United States | News & Politics @midwest.social Garibaldee @lemm.ee 6 days ago

Trump’s DOGE Team Is Asking Potential Appointees If They Can Abolish the FDIC

truthout.org Trump’s DOGE Team Is Asking Potential Appointees If They Can Abolish the FDIC

“Trump is going to create the conditions for another depression,” one critic of the move said.

51 comments

Panic of 1930 v2: Electric Boogaloo
- You joke but I'm starting to think I should pull my retirement before these goons get to it...
  
  They want to pump crypto and dump it to buy real estate and public assets during the depression, and then literally own the country.
  
  I'd diversify. At this point I have limited trust in bonds much less stocks
  
  I'm seriously looking at options in buying up foreign currency because I'm starting to doubt the viability of the dollar. There are banks in LA and NYC that will let you open an account in Yuan but it's like a $10,000 minimum balance.
Do you want another Great Depression? Because that's how you get another Great Depression.
- He did say he would make America Great again.
- People are saying it's the greatest depression. We're gonna make sure it's huge. Best, biggest depression ever. You'll see. Huge depression.
Actually this could be a good thing. It could create a mass exodus from big banks to credit unions. As credit unions have their own insurance program separate from FDIC
- Until they get to that one.
- I'm guessing you mean exodus.
  
  Also, some credit unions suck. I support them overall and I use one myself, but I am very displeased with it.
  
  Damn you autocorrect
I pray to saint luigi that these clowns will be removed from power.
- By any means necessary.
How long until these schmucks try to push us back onto the gold standard?
- Except they won't put us on the actual gold standard, it be tied to "MuskGold" a new cryptocurrency.
  
  GOLGE
- Musk would put us on the emerald standard, first
- I really need you and everyone else to know that the gold Standard was holding down inflation. The massive wealth disparities we see now are because of the US dollar becoming fiat.
  
  The quicker we return to a standard of any kind the quicker things go back to normal.
  
  This is not their intent. They want ownership of property, not gold. Property is the only thing in true demand. And only the wealthy can afford it.
  
  you and everyone else to know
  
  Coming in hot, I see.
  
  gold Standard was holding down inflation
  
  The gold standard was one of the causes of the Great Depression due to deflation. Deflation is terrible for economies and much, much harder to control. Be happy that you can keep your gold, FDR made everyone turn in all their gold (you could keep $100 worth) punishable by $10,000 or 10 years of prison. https://en.wikipedia.org/wiki/Executive_Order_6102 But guess what happened? Now that the Fed had more gold, they could issue, I mean, printbrrrrr more notes....which allowed more loans to be made, which allowed more industry to happen, etc, etc.
  
  massive wealth disparities we see now are because of the US dollar
  
  Inflation adjusted, Carnegie was worth $300 billion and we were on the gold standard then. What stopped the Rockefellers and Carnegies for a while? Regulation. What is allowing them to come back? Deregulation. Oh and taxes on the wealthy. Ask yourself what Musk had to lose if Trump didn't win?
  
  standard of any kind the quicker things go back to normal.
  
  Wampum? Think about what you said there standard of any kind. We all have to agree something is valuable, for it to hold value. Wampum was beautiful purple shells used as currency. Gold's elemental properties (electrical conductivity, non-reactive, etc) were not known, it simply looked shiny. There's honestly no good answer here, even bitcoin. For example, I still can't buy a coffee with a bitcoin, it must be converted to something else first. What if I'm somewhere without an internet connection? Cash is king.
  
  Property is the only thing in true demand
  
  I can agree with you here. Property "value" has surged twice recently, Chinese investors in early to mid 2010s (I forget why, I'd have to look that one up again. Something about their construction boom had crashed, too much supply on their market, so they turned to the US to invest. Anyway, there was a $750,000 house near me that stayed vacant for 3 years before it was sold for $1.25 million. I looked up the owners on the county government site) and Covid really hurt commercial real estate so they turned to residential/land.
  
  /edit formatting
  
  Instead of inflation, gold causes a financial crisis just because its price fluctuates. That's not better.
  
  Edit: typo correction
  
  We also had more regular and much bigger recreating during that time. I'll take a little inflation over wrecked economy every few years. Wages can increase to match inflation. Mass unemployment isn't as easy to fix
  
  I would agree with you, but then we'd both be wrong.
When Musk worked with PayPal, which he also wanted to change to "X", he wanted it to be some kind of one stop universal banking and finance website.

I'm imagining they want to disband the FDIC so that they can both fuck with crypto currency and also turn Twitter into some kind of commerce website
This is one of those things where I'm torn between "there's no way the cabal of competent capitalists running this entire circus would ever allow this because a bank run would destroy the mountain of fictitious capital that is their dragon's hoard" and "oh fuck, I'm not sure any of the cabal of capitalists that run this circus are competent anymore, they might actually do it."
- Look at it this way, if they wreck the economy, then at least we know if the power brokers are still competent or not, and who is whose figurehead. It would answer so many questions.
  
  I’m just not willing to pay the price for such knowledge
  
  if they wreck the economy
  
  🙂
- If it's in a bank, that's peasants' money, not the stock options and real estate and foreign accounts and Bitcoin investments and the other thousands of ways the capitalists hide money.
  
  And why wouldn't they cause another bubble to pop that the government would be forced to bail them out of?
  
  The bank's money is the capitalists' money; that's what they're loaning out to each other and investing into stocks. A mass bank run would run through Wall Street like a wildfire.
  
  And the FDIC is the government bailing them out, that's the entire point of insuring money in bank accounts.
Do you want bankruns? Because this is how you get bankruns.

I know if I think this is going to happen I'll be closing my bank account immediately.
- Worse case scenario I lose ~$1000, billionaires lose billions and the banks that are “To big to Fail” Fail. I see this as an absolute win with a 1000 margin of error acceptable losses.
  
  And people like me lose everything and starve because we can't get our meds and food. Absolute win my ass
So we're seeing this and decided nothing can be done for the next 4 years?
Well, at least my $0 nest egg will be safe.
- Sorry, there's a "Burden Tax" on anyone with less than $10 mil in assets.
  
  That'll make the poors pull themselves up by their bootstraps!
  
  (/s, just in case...)
This is definitely Musk wanting to add PayPal features to twitter without regulatory expenses, right?
Seems bad idk

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