Global Depression 2022 - Time to do the Breadline Boogaloo!

[George Floyd Sneed]

I don’t get the mentality of if it’s a big company they can just give away money. That’s not how real life works and you should know it if you’re old enough to post here.

These companies get millions into billions of corporate gibs each year. They scrounge for them more and harder than your average welfare nigger. Seems like everyone except middle class white people are entitled to gibs. Wonder why that is?

 

[K-Hole]

I won't pretend to understand this, but some people that I trust do, and they say it' s not good.

https://mobile.twitter.com/RaoulGMI/status/1550501090822610945

“when we use more forward-looking indicators, things get real ugly… fast”

 

[teriyakiburns]

Which fucking government do I blame for this idiocy, then? I want to know who to be angry with.

All the downsides of inflation without even the silver-lining of devaluing national debt.

Gordon Brown, probably. He did a lot of absolutely retarded things while he was chancellor, like selling off a huge chunk of the nation's gold reserve in the midst of a historic price slump. Index-linking government borrowing would be right up his alley.

 

[George Lucas]

Honestly a democratic government shouldn’t be allowed to run its own treasury. The treasury should be a private business or set of businesses that loan the government money. If the government asks for something reasonable, they get their bills paid for. Otherwise the shit is like a veto. That prevents the government from making up some ridiculous financial product to pay for some ridiculous political promise.

I just came up with this idea in the time it took to write. Please be gentle

 

[Pokemonquistador2]

Honestly a democratic government shouldn’t be allowed to run its own treasury. The treasury should be a private business or set of businesses that loan the government money. If the government asks for something reasonable, they get their bills paid for. Otherwise the shit is like a veto. That prevents the government from making up some ridiculous financial product to pay for some ridiculous political promise.

I just came up with this idea in the time it took to write. Please be gentle

My only criticism is that you assume a modern government is there to look after its people instead of being a glorified mafia family out to grift taxpayers.

 

[George Floyd Sneed]

Honestly a democratic government shouldn’t be allowed to run its own treasury. The treasury should be a private business or set of businesses that loan the government money. If the government asks for something reasonable, they get their bills paid for. Otherwise the shit is like a veto. That prevents the government from making up some ridiculous financial product to pay for some ridiculous political promise.

I just came up with this idea in the time it took to write. Please be gentle

That’s how the Rothschilds got to be where they are. They lent to everyone and had the famous quote about not needing to care about laws as long as they can keep lending.

Honestly every financial system is going to be corrupt, fake, and gay. We have no real idea where this recession will lead to and what (((compromises))) are going to be made so big line can keep going up. Zero hedge has no idea either as they are always predicting a recession or depression around the corner. It’s like saying the sun is going to rise.

 

[Maurice Caine]

Honestly a democratic government shouldn’t be allowed to run its own treasury. The treasury should be a private business or set of businesses that loan the government money. If the government asks for something reasonable, they get their bills paid for. Otherwise the shit is like a veto. That prevents the government from making up some ridiculous financial product to pay for some ridiculous political promise.

I just came up with this idea in the time it took to write. Please be gentle

Considering most of our cultural sickness comes from corporations I don't believe this meme ancap idea would work so well, as if they had control they'd probably act just like Mr. Fink from BlackRock. As in, loan a bunch of money to bullshit like gibs and whatever the other side agrees on will get vetoed.

My only criticism is that you assume a modern government is there to look after its people instead of being a glorified mafia family out to grift taxpayers.

I don't know how the Mob worked on the East Coast back in the legendary days of the 30s-60s, but Cartels somehow treated the populace better than the governments in Latin America. That's how low the bar is.

 

[Kane Lives]

I don't know how the Mob worked on the East Coast back in the legendary days of the 30s-60s, but Cartels somehow treated the populace better than the governments in Latin America. That's how low the bar is.

That's because cartels (and the mob back then), ultimately had skin in the game. If they fucked up their neighbourhood, their livelihoods are going to be jeopardised. Unlike the rootless cosmopolitans running the clownshows today, they don't have the option of bugging out to New Zealand or whatever when shit goes south. Ultimately, it's a basic case of not wanting to shit where you eat.

 

[Kujo Jotaro]

I won't pretend to understand this, but some people that I trust do, and they say it' s not good.

https://mobile.twitter.com/RaoulGMI/status/1550501090822610945

View attachment 3521014


“when we use more forward-looking indicators, things get real ugly… fast”

Raoul Pal is a literal scam artist if I remember correctly; economic graphs and indicators are meaningless in monetary clown world. The circus will come to an end, but no amount of scary indicators will be the cause, it will take a real break meaning a public realization that we've all been sold a lie. I'm starting to see little hints of this in my everyday life, when it does come to pass it will be seemingly all at once.

Honestly a democratic government shouldn’t be allowed to run its own treasury. The treasury should be a private business or set of businesses that loan the government money. If the government asks for something reasonable, they get their bills paid for. Otherwise the shit is like a veto. That prevents the government from making up some ridiculous financial product to pay for some ridiculous political promise.

