We print money to pay the interest on printed money. Currency is as strong as the willingness to defend it economically and militarily. There is no currency in the world other than the USD that an army will fight for.
He doesn't want to tighten the purse strings because he knows post 08 government response has been tremendous for the investor class, let alone 1%er billionaires like him. 120% debt to gdp ratio hasn't happened since WW2 and we were at 80% before Trump. These are serious structural problems that we should address NOW rather than kicking the can 40 years later (at what...200% with compound interest?) when I'm either dead or retired on the Moon or under a makeshift hillbilly fallout shelter. And I never made the point to buy btc because of "The World Breaking" debt. What i did write was that taxpayers like me paying a trillion a year in interest payments to folks like him was unsustainable if only because of the lost future opportunities. You don't even get ridiculously expensive weapons for that like the military, nor is the principal being paid off by that 1,000,000,000,000 dollars. And he wants 40 more years of that rolled over? Infinite QE and stocks with crypto-like volatility for "wealth effects" much? So jpow can take his victory lap for now, except it cost $5,000,000,000,000 to get to this point. He better hope it lasts up to election day despite whatever "soft landing this year" means. https://finance.yahoo.com/news/why-...ecession-in-history-never-came-155724207.html In the final Federal Reserve press conference of 2023, Fed chair Jerome Powell took a victory lap of sorts. Economists — including those on the Fed's own staff — had widely expected a recession this year as the central bank raised interest rates to bring down persistently high inflation. The economic downturn never came, though. "A very high proportion of forecasters predicted very weak growth or a recession," Powell said. "Not only did that not happen, we actually had a very strong year." While that's good news for businesses, consumers, and investors alike, the unexpected turn of events raises a question: How did forecasters get it so wildly wrong this time? The answer lies in the unprecedented nature of the COVID pandemic and the historic $5 trillion fiscal stimulus the US government pumped into the economy in response, economists told Yahoo Finance in interviews. "It's been a tremendous challenge," Deutsche Bank chief US economist Matthew Luzzetti said. "The nature of forecasting is that often you look back to history, either through your models, or through looking for historical parallels, and [try] to gauge how similar or different are things to the past and get historical average responses. ... And when you don't have an analogous period to look back to, it makes things incredibly difficult."
in the fact that you continue to cut n paste things about which you don't understand it can't be that serious when you are unwilling / unable to be specific
Its so damn hilarious you have to admit. He was wrong all of last year continuously and he still hasnt learned a damn thing.
Fiscal vs monetary....they really need to work together. 2008.... way too little fiscal and dumbsh*t austerity and we end up with a lost decade that mostly benefitted the "investor class". 2020.... a bit too much fiscal but it ended up keeping the economy afloat and inevitably led to historically low unemployment, large wage gains from the bottom, and an actual industrial policy. Structural issue are an aging population and a lack of willingness to raise taxes. The "investor class" or wealthy or whatever term rarely losses... or when they do.... a new one just emerges....
President Biden battling China on the high technology front! From Breaking Defense: China protests American ‘technological blockade’ amid semiconductor battle The remarks come weeks after a US official promised a “very aggressive, innovative approach” to combating Beijing's tech strategy. By LEE Ferranon January 02, 2024 at 2:48 PM PARIS — The Chinese government accused the US of “hegemonic and bullying practices” today after reports emerged that Washington had pressured the Netherlands to restrict the export of machinery involved in the production of semiconductors. “China opposes the US’s overstretching the national security concept and using all sorts of pretexts to coerce other countries into joining its technological blockade against China,” Chinese Foreign Ministry Spokesperson Wang Wenbin told reporters. “Semiconductor is a highly globalized industry. In a deeply integrated world economy, the US’s hegemonic and bullying practices seriously violate international trade rules, undermine the global semiconductor industry structure, impact the security and stability of the international industrial and supply chains, and will surely boomerang.” The Dutch firm ASML said in a statement Monday that shipping licenses for machinery had been “partially revoked by the Dutch government, impacting a small number of customers in China.” The company said it had discussions with the US government about recent export rules that affect the machinery, known as lithography systems, and is “fully committed” to complying with relevant laws. The company referred specifically to new export rules announced on Oct. 17 by US Commerce Secretary Gina Raimondo that were designed to “update export controls on advanced computing semiconductors and semiconductor manufacturing equipment, as well as items that support supercomputing applications and end-uses, to arms embargoed countries, including the PRC [People’s Republic of China]…,” according to a Commerce fact sheet [PDF]. “Advanced AI capabilities — facilitated by supercomputing, built on advanced semiconductors — present U.S. national security concerns because they can be used to improve the speed and accuracy of military decision making, planning, and logistics. They can also be used for cognitive electronic warfare, radar, signals intelligence, and jamming,” the fact sheet said. In addition to a massive and expensive effort to spur domestic semiconductor production, the Biden administration has taken a number of steps to try and keep the most advanced technology out of China’s hands. In December, Raimondo told a gathering of defense officials and industry leaders that the US is taking a “very aggressive, innovative approach” to combating China’s tech strategy, especially when it comes to chips that facilitate artificial intelligence. “We’re a couple of years ahead of China. No way are we gonna let them catch up. We cannot let them catch up. So we’re gonna deny them our most cutting edge technology,” she said at the Reagan National Defense Forum. “I’ll tell you, this stuff — when I say this stuff, I mean supercomputing, AI technology, AI chips — in the wrong hands is as deadly as any weapon that we could provide. And so we have to be serious if we’re going to meet that threat, serious about enforcement.” https://breakingdefense.com/2024/01...nological-blockade-amid-semiconductor-battle/
Fed and the Treasury Dept has been working together. It's different with Congress, and looked miraculous Biden got anything passed with a 51-50 Senate. For context on the "investor class", the vid I was tagged in has billionaire Steve Eisman claiming on CNBC that we're 40 years away from a debt/credit crisis, and by extension, the current rates of runaway spending is not a big deal. Any basic premise on debt involves questions on whether we can/want to pay it back but also should we're able to pay it back, what we have to not spend on in order to service the loan and interest payments. As we're set to pay a trillion a year in interest payments alone, it's more than fair to ask whether the 5 trillion in covid spending and 2-3 trillion in post-covid spending will be paid back via insane multiplier effects right now to cover for the loss of future money in the economy directed to trillion dollar plus interest payments. I don't know myself. It's likely worth it since Republicans can't be trusted with following a budget or insane cash grabs, but it doesn't take a tool who refers to accountingtools.com to make an educated guess.
There were already state and non-profit concerns bringing insulin to market at that price or lower this year. That is a market adjustment, not a result of anything done by the Biden administration. In fact, the non-profit announced this almost two years ago. Home | Civica Rx | Nonprofit Generic Drug & Pharmaceutical
Inflation reduction act literally mandates insulin be sold at 35 dollars a month lol. Why do you embarrass yourself time after time. This isn't big pharma doing it out of kindness. They only lowered it after the bill signed. They're still making crazy $$
