Kim Dotcom on Twitter: This may be the most important threat that I ever make(twitter.com)
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Kim Dotcom on Twitter: This may be the most important threat that I ever make
https://twitter.com/KimDotcom/status/1525293982133407744
20 comments
Not really any new info there for anybody who has followed basic economic news but still I would take these sorts of predictions much more seriously if he offered some kind of proof that he's putting his money where his mouth is. If he thinks the dollar will collapse, he could post a proof that he's got some crypto wallet with his net worth in it or some S&P500 puts, whatever. Otherwise, it's just more empty Twitter chatter.
How do we square this with the US owning 30% of the world's wealth (after balancing all public and private debts)? https://en.wikipedia.org/wiki/List_of_countries_by_total_wea...
The economy isn’t money. I expect there may be other variables not included.
But like climate change, ignore the problems and things f up eventually in various ways. Probably later than you think, but in ways that spread everywhere and you can’t stop after they really start.
What he’s describing is a system that will be past the point of no return at some point if the rules of the game aren’t changed. That point may well be past. Our politicians and business owner interests are too invested in the current game and haven’t given a care past the last election cycle or annual report in a long time. They have too much control over too-large pieces of the economy. But the modern economy is also pretty large to be managed.
We could change the rules of the game. I know people who have advocated just defaulting on all the debt for years. If the debts are defaulted/wiped in calculated relationships (I forgive you X, you forgive him Y, he forgives her Z) maybe some of this becomes less painful. Not that we’re competent enough to do that, we’re the ones that gave Russia their current kleptocracy, thank you Harvard very much.
But like climate change, ignore the problems and things f up eventually in various ways. Probably later than you think, but in ways that spread everywhere and you can’t stop after they really start.
What he’s describing is a system that will be past the point of no return at some point if the rules of the game aren’t changed. That point may well be past. Our politicians and business owner interests are too invested in the current game and haven’t given a care past the last election cycle or annual report in a long time. They have too much control over too-large pieces of the economy. But the modern economy is also pretty large to be managed.
We could change the rules of the game. I know people who have advocated just defaulting on all the debt for years. If the debts are defaulted/wiped in calculated relationships (I forgive you X, you forgive him Y, he forgives her Z) maybe some of this becomes less painful. Not that we’re competent enough to do that, we’re the ones that gave Russia their current kleptocracy, thank you Harvard very much.
Well economist do say there are 4 types of economies: developed countries, underdeveloped countries, Japan, and Argentina. Maybe the endgame awaiting us is just Japan where debt exceeds GDP by multiple factors and most of that debt is owned by the (wealthy) citizens.
Federal deficit spending is a tax on the citizens through inflation. So when politicians promise you something for nothing, inflation is the result. Ron Paul has been beating this drum for a few decades, but he is considered a total buzz kill. He was right.
About Ron Paul... even a blind pig finds an acorn once in a while.
Don't they use their sense of smell for this?
You're thinking of truffles. Acorns don't have much scent.
Debt in domestic currency in countries without the gold standard is not an issue. The only case in which the government is unable to pay its debts is if it chooses to no longer credit money from its treasury, which it would never do on purpose given the whole point of it is to set a baseline investment that cannot fail in the traditional sense.
For a historical example, when Germany died from hyperinflation, it was foreign USD debt that caused it. If the debt were denominated in Papiermark, the US would have effectively no power over what Germany chose to do when paying back its debts.
For more context, see Modern Monetary Theory.
For a historical example, when Germany died from hyperinflation, it was foreign USD debt that caused it. If the debt were denominated in Papiermark, the US would have effectively no power over what Germany chose to do when paying back its debts.
For more context, see Modern Monetary Theory.
Apparently "threat" was a typo for "thread". :)
This sort of data is the reason I have no confidence in the system, and have no financial retirement plan: the whole thing is a bubble.
This sort of data is the reason I have no confidence in the system, and have no financial retirement plan: the whole thing is a bubble.
> "threat" ... thread
Eurolibertarian q-lite babble
Eurolibertarian q-lite babble
He has the numbers right, but his predictions are totally q-level.
There is no conspiracy, no plan, it's just gonna collapse.
There is no conspiracy, no plan, it's just gonna collapse.
Nothing is going to collapse, lol.
The US, and all worldwide economies may be a bubble, sure. But they are 100% safe for as long as people keep consuming, working, and the economy keeps moving forward. It doesn't really matter for the US as much as it would matter for smaller economies like Zimbabwe or Venezuela.
We may experience a recession the likes of Lehman Brothers, sure. But nothing is going to collapse. People aren't suddenly going to go into the woods, and let their cars, smartphones, and AC units rot.
Please.
The US, and all worldwide economies may be a bubble, sure. But they are 100% safe for as long as people keep consuming, working, and the economy keeps moving forward. It doesn't really matter for the US as much as it would matter for smaller economies like Zimbabwe or Venezuela.
We may experience a recession the likes of Lehman Brothers, sure. But nothing is going to collapse. People aren't suddenly going to go into the woods, and let their cars, smartphones, and AC units rot.
Please.
The only thing that will collapse is russia.
A thing that might collapse sooner than other things. People wanting generally to leave your country is more of a liability, people wanting to arrive at your country and work for cheap is more of an asset.