GRHorn

The Sovietization of the American Press - TK News by Matt Taibbi (substack.com)

What, are you in the military? What's with all the acronyms? I know CIO but after that I'm lost.

Fuck yeah

You said you had a tiny amount? It’ll be interesting to follow how crypto rich utilize their newfound riches. A lot of people with more libertarian streaks so they’ll prioritize funding different projects/charities.

It came up again in the fiscal irresponsibility thread. Here’s a good column I found a couple weeks late regarding possible government attacks on Bitcoin. Just trying to help you out @Biff Tannen It’s not too late.

CR is full of formal hall monitors, patrolling this and other forums.

What exactly are you trying to say? Please be kind. Remember, I’m a simpleton.

The irony is thicc coming from the guy who calls Bitcoin an “unproven prayer to the tech Gods”. Shows you haven’t really looked into it. Sad for you. Leaving so much on the table.

Oh no, Biff. Say it ain’t so.

Definitely. Buyer beware.

Buying some real estate as well. Higher barriers to entry there.

which bag was that?

Your post explained how I would label something, then became somewhat disjointed so I lost interest. Also my eyes rolled back into my head when you mentioned Brisket and his ledge that he fantasizes about. You want to control spending by cutting military spending. That sounds fine. Will you count that as "savings" or would you roll that money into something else? You want to tax the rich. Fine. There's a CBO projected deficit of 2.2T this year. I'm not sure if that includes our recently passed stimulus, but I don't think it does. You cannot make up that difference taxing people. So if you think any of this matters then it's a spending problem. But honestly, it doesn't matter. Alea iacta est, Roma. There will be more massive stimulus programs on the way. There will be token tax raises/schemes to attempt to pay for it. The Fed will be forced to continue monetizing the debt. We will eventually lose our reserve currency status at some point in the medium term. What happens beyond that is TBD.

I didn’t ask you. I asked that pussy. But since you answered. Which systems are you referencing?

Here’s your problem Jimmy. We already blew a ton of money last year and didn’t “have to” raise taxes for it. Subconsciously people noticed that and realize it. You may get some nominal tax increase on super wealthy, but we have really crossed the Rubicon with regards to even pretending to need to balance taxes and spending. There’s no immediate consequences that the average person can see so burn baby burn.

I understand, but they can definitely be exacerbated by monetary and fiscal policy which are currently coordinating hand in hand. I would also include the current asset bubble. It an indicator of inflation that is not being counted in the official CPI.

I would say that the Bush tax cuts in retrospect helped contribute to the Housing bubble and subsequent crisis.

I don’t know. We’ve had a couple massive asset inflation bubbles. They had some consequences if I recall correctly. What about the cost of education or health care? Any effects from those costs rising rapidly? Those have multiple contributing causes, but an increased monetary base is part of it.

My understanding is they respond to inflation by raising taxes rather than tightening monetary policy via interest rates. So, as the cost of goods is rising faster than they’d like, they expect to be able to pass tax hikes on the population to remove excess money for spending from the economy. Good luck.

Goddamnit I think they, like everyone else, tend to overestimate their capacity to control it. No way man. Taxes aren’t needed. Just print it.

Left of center typically implies high levels of trust in technocrats and central planners, so I’m not surprised that they don’t see it as that big of a concern. I think the more irrational position is not being concerned about the inflationary effects of debt monetization. And no, the Fed will not be able to control higher inflation when it happens. This is truly one of the best both sides issues. The left isn’t looking to cut spending either. I’m fine with people getting money. Inflation is found in places outside of CPI. We are full on MMT government now. Our debt has to be monetized currently due to the size. What effect does that have around the world on our reserve status? On inflation? And you’re exactly right that inflation will hurt the poor most. I’ll do fine with stocks, investment properties, Bitcoin. Others will do poorly. But the genie is out of the bottle now. Who will propose less handouts or less spending for government programs now? Nobody. Buckle up.