I’ve always kinda felt that a Venezuelan/Zimbabwean type currency crash has always been the end goal when it comes to US debt.

Borrow more money than exists many times over.

Spend the money

Devalue the underlying currency of the debt to effectively zero

Fuck over millions upon millions of people

But hey, the spending was, in the end, all free!

Immersive_Matthew ,

Worst part is, we all participate so we are the enabler. There are alternatives but people have mostly rejected as media told them it is bad.

CaptainSpaceman ,

Propaganda works

Immersive_Matthew ,

It really does including on myself if I am not super diligent and aware. It is exhausting but is our reality.

WhatsThePoint ,

Every central bank system is a perpetual debt machine. It’s why the founding fathers specifically fought against them being established here. If you print the money then loan it to a government, how does the government pay that interest? Central bank loans the government $100 at 1% interest, even if they spend none of it, how do they pay the 1% when the issuer of the currency is also the loaner? Governments have to continue to accumulate debt in this system. They have always been a perpetual and compounding debt system.

FaceDeer ,
@FaceDeer@fedia.io avatar

The founding fathers also kept slaves and didn't let women vote. I'm tired of how Americans deify them, I suggest citing economists as authorities on economics instead of 18th century wealthy landowners.

catloaf ,

They were the economists of their time. Basic economic theory hasn’t changed in millennia, only opinion on how to manage economies has.

FaceDeer ,
@FaceDeer@fedia.io avatar

There were economists in the 18th century and none of the founding fathers were one.

The closest was probably Alexander Hamilton, who ended up as the first treasury secretary. Where he proposed and set up the very central bank that the commenter I was responding to is complaining about.

WhatsThePoint ,

I’m not deifying them by mentioning something they got right. I’m tired of people’s all or nothing lack of nuance. Humanity would be nowhere without the advancements of flawed people from the past. We can’t use our measuring stick on their lives without a huge degree of hypocrisy considering how much society has changed even in the last half century. For all their short comings, the founding fathers did create the frame work that most modern democracies are built on and ushered humanity away from monarchy.

FaceDeer ,
@FaceDeer@fedia.io avatar

Most modern democracies are parliamentary, actually. The US system has not been widely mimicked aside from cherry-picking a few specific details.

Also, monarchy and democracy are not mutually exclusive. I'm Canadian, for example, which is a democratic constitutional monarchy. We still have a king but we elect our government.

scoobford ,

Yes, but your king is basically a mascot. If they had any actual power, your system would be less democratic basically by definition.

FaceDeer ,
@FaceDeer@fedia.io avatar

Sure, but that's adding quibbles beyond the scope of what I was responding to. We're a democracy and we still have a monarch.

treadful ,
@treadful@lemmy.zip avatar

Central bank loans the government $100 at 1% interest, even if they spend none of it, how do they pay the 1% when the issuer of the currency is also the loaner?

Taxes.

Wes4Humanity ,

Pretty sure they’re saying if we taxes everyone 100%… Collected all the money from everyone in the country, then gave it all back to the central bank we borrowed it from originally, we’d still owe the interest on the debt… With no more money in the system where would we get the “taxes”?

treadful ,
@treadful@lemmy.zip avatar

As with most debt, it can’t be paid off immediately or it wouldn’t have been debt to being with. It’s a bet on the future.

CaptainSpaceman ,

I dont think they’ve had that kind of foresight tbh. The goal is to make lots of money and kick the can of being fiscally responsible down the road to the next administration.

If a global USD is devalued that far, its not just bad for America.

Woozythebear ,

I mean that’s not what happened in Venezuela at all but ok…

Got_Bent ,

I mean, I was more looking for examples of currencies that had crashed to near zero than the specific driving forces behind the illustrations, but ok.

Woozythebear ,

Yeah but you literally stated the reasons why…

Cypher ,

we will end up at “end game scenario” we saw in X by these hypothetical steps, which are different steps to X but the same “end game scenario”

This isn’t a conceptually difficult hypothetical to follow.

Got_Bent ,

Don’t you understand? Every casual comment made in passing online needs to have been put through rigorous academic peer review and include citations on international economies and the mechanics of global currency exchanges, or the commenter must face complete social ridicule and ostracization. /s

n3m37h ,

Why default on loans when you can just get moar loans?!?!?

  • US Politicians talking about the debt ceiling
WhatsThePoint ,

Trump tax cuts for the wealthy made this worse. They need to be clawed back.

mightyfoolish ,

This has to be one of the most politically biased topics when it comes to the media. You never hear these issues when the Republicans are in office. Of course the idea isn’t wrong, it’s just the timing is predictale (Republicans not in office and it’s almost election time).

WhatsThePoint ,

The media is mostly owned by 6 conglomerates that are ran by billionaires who fund the right. It’s predictable because it’s by design. We are basically back in the gilded age.

mightyfoolish ,

Interesting, is there a list of these companies and which brands they own?

WhatsThePoint ,

https://lemmy.world/pictrs/image/0605ebae-1e0b-46cf-9c8b-68c7566bd335.jpeg

mightyfoolish ,

Wow, that’s a lot more entangled than I thought it was going to be. Thank you for this information.

Bleacher Report has connections? I just thought they were some blog summarizing WWE back when I cared about pro-wrestling.

CaptainSpaceman ,

“Absorb to control” seems to be the motto

catloaf ,

It’s a terrible visualization, there’s no tangling. Categories like sports are drawn as a point, and all sports media companies have a line drawn to that point. If you look only at the blue and white parts, not the gray, it’s not tangled.

It also only shows five big companies, when it should also include News Corp, iheartmedia, Warner, Sinclair, Hearst, etc.

ZombieMantis ,
@ZombieMantis@lemmy.world avatar

Do you have a source for this? I’ve seen charts like these, but they never have a date on them, so I can’t tell if they’re still accurate, or out of date.

WhatsThePoint ,

Forbes. I didn’t link the article because it’s paywalled (I get it with my Apple News) and I thought this answered the question. I didn’t bookmark the article to post again.

ZombieMantis ,
@ZombieMantis@lemmy.world avatar

Thanks 👍

With a little reverse-image-searching, it also looks like it’s from 2018. I like this graphic, I’d love to see a more recent version of this. For instance, I think Disney aquired FOX in 2019, and this chart still shows it being owned by 20th Century Fox.

WhatsThePoint ,

Yeah, a lot the good articles I found were pay walled and I don’t like responding to people with info they may not be able to access.

Linkerbaan ,
@Linkerbaan@lemmy.world avatar

The irony of omitting that liberal media channels suffer from exactly tthe same issue.

Cypher ,

The billionaires set the talking points and all other media is forced to address it or get accused of covering up “issues”.

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