I just came up with this idea in the time it took to write. Please be gentle

The FED is a private institution

 

[Overly Serious]

Honestly a democratic government shouldn’t be allowed to run its own treasury. The treasury should be a private business or set of businesses that loan the government money. If the government asks for something reasonable, they get their bills paid for. Otherwise the shit is like a veto. That prevents the government from making up some ridiculous financial product to pay for some ridiculous political promise.

I just came up with this idea in the time it took to write. Please be gentle

You sort of just described the Federal Reserve.

Regrettably you're trying to solve the problem of one group of people we don't trust by making the subject to the control of a new group we don't trust. Probably worse in that politicians we can (2020 election not withstanding) select them by voting. Whereas who appoints the head of this independent central bank? If it's the politicians, no change. If we elect them... maybe then you're getting somewhere but it's still subject to the limited choice or mad populism - might even make it worse.

Fiat currency is great in many ways. It's essentially Trust as a fungible asset. Someone trusts me to do work for them, they give me money. I trust the workman to fit my kitchen, I give him money. A giant web of trust circulating around. Which starts with the central bank which says I trust you to pay back this money so I will lend it to you. Around and around the trust goes. Low interest rates mean lots of trust is in the system. They mean: "I trust you to pay me back so I don't demand high reward to compensate me for the risk of you not". High interest rates mean less trust is in the system: "I'm not sure you'll pay me back so I want higher reward to reflect my higher gamble". It's (partly) why a mortgage has a lower interest rate than a short-term loan of a smaller amount. People who buy houses are heavily invested in meeting their payments. High trust so less compensation needed.

But ultimately that's what Fiat currency is - a circulating, fungible measure of trust. Which is why it's great for growing economies - communities where there's a lot of trust are efficient. A society where you have to double check everything, hire only people who are family, lots of theft, nobody will provide assistance in advance of payment, etc. It's not efficient and it grows poorly. High trust, if justified, is much better.

The problem is that trust may be about to fail. People default on their promises loans, our govts. have been making assurances they can't keep and borrowing money which is the same as printing promises. It's not backed by anything real other than the US govt. says you can pay your taxes in it and they'll bomb anyone who threatens to make a system that people trust more.

Non-fiat currencies don't have this issue. They're backed by something with actual value. But they are also lower-trust systems. You can't just print new promises to get people to work in exchange for those promises.

I look at your idea and I think "can this system prevent the govt. making promises it can't keep?". And I don't think it does. Depressions and recessions are part of the system. They provide the means by which the very rich can vacuum up the assets of the upper poor to upper middle class. Just before the Great Depression you had everybody and their aunt buying stocks and shares. Your postman was offering you trading tips. What this meant was that it was reaching the point where everybody had now bought into the system and their assets were ready to be bought up cheap when everything crashed. Much like it's harvest time when your crop reaches its maximum growth.

I got off-topic.

 

[Another Char Clone]

Can still replace the battery on the N900 and keep it running. I got two, thinking to try to run postmarketOS on one.

It is true I can buy Chinese batteries, but all the keyboard keys fell out . Worst still, for some reason it no longer worked in the US circa 2018, not sure why, 3G obsoleted? Maybe it's just me.

 

[George Lucas]

You sort of just described the Federal Reserve.

Regrettably you're trying to solve the problem of one group of people we don't trust by making the subject to the control of a new group we don't trust. Probably worse in that politicians we can (2020 election not withstanding) select them by voting. Whereas who appoints the head of this independent central bank? If it's the politicians, no change. If we elect them... maybe then you're getting somewhere but it's still subject to the limited choice or mad populism - might even make it worse.

Fiat currency is great in many ways. It's essentially Trust as a fungible asset. Someone trusts me to do work for them, they give me money. I trust the workman to fit my kitchen, I give him money. A giant web of trust circulating around. Which starts with the central bank which says I trust you to pay back this money so I will lend it to you. Around and around the trust goes. Low interest rates mean lots of trust is in the system. They mean: "I trust you to pay me back so I don't demand high reward to compensate me for the risk of you not". High interest rates mean less trust is in the system: "I'm not sure you'll pay me back so I want higher reward to reflect my higher gamble". It's (partly) why a mortgage has a lower interest rate than a short-term loan of a smaller amount. People who buy houses are heavily invested in meeting their payments. High trust so less compensation needed.

But ultimately that's what Fiat currency is - a circulating, fungible measure of trust. Which is why it's great for growing economies - communities where there's a lot of trust are efficient. A society where you have to double check everything, hire only people who are family, lots of theft, nobody will provide assistance in advance of payment, etc. It's not efficient and it grows poorly. High trust, if justified, is much better.

The problem is that trust may be about to fail. People default on their promises loans, our govts. have been making assurances they can't keep and borrowing money which is the same as printing promises. It's not backed by anything real other than the US govt. says you can pay your taxes in it and they'll bomb anyone who threatens to make a system that people trust more.

Non-fiat currencies don't have this issue. They're backed by something with actual value. But they are also lower-trust systems. You can't just print new promises to get people to work in exchange for those promises.

