How can one descend into a place one is already occupying? Admittedly things will get worse by several orders of magnitude, but we are already experiencing this problem.
Any ideas on how to fortify integrity in America. Our moral fiber seems to have frayed to the point where ethical norms have little or no hope of being upheld.
What will be more chilling is how few Americans care even when they're clearly shown that Trump is hand-picking winners and losers. An awful lot of people seem to believe that he deserves whatever kinglike powers he grasps.
this is somewhat akin to our innate childhood-trust of parents/elders, which has long been used by organized/hierarchical religions and militaries eh??
IMO it's much more that millions of Americans, told incessantly for years that Everything Is Broken, like the idea of someone who can simply make stuff happen, and for reasons I still can't fathom after all these years, many have decided that Trump is their chosen strongman.
i find it sad but not puzzling, per my earlier comment about people wanting to believe/trust as that posture gives them comfort - yes, the choice of trump is sad - consider tho that in wars we choose generals and they are not all-around nice/perfect ppl either - imo trump will be a gongshow again
I think we've already been flirting with crony capitalism but had some safeguards in place. This next administration is going to leap purposefully into the crony capitalism cesspit, unfortunately.
At the end of the day, the Trump administration's main purpose is the grift. And a 49% plurality of the voting public is like: yeah, more of that, please!
Do you think elected officials are likely to rally to stop this descent once its harms become obvious or instead see where they can attach themselves to siphon off their own shares?
It's worse than that. We have dozens of Republicans who've been driven out of politics or retaliated against by their own party because they called Trump the con-man he is.
Republicans have seen what happens when they don't tow the party line.
What I'm curious about is how much will be focused on businesses of particular interest to Trump. Such as external investments in areas that he has specific financial interest in. And what price will he charge to relax them. $2 bn? Less? Oil might be one to watch as an indicator.
The people who voted for him, the ones who looked beyond all the horrors of Trump because they thought he would be so great for their wallets, those people will be surprised. And if I could meet them I would laugh in their faces. Hard
This is also why currency depreciation DOESN'T work in shifting real good trade balance. Sure real goods become less expensive overseas but so do capital goods.
The alternative to crony capitalism is progressive policy, public goods, & equity
No one wanted to hear it during the 2008 banking crisis. Bank bonds are converted to equity shares, existing share holders take it on the nose, & market self corrects
I won’t be shocked. Trump was corrupt the first time. It will be way worse than before.
And even if my MAGA neighbors are shocked, or they start suffering under the weight of higher prices, not one of them will admit it. They will suffer in silence.
I suppose Trump's first presidency was a dry run. The difference this time around is that Trump will be more blatant and the corruption will be greater and more widespread. The worry is that the public will become inured to it and a compliant Congress will do nothing.
Not shocked at all, and worse than crony capitalism - aren't we all hearing Henry Hill saying "Business bad? Fuck you - pay me! Oh you had a fire? Fuck you - pay me!" in "Goodfellas"? https://youtu.be/0c3bhh8fqYs?si=wYj_FrE-3J_ocQfT
If 1 billion dollars buys you a senator's vote, with 6 or 7 billion you can eliminate term limits. Even at 10 billion dollars a vote, it's worth it - bang for the buck!
Around half the country will be happy for those that “benefit” no matter how palpably corrupt. As long as they’re provided with scapegoats and the illusion that they are sharing in the spoils to make America great, the base will, at least for a while, maybe indefinitely, be supportive.
America has always been crony capitalism. In a meritocracy you don't get that many people in business, politics, and media coincidentally having shared dorm rooms in college. This is just dropping the facade and threatening the grift.
It’s amazing how the world’s model of free trade is giving it up due to corruption and specific interests. Instead of making the economy more open and competitive, Trump chose to close it.
Despite high interest rates, US had an outstanding economic performance under Biden (unemployement, growth, inflation control) why fix what isn’t broken?
