- cross-posted to:
- politics@lemmy.world
- cross-posted to:
- politics@lemmy.world
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Maybe trump is beginning to think he might not win the presidency so he’s got to grift as much as possible while he can.
Will it become as successful as Trust Social?
Next test of the cult… are you fucking people actually about to line up to trust your financial future to dumb dumb eric trump and sniff sniff don Jr?
Personally I hope so. They’re burning the world, it’ll at least be fun to watch them flounder in the process.
Except the Trumps get rich off of it. I don’t know if the stupid people losing out so the rich assholes can gain is ideal for me. I’d rather the stupid people keep their money.
“For too long, the average American has been squeezed by the big banks and financial elites,” Trump wrote. “It’s time we take a stand — together.”
Do people actually believe for a fraction of a second that Donald Trump of all people is on the side of the average American? And that the way to “take a stand” is with a crypto pump and dump scheme?
Yes. A great many people believe exactly that.
Yes, some people are uninformed idiots.
I was going to invest myself, but I already lost $20,000 investing in the NFTs. Best purchase ever.
People will 100% kill for him. I’ve heard it from my own ears from people around me where I live. We in Canada.
Trump pump and dump.
Trump pump and dump.
Stormy Daniels approves this comment.
Trump Chump Pump n’ Dump
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I bet the same morons that got his NFTs fall for this…the SAME PEOPLE (the ones that still have money left).
Now they’re defiant? I thought the whole thing was that they were the silent majority or some bullshit.
I knew serial conman Trump couldn’t resist getting involved in crypto which is one of the biggest cons of all time.
I would say the fiat money system is the biggest con, at least by volume. What with all the quantitative easing and fractional reserve banking.
Yeah you’re right an ecosystem that produces things like peepee coin isn’t full up with con jobs. /s
The PEE market is far less liquid than I would have expected
I think I didn’t make myself clear. When I said “by volume” I meant was the amount of value the different systems hold and the amount of if not outright fraud, negative aspects of the systems. The fiat money systems’ money supply has a fundamental weakness, it can be created out of thin air so is constantly loosing value. Think of all the investment vehicles or other assets that tie themselves to this loosing value asset. Trillions in USD. And what’s it all backed by? Ultimately guns. Well most crypto currency is backed by maths and no matter how many guns you point at it, you cannot make 2+2= anything other than 4.
Well most crypto currency is backed by maths and no matter how many guns you point at it, you cannot make 2+2= anything other than 4.
Sure, you can make one type of coin or other rare or rate limited or whatever, but you can also just make up a different shit coin and give yourself a metric shit ton of that new coin, and then eventually try to move to either a more stable coin or back into fiat once you’ve gotten enough suckers holding the bag to exit.
That makes crypto ultimately not based on maths at all, but based on hype, stupidity, and scams alone.
The main difference between these “shit coins” and fiat is once the shit coin scammers eventually pull the rug, they cannot just print more of that coin. Fiat scammers can just print more of that currency.
But in both situations one does need to look at the economics of the coins, and the priors of the people in control.
“Once they’ve completed the scam they have to move onto other scams.”
Are you even thinking at all when constructing these arguments?
What I am trying to get through to you is, just like how the LIBOR scandal doesn’t implicate fiat, scammy crypto projects doesn’t implicate crypto. My criticism of fiat is it’s fundamental systemic weaknesses. It seems your criticism of crypto is it’s used by scammers. A criticism that, incidentally can also be levied at fiat.
So politics aside, would you really put any money into a financial system run by someone with a proven track record of driving businesses into bankruptcy?
But he’s chosen by Jebus!
What could go wrong…
So he did NFTs and his own coin, but where’s his Metaverse tho? His grifting is lacking.
Committing all the crimes now, one last hurrah
The president should not have their own clothing line and currency.
What’s wrong with owning a clothing line as president? As long as they’re not using their office to impact their business in any meaningful way, I have no issues at all with it. So before taking the oath of President, you should be required to demonstrate that you have removed yourself from any obligations or loyalties you may have (so appoint someone to take care of your company(s) and whatnot).
As long as decisions made by the company have zero relationship to the actions of the President, I’m fine with it. And Congress and the Supreme Court should have some checks against that (i.e. Congress should be able to set rules for the President through legislation, and the Supreme Court should be able to review executive actions and force divestment if there’s evidence of bias).
I despise Trump, but let’s not be hasty.
Ok and the currency? That undermines the currency of the country he is serving. What if Biden came out with Biden Bucks you think he wouldn’t be attacked from every angle?
He’d be attacked, but not by me. Likewise for Harris or anyone else running for President. I’d call it stupid and probably scammy, but I wouldn’t suggest that it somehow undermines the US.
If Trump’s crypto platform or “Biden Bucks” or whatever takes off enough that it threatens the national currency, then perhaps we should be using it instead of the national currency. Competition is good, and we shouldn’t be using a currency just because the government wants control, we should be using it because it provides value. In the case of the dollar, that value is stability and ubiquity, and if Trump, Harris, or anyone else can do it better than the Federal Reserve, perhaps we should all be using that instead of the dollar. I highly doubt that’s the case, but it certainly doesn’t affect someone’s eligibility to run for President.
That said, they should divest themselves of any controlling interest in anything that could impact their role as President. That means handing off control to someone else, and ensuring that someone else doesn’t have any way to impact your decisions.