I look at your idea and I think "can this system prevent the govt. making promises it can't keep?". And I don't think it does. Depressions and recessions are part of the system. They provide the means by which the very rich can vacuum up the assets of the upper poor to upper middle class. Just before the Great Depression you had everybody and their aunt buying stocks and shares. Your postman was offering you trading tips. What this meant was that it was reaching the point where everybody had now bought into the system and their assets were ready to be bought up cheap when everything crashed. Much like it's harvest time when your crop reaches its maximum growth.

I got off-topic.

How is it like the Fed? The Fed doesn’t pay the government’s bills. The Fed makes loans to other banks. The government gets money by selling bonds and has no restriction on how many bonds it can issue.

 

[SCSI]

It is true I can buy Chinese batteries, but all the keyboard keys fell out . Worst still, for some reason it no longer worked in the US circa 2018, not sure why, 3G obsoleted? Maybe it's just me.

Was it a model that had a CDMA cell radio? The CDMA tower network shut down a couple years ago, and the USA is fully GSM now, so that might be why it's a brick now. Verizon and Sprint were the two major carriers who were still supporting CDMA up to that point, AT&T and T-Mobile were 100% GSM since sometime earlier.

 

[Another Char Clone]

Was it a model that had a CDMA cell radio? The CDMA tower network shut down a couple years ago, and the USA is fully GSM now, so that might be why it's a brick now. Verizon and Sprint were the two major carriers who were still supporting CDMA up to that point, AT&T and T-Mobile were 100% GSM since sometime earlier.

Spoiler: Nokia N900 Sperg

Not sure which SKU/model I had, my country has always been on GSM, it was probably meant for the Chinese market. As I remembered, it switched between 2G/3G depending on where I am. An unlit road in the middle of a plantation was the first time I noticed it had 3G signals . It was working in the US in the early 10s.

Even if my Nokia N900 was working today, I doubt it is usable for all the government and corporate coof QRCode passes.

 

[Meat Target]

When do we get the official Q2 GDP numbers?

 

[Puff]

When do we get the official Q2 GDP numbers?

Thursday I think

 

[Meat Target]

Thursday I think

Just heard someone on Bloomberg confirm.

Lol look at this preemptive copium:

 

[AbendCode12]

Was it a model that had a CDMA cell radio? The CDMA tower network shut down a couple years ago, and the USA is fully GSM now, so that might be why it's a brick now. Verizon and Sprint were the two major carriers who were still supporting CDMA up to that point, AT&T and T-Mobile were 100% GSM since sometime earlier.

GSM and CDMA are both 3G and are all shut down in America hence why those devices suddenly became cheap. Everything that is LTE (4G) or newer still works in some circumstances. There are lots more differences between CDMA and GSM which is not pertinent to this thread, and also there are lots of differences between the frequencies which the US GSM phones used and those used internationally.

Anyway, the point being is if a person has a 3G phone, it will now officially be "off the grid" in the USA by the end of 2022. The 2G frequencies went off line awhile ago. Phones which were built for 3G had 2G as a backup much like all the 4G phones had 3G as a backup network.

https://www.fcc.gov/consumers/guides/plan-ahead-phase-out-3g-cellular-networks-and-service

What is happening?​

Mobile carriers are shutting down their 3G networks, which rely on older technology, to make room for more advanced network services, including 5G. As a result, many older cell phones will be unable to make or receive calls and texts, including calls to 911, or use data services. This will affect 3G mobile phones and certain older 4G mobile phones that do not support Voice over LTE (VoLTE or HD Voice).

Learn more about other connected devices, such as medical devices and home security systems that may be impacted below.

When is it happening?​

As early as January 1, 2022, though plans and timing to phase out 3G services will vary by company and may change. Consult your mobile provider's website for the most up-to-date information.

• AT&T announced that it will finish shutting down its 3G network by February 2022.
• Verizon announced that will finish shutting down its 3G network by December 31, 2022.
• T-Mobile announced that it will finish shutting down Sprint's 3G CDMA network by March 31, 2022 and Sprint's 4G LTE network by June 30, 2022. It also announced it will shut down T-Mobile's 3G UMTS network by July 1, 2022, but has not yet announced a shutdown date for its 2G network.

Whoops, missed one. You still can use 3G CDMA on USCellular. You're not off the grid, yet.

As the global wireless ecosystem prepares for the 3G CDMA network retirement, the industry is phasing out support for 3G CDMA. Consumer devices that use this older technology will experience slower data speeds and could experience voice quality issues as support for 3G CDMA ends. Beginning 1/1/2023, 3G CDMA devices will have no access to voice and data when roaming. This includes the inability to call 911. Additionally, by the end of 2022, 3G devices will have no or very slow (dial up speed) data when in a UScellular service area. Due to this industry update, you will eventually be required to upgrade to a 4G or 5G device.

https://www.uscellular.com/3G-shutdown

 

[Meat Target]

Too late, apology not accepted.

 

[Aqua Panda]

Just heard someone on Bloomberg confirm.

Lol look at this preemptive copium:

View attachment 3527454

This is grade A copium. Also, the standard leftwing, 'rewrite definitions to suit us' narrative all in a neat little package.

They have to know Biden is going to eat a massive L from the media declaring a recession under his term.