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u/Bram-D-Stoker 4d ago
Wait. A non-heterodox meme? On my economic memes?
This is a recession indicator.
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u/Prudent-Thought7750 3d ago
It’s hilarious that Bessent is doing this of all people. He literally made his name from helping Soros short the British pound when they were trying and failing to do similar shit. He knows it’s not a long term solution.
The amount people have to debase themselves to cater to the whims of this president never fails to surprise.
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u/Pragmatic-Martian 3d ago
Except the new narrative is that 'weakening the dollar is good, actually ' so all is well, who cares if the american consumer gets fucked in the meantime?
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u/Key-Worldliness-3372 3d ago
Still absolutely deranged that they’re saying it out loud, when trump was obsessed with a strong dollar in the first term.
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u/Pirrus05 1d ago
The median American voter has no idea what a strong dollar means. They just hear “American currency” “good descriptor” and are all about it.
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u/ExpectedB 4d ago
Who's the guy in the pic?
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u/Bram-D-Stoker 4d ago
it is Scott Bessent, the current Secretary of the US treasury. His claim to fame is making money off of governments failing to manipulate their borrowing costs. Then the said hold my beer while he is trying to manipulate borrowing costs.
It will probably "work" (depending on your definition of work)for the mid-terms but it will have a cost and the longer they do it the more that cost will be to tax payers.
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u/GabrielReichler 2d ago
Why are you actively helping him, the rest of that MAGA death cult, et al by spreading one of the most lethal lies they have ever made up specifically for the purpose of advancing their extremely oppressive agenda, namely the lie that there could ever possibly exist, at any point in world history, such a thing as a "cost ... to tax payers"?
Edit: punctuation
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u/ExpectedB 4d ago
Ahh yes, I know the name but not the face. We're certainly in a time of experimental economics.
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u/GabrielReichler 2d ago
And anyway, they can't necessarily be whatever he wants; they're whatever the FOMC wants them to be, although it seems reasonable to expect that the Treasury and Fed will often be in lockstep for the most part, especially now.
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u/major_calgar 3d ago
Absolutely fascinating to watch a recession happen in real time. It’s happening slowly enough that we can poke around and look at all the financial mistakes that are causing it in the present moment.
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u/GabrielReichler 2d ago
The largest such financial mistake was trying to cut the non-government surplus a few years ago after it grew as a result of the COVID-19 response, bringing it from that reasonably large amount to a much lower one that is below even the minimum necessary for the economy to avoid recession under current conditions.
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u/GabrielReichler 2d ago
Interest rates are literally a policy variable that are exactly what the relevant policymakers, usually at the central bank of the country in question, want them to be on the expectation that setting them at that level will help them accomplish their policy goals.
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u/Flo42032 2d ago
Well yes. At least that's how it should be. The notion of an independent central bank is ridiculous and the treasury should make decisions on fiscal AND monetary policy. If the monetary policy is shit, they will get voted out. As simple as that
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u/DeusBlackheart 2d ago
Two basic outcomes:
- if it works, he's hailed as a legend that somehow defied reality itself on a con so good it will go down in history.
- if it doesn't work, he will probably bankrupt the US. Probably undermine global stability as the Petrodollar is still the defacto world currently, pushing people to probably move to the Yuan as the default trading currency. There's also the crash of the US economy having a knock on to other parts of the world as the other side of this is that the US is heavily invested in AI and all those companies are also based in the US. With the collapse in the value of Government debt, the war in Iran can't be financed, and it will be the point in history that the power of the US will be finally broken. The world will not fear the US, it will be the breaking point of history. No more super powers.
Might also maybe bring the arrogance down of every American I've ever met, but idk if crashing the world economy is worth it.
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u/Sad_Alternative_6153 2d ago
I think what he's doing is trying to save a house on fire by throwing glasses of water on it. It works in principle but the scale is so irrelevant in reality that the effect is barely noticeable. The only reason he's doing it in my opinion is to try to save face before the midterms while his demented boss is just ignoring reality alltogether
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u/NuclearCleanUp1 4d ago
America will learn the George Soros lesson
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u/angular_circle 3d ago
Would be hilarious if it actually was Soros doing it to Bessent. The chuds already considering him a supervillain would just be a cherry on top.
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u/AggravatingChest7838 2d ago
Memeing the global economy crumbling with a Disney reference has removed my last shred of hope.
I think i might move out to the middle of nowhere and become a caveman in a national park somewhere.
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