Trump Is Getting Closer to Having an ‘Infinite Money Pit’ | If the president takes over the Federal Reserve, he will have extraordinary power to reward his friends and destroy his enemies.

If Trump takes over the FED, the US economy will go into an absolute tailspin and depression. The only reason inflation has been sort of brought back under control is the FED. Trump has no fucking clue what he's doing on a monetary level and neither does any of his ghouls and cronies.

Money has no meaning once it becomes infinite. Trump clearly has no idea what the Great Depression was, nor what lead to Weimer Germany's collapse.

On the plus side, it is a fascist society that will be left holding the bag of shit. The blowback from economic annihilation tends to blow apart old ways of doing things. Provided we assert ourselves, we can recreate the USA to be something that isn't crap.

...at least, I hope that is the silver lining to all of this. 😰

Congress could end this now. Call your local republican congressman and hold their feet to the fire.

For all of two seconds before the shit collapses.

Money, no matter how much of it you have or believe you have is only as valuable as everyone believes it to be.

It's a modern day religion.

As soon as enough people lose faith in it, money becomes absolutely worthless.

You could get to the point of saying you own all the money ..... but if no one believes the money had any value any more, all that money no longer matters.

Wealth exists because we all believe in this world wide system of money and finance. If enough people stop believing or investing in it, all that wealth instantly disappears.

How the fuck did we get here so fast...??? This is fucking disgusting.

We are about to the place where the military is going to have to take a long hard look at who's side their on--- the American people or Shitler's because eventually the orange cancer is going to tell them to either full out bomb our own fucking cities, or our once-allies.

If your economy crashes you're welcome to start using the Canadian dollar #11th Province

i fucking warned about this

Most of the experts who have worked within the Fed or studied it closely have never contemplated what could happen if an institution with so much unchecked power came under the control of one man.

I literally talked about this 4 months ago.

Basically, if trump gets a hold of the central bank, it's over. The only way stopping arbitrary trumpian outcomes then is to completely de-dollarize the world (!!!). Imagine what that means.

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to be honest, i have been a fan of a (slow) de-dollarization for many years now. it's just rapidly becoming way more urgent all of a sudden. we're not even remotely there yet. there is still way too much dependency on the dollar for so many things. we need to change that. but changing that would require change in so many things, including a broad overhaul of worldwide neoliberal agenda.

neoliberalism is already on the decline worldwide, but there's still a long way to go.

Besides setting interest rates:

In 1932, Congress gave the Federal Reserve the power to lend money to “any individual, partnership, or corporation” during “unusual or exigent circumstances.” The Fed used the emergency-lending provision to make a few modest loans during the Great Depression. The power then lay dormant until the 2008 financial crisis, when the central bank issued hundreds of billions of dollars in loans in an effort to rescue major financial institutions on the brink of collapse. During the height of the coronavirus pandemic, the Fed went even further, offering trillions of dollars in loans not just to big banks but to corporations, small businesses, nonprofits, and even city governments

And:

Perhaps even more alarming, control of the Fed would give the president a powerful weapon for punishing his enemies. The Fed is the central node of the U.S. financial system. Every major bank in the country holds a master checking account at the Fed, which they depend on to make and receive payments, manage their reserves, and access credit. The central bank, in turn, operates as the country’s main financial regulator: It determines whether banks are in compliance with existing laws on financial risk management and illicit transactions, for example, and has various ways to enforce that compliance, ultimately backed by the threat of cutting off access to the financial system altogether.

The tools Trump has used so far to bend institutions to his will, such as withholding federal funding, are powerful, but they pale in comparison to the power of debanking.

Looking forward to the (worthless) hundred trillion dollar bill!

The whole point of the federal reserve is so that no special interest can seize control and crash the US economy on purpose. It sets up a political entity with vast but very particular powers, that is accountable to the president, so that it is almost always in the best interest of big finance not to crash the economy. The US government pays the federal reserve system, which is just a bunch of banks who buy into it, about 7-8% roi, to manage the money supply. Sometimes more money can still be made by crashing the US economy, for example the subprime mortgage crisis of 2008, and technically recessions are pretty good for the ruling class predators, but for the most part it provides concrete financial incentives for major institutions to keep the whole thing on the rails. It protects the economy from rogue bankers who already wield an incredible about of undemocratic power, from doing something selfish that would harm the country.

No one considered the possibility of a rogue president who selfishly wants to crash the US economy because he thinks it will help him become king. In that case, if he gets the approval of fed reserve bank executives, then there's nothing stopping him.

Besides this, everyone seems to forget that the plan is to make Trump's crypto company World Liberty Financial the (only) company to spread the mandated official US stable coin.
Something he will fully have power over as a private citizen because it is arranged to be outside of government control ... so every transaction will put money directly in trump's pockets.
And by controlling the stable coin he can deny his enemies transactions (payouts) at will.

And his biggest enemy ar the United States. Because he will absolutely destroy the economy if he gets his hand on the money machine.

It's not an infinite money pit and everyone in power who thinks thats what they have winds up with them and their country broke

Surely this will not have any kinda of repercussions whatsoever…

If he gets his greasy little hands in there I'm done paying taxes

Correction: reward a few friends, possibly protect some others, and destroy literally everyone else

The US is increasingly resembling the 1986 comedy The Money Pit starring Tom Hanks and Shelly Long.

Didn't they already get something like a trillion dollar tax break in the first term? Once again the language used stuck on brinksmanship. The bad things are going to happen but never do. Until they do happen. The language never changes. It's the goal posts that move. The bad things that happened are memory holed. The next set of bad things are on the brink of happenning.

I'm pretty sure this is the primary mechanism that has enabled the slide into fascism. The population is reactive. Not proactive. If the perception is that something will happen, not has happened then you successfully subdued resistance all together. There's nothing to resist if perceptually nothing ever happens. We will never actually eat the rich.

This time next year he will be enjoying daily dives into a literal pool of gold coins, à la Scrooge McDuck, and his craven creatures in red hats will still be marveling how he is for the common man.

Fall of Rome

I say let him have it. I wanna watch it all burn to the ground.