- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
Summary
Trump’s new tariffs on Canada, Mexico, and China sparked backlash from business groups, economists, and some Republicans, who warn of rising prices and economic disruption.
The tariffs—25% on Canadian and Mexican imports and 10% on Chinese goods—prompted retaliatory measures from Canada and Mexico.
Critics, including the US Chamber of Commerce, call them a tax on American consumers. Economists estimate a $200 billion hit to the US economy, with inflation rising.
Trump defended the move, even suggesting Canada should become the US’s “51st state.”
Not on the long run, and not by the rules they’re playing by now.
Top 10 richest men in America doubled their total wealth during the COVID downturn. From 750bn to 1.5tn. DOUBLED IN TWO YEARS.
Market collapses allow those with the most current assets buy up everyone else’s assets at fire sale prices, and raid the government coffers for “bail out” money. They want that scenario to repeat, only now with a much, much deeper, country-wide drop than the temporary Covid bump.
How does doubling wealth matter if the systems that give their wealth any value crumble?
“Wealth” as described in terms of US dollars is just an imaginary accounting measure. And it hasn’t really “meant” anything since the death of Bretton-Woods and the removal of the gold standard.
That wealth the richest hold is assets. Physical things. Control of physical things. Control of entire populations and their ability to survive.
The fed could change the accounting to Bitcoin tomorrow and would not change the fact that those top 10 richest men control a vast majority of our nation. But that’s not enough, no, they want to control all of it.
It only works if America recovers in his lifetime, of course.