Resentment of things you don’t understand except for knowing who put them in place? With Trumplestiltskin it’s like a dog marking territory it assumes belongs to it.
To be fair, multiple Nobel descendants have argued that the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is not a Nobel Prize.
What potential is there do you think for a Russia-style descent into oligopoly and stage managed democracy?
You could argue that there is already very little to choose between the republicans and democrats, economically speaking. Both offer very slightly differing brands of neo classical economics
So, Paul, if this hypothesis is to be believed, plus the rumors in this "nightmare fuel" article about Thiel and Musk, where should one, uh, put their money ...?😥
Open to the group since I'm sure Paul is too busy to give specific financial guidance.
I’m surprised so few see the signs now. I mean, punching down because the ultra-rich want us fighting for scraps is just stupid. If poor people were “taking all your money,” they WOULDN’T BE POOR, they’d be rich.
With the democrats completely out of power, this will be the only thing that “might” make the cult understand their mistake and feel betrayed, even though Musk has said there will be pain. Trump will blame everyone and everything else for their plight. That will falter when he fails to fix it.
Americans rarely react to violations of principle or isolated abuses. Inflation, recession, immigration, wars. Unless the grifting & tariffs have visible, direct effects on these big-ticket issues, most won’t feel compelled to respond. Structural decay only seems to resonate when it hits home.
I’m more concerned about corruption w/r/t immigration. I can’t believe Big Ag will let their workers get deported opening up many many avenues for corruption, and worse, trapping people in some kind of pseudo-slavery/limbo
I have said this also. There are a lot of layers to the immigration/detention/deportation plan, including private prisons and slave labor. There is a grift in everything.
Comments
buddy, our government has been corrupted since at least the 1980s under Reagan. they're just becoming comfortable with doing it openly.
"The tariffs are why we could lower the income tax so drastically"
His fans will cheer even as their increase in costs is far higher than any reduction in (already pretty progressive) income taxes
Republicans have seen what happens when they don't tow the party line.
You can be destructive and levy criticisms at every method designed to reach that policy goal
Or you can be constructive and pair all the methods down to those that have the best chance to achieve the desired goal
Doing so in a non-crony capitalist manner means govt sells domestic equity instead of bonds to foreigners.
https://musingsandrumblings.blogspot.com/2019/09/the-case-for-equity-sold-by-u.html
No one wanted to hear it during the 2008 banking crisis. Bank bonds are converted to equity shares, existing share holders take it on the nose, & market self corrects
Summers & Obama preferred crony bailouts instead
https://wpsu.pbslearningmedia.org/resource/fl30.socst.econ.bailout/the-2008-wall-street-bailout/
And even if my MAGA neighbors are shocked, or they start suffering under the weight of higher prices, not one of them will admit it. They will suffer in silence.
Because it is, and will always be, a cult.
That's what we are told they voted for.
I still think we have a nation of racists with reality-TV and FOX addled brains. Like addicts, they are chasing a bigger dopamine hit now.
The "End Times" might allow them to feel that sweet, sweet high again . . . .
a younger, more capable man would find things much easier
You could argue that there is already very little to choose between the republicans and democrats, economically speaking. Both offer very slightly differing brands of neo classical economics
Open to the group since I'm sure Paul is too busy to give specific financial guidance.
https://washingtonspectator.org/peter-thiel-and-the-american-apocalypse/
Laisse les bons moments rouler!
Who's going to be surprised?
Maybe more like “… how deep America sinks …”
Our government will become a kleptocracy. It’s a forgone conclusion that the MAGA republicans see Trump as win-win-lose.
Win - they stay employed as do nothing slimy politicians and retain power
Win: they get to grift and illegally or quasi-legally enrich themselves
Lose: the suckers who voted for them all lose unless in top 0.1% of income
He’s a few decades late to the party.
All because he doesn’t understand that our government creates our net financial assets. While banks really do just create money out of thin air.