A politician should not be allowed to own something they have the explicit power to artificially inflate the value of. For the president, that’s all businesses.
As for currency, again, the president has the ability to crash the value of the American currency and drive people to his currency in order to artificially inflate it. Sacrificing an entire global economy for personal gain should not be possible.
But not only is it possible, now with the recent Supreme Court ruling, he’d be immune to prosecution for doing it, so why wouldn’t he do it?
artificially inflate the value of
That’s where there should be a requirement to demonstrate that you have removed yourself from any conflicts of interest. Trump didn’t do that (at least not in a way that’s satisfactory to me), and I think there should be a change to the qualifications for President that includes some level of divestiture.
the president has the ability to crash the value of the American currency
But the President doesn’t really have the power to do that. The Federal Reserve does (and there’s a lot of legal barriers between the President and the Fed) and Congress does, but the President can’t directly crash the value of the dollar. Look at Trump’s campaign, he says he should have direct control over the Fed, not that he does. Making that change would be a big deal that would piss a lot of people off.
The Supreme Court immunity ruling is absolutely dangerous and Congress should fix that ASAP, but that doesn’t mean the President can go devalue the currency on their own. That’s just not how things work. The closest they can do is attempt to fire board members of the Federal Reserve and appoint new ones that would hopefully listen to them, and that would be challenged by the Supreme Court. According to the ruling, they’d be immune from making the attempt, but that doesn’t mean the attempt can just go through w/o review.
But Trump believes that all executive branch employees are directly reportable to him and he forced out and refused to replace many employees. Also, there is Schedule F. Trump didn’t have enough time to fully implement it the first time. This removed employees are n “confidential, policy-determining, policy-making or policy-advocating” positions from the General Schedule. Meaning they were political appointees going forward. Biden rescinded it immediately so it never got used, but it will be reimplemented.
With that, he has the power to implement almost anything without oversight. When he implements his tariffs for example, and other countries retaliate with their own, the value of American goods will plummet since they’ll be way more expensive. This will reduce trade and thus the value of the currency. And no amount of tweaks to interest rates will stop that.
Sure he can’t print money, but the reliability ratings of US debt are already declining due to the fights over the debt ceiling, and Trump supports that fight and doesn’t believe that the US should have to pay those debts because of the investments we’ve made. Simply blocking those payments could tank the currency. There are tons of ways if there’s no legal consequences and most employees are replaced with his loyalists.
Trump believes that all executive branch employees are directly reportable to him
Sort of, he believes they should be, not that they are. He wants to replace merit-based positions with appointments, which means he can more easily replace them as needed.
When he implements his tariffs for example, and other countries retaliate with their own, the value of American goods will plummet
The value of American goods is irrelevant. We’re not a net exporter, and our most valuable trade partners (Canada, Mexico, EU) would likely get exceptions.
Tariffs would hurt imports and result in more purchases of local goods, which increases demand for labor while decreasing purchasing power (i.e. inflation), but then we’d respond with higher borrowing rates, which decreases labor demand and fewer total purchases of goods, etc. The short-term impact is a spike in labor demand, but the longer term impact is slower growth. It’s a bad policy, but it’s not so inflationary that the dollar would lose value, the average American would just become worse off. We need the dollar to be stable because we need it to remain the main international reserve currency, and we’re absolutely willing to let the average consumer suffer to keep that status.
Simply blocking those payments could tank the currency
I guess he could theoretically veto a budget, but Congress would likely pass it anyway. He doesn’t have that much control over his own party, and doing that would piss off voters enough that they’d likely lose in the midterms. It’s not going to happen, the fight over the debt ceiling is for concessions, and politicians will concede to prevent default.
if there’s no legal consequences
There has pretty much never been legal consequences for the President, the only thing the Supreme Court decision does is say the quiet part out loud. We’ll put on a show for things like Clinton’s affair or whatever, but not for anything of consequence. The law is scary, but Presidents have largely been immune from legal consequences for pretty much the entire history of the US.
They could have some fucking dignity for one thing. Respect the office.
Sure, that’s another thing I hate about Trump, but I don’t see what that has to do with what they own.
But what if the clothing line was selling custom versions of high quality labels like Hugo Boss?
Your shirt can be any color as long as it’s black. Something-something honor and loyalty.
What about black, red, and white? Maybe the black part is a catchy symbol? We can turn it a bit so it’s not copyright infringement.
Can just replace it with an S rune, it’s not copyrighted. With another rune, so it will be “US” and “undefeatable” shortened at the same time. In white circle, on red background.
Oh, now I should get into crypto. I’ve just been waiting for someone publicly convicted of multiple counts of fraud to start up a platform so I can pour all my money into that.
You mean you didn’t get your Trump trading card set, Bible or Golden sneakers?
Does he accept unmarked bills?
I’ll buy their crypto with every counterfeit dollar I can find.
Hate to break it to you but this is not remotely close to being the first example of that happening.
Yeah! They missed investing with several known fraudsters already. Sure is lucky that yet another one is here to fill the gap!
And with Trump’s stellar success rate with new ventures and all.
Felon cryptobro 100% speed run.
I wouldn’t get into crypto, but have you heard about this newfangled thing with the NFTs?
Made Another Grift Again
“Be defiant, give me your money”.
