Deleuze would agree with Nick Land regarding accelerationism. Land was a Marxist, and Land became anti-Enlightenment — frank
I think right now you're kind of frozen by the realization that we might be watching the end of democracy in the US.The only thing that could stop it is if some black swan appears out of the Democratic domain and takes the presidency away from Vance. Otherwise, I think through Trump's administration they're going to be filling vacancies with loyalists — frank
↪Tzeentch Right right, so the "Blob" that has been controlling foreign policy for decades and basically has no interest in changing what it's been doing suddenly has radically changed tactics. You do realise these articles don't support the notion anybody is "controlling" Trump behind the scenes, — Benkei
↪frank
I think the present moment is a test for how leftist you really are. If you're white-knuckling the volatility we've had so far, shaking your fist at stupid Trump, then you have a very conservative mindset. He's handing us an economic revolution. If you're a leftist, you're like: go Trump! Get those tariffs!
— frank
Are you saying you believe that Trump is producing an economic revolution? And that you believe this revolution he is hatching is a beneficial thing for America? — Joshs
Read Mark Blyth's comments. He agrees with me and the president of the UAW. ChatteringMonkey mentioned some of this earlier in the thread — frank
I think there’s a real danger that what I could be doing, and a lot of other people are doing, are basically looking for designs within disorder. This could simply be sane-washing the way that the Trump administration is essentially just going for a grift, whether it’s on taxes, whether it’s hollowing out the state, we don’t know.
Are you saying you believe that Trump is producing an economic revolution? And that you believe this revolution he is hatching is a beneficial thing for America?I think the present moment is a test for how leftist you really are. If you're white-knuckling the volatility we've had so far, shaking your fist at stupid Trump, then you have a very conservative mindset. He's handing us an economic revolution. If you're a leftist, you're like: go Trump! Get those tariffs! — frank
Trump finally blinked.
But let's remember that now Trump has that trade war with China and still he has those tariffs with everybody at 10%. That 10% + China trade war will have an effect on the US economy.
It's not going to be the absolute disaster of a lifetime. Just your normal Trump disaster. :wink: — ssu
Krugman is not saying we're back to 2008. He's saying he's concerned. If you want to go further and say we actually are experiencing a crisis of that magnitude, you'll have to explain why you think the markets can't recover on their own — frank
President Donald Trump’s “Liberation Day” tariffs are hiking up the cost of American consumer goods and roiling the markets. The word roiling undersells what is happening, though. Investors are dumping American government bonds, normally the safest of safe harbors; the plunge in bond prices is causing knock-on effects in market after market. A financial crisis—today or in the coming weeks—is a tangible possibility.
In the event of such a catastrophe, the Federal Reserve would step in with trillions of dollars of liquidity, buying up the assets that traders are dumping and acting as a purchaser of last resort. In time, Congress might try to help support the economy too, by cutting taxes or sending out checks. But such accommodative policies would pump up consumer prices, already rising because of the tariffs. And they would do nothing to change the fundamental fact driving countless panicked and chaotic trades: Investors do not trust the United States and its political system anymore.
Annie Lowrey, Atlantic Monthly
During a recent speech at the American Bankers Association, Treasury Secretary Scott Bessent said this:
“For the next four years, the Trump agenda is focused on Main Street. It's Main Street's turn. It's Main Street's turn to hire workers. It's Main Street's turn to drive investment. And it's Main Street's turn to restore the American dream." — NOS4A2
Oh good grief. He's saying that investors are spooked and we might have a recession — frank
… I was looking for guidance about inflation and instead found the telltale signs of an incipient financial crisis….
There are growing signs that we’re at risk of a tariff-induced financial crisis. There are multiple indicators of that risk…
So even though stock prices are dominating the headlines, the real, scary action is in the bond market. The nightmare scenario, which we saw play out in 2008, is that falling asset prices cause a scramble for cash, which leads to fire sales that drive prices even lower, and the whole system implodes. Suddenly, that scenario doesn’t look impossible.
Maybe we’ll steer away from the edge of the abyss. But Trumponomics has already proved worse than even its harshest critics imagined, and the worst may be yet to come.
Are you suggesting he's manning his own boat? Think about all the areas in which he is acting. I think he's one of a committee, or more likely the figurehead, allowed his tantrums. Otherwise it's all his show, and I do not think he is remotely near that able. — tim wood
Isnt the fear at the moment that the markets are headed for a liquidity crisis, which happened during the 2008 financial crisis?
— Joshs
That was because $55 Trillion disappeared overnight. Trillion with a T. We're just experiencing uncertainty associated with a looming recession with possible stagflation. You're comparing a thunder storm to a hurricane. — frank
the overuse of false analogies such as these only reveal to me how far they have to reach to justify their acts. — NOS4A2
The question: given what he is doing and has done, and what he says and how he says it, and the company he surrounds himself with and what they say and do, what makes sense as to what is ultimately intended? Putting all the parts together, what is the most likely structure that they all fit? — tim wood
↪Benkei Bravo.
I’ve just heard a respected economist explaining how if the bond markets run away the federal reserve will have no choice but to raise interest rates, which may lead to an inability to service U.S. debt and will drive inflation. — Punshhh
…even though stock prices are dominating the headlines, the real, scary action is in the bond market. The nightmare scenario, which we saw play out in 2008, is that falling asset prices cause a scramble for cash, which leads to fire sales that drive prices even lower, and the whole system implodes. Suddenly, that scenario doesn’t look impossible.
Rutgers University’s Network Contagion Research Institute released a new report on so-called “assassination culture” online, with Anti-Trumpism figuring prominently.
I’ll posted a brief quote below to give a sense of the undercurrent of political violence we’re dealing with — NOS4A2
That’s not party loyalty. The Republican party which existed for decades was destroyed by the MAGA populist movement, and many of its brightest lights either fled to the Democratic party or became independents. It is precisely because loyalty to the old Rebublican party dissolved that a former Democrat like Trump could become the new embodiment of the party. To the extent that a percentage of his voters were not MAGA populists, this was because they thought that when it came to running the economy he would govern like a free market, small government pro-business Republican, which is precisely what he did in his first term.Beyond that, the problem is party loyalty. Only a handful of Republicans could bring themselves to vote against their party's candidate: a morally bankrupt criminal Republican is more acceptable than any Democrat — Relativist
Many wealthy people imagined that Trump II would be like Trump I, mostly a standard right-winger with a bit of a protectionist hobby. They thought he would cut their taxes, eliminate financial and environmental regulations and promote crypto, making them even wealthier. They expected him to back off his tariff obsession if the stock market started to fall. If he ripped up the social safety net, well, they don’t depend on food stamps or Medicaid.
And if Trump II really had been like Trump I, America’s oligarchs would be very happy right now.
They're not paying the tariffs, so is he just fucking stupid in all this believing the money will flow into the nation and not just out of the pockets of its businesses and citizens? — Christoffer
If so, then why don't people do anything about it?
— Christoffer
How, though? He’s been empowered by the popular vote to do what he’s doing. — Wayfarer
↪Punshhh ↪Joshs
The tariffs and the return of "industrial policy" that differed radically from the neo-liberal orthodoxy that had dominated the GOP for decades were discussed throughout the campaign. You can find all sorts of articles on this from before Trump was elected, and he had rhetoric focused on the trade deficit in his speeches on a regular basis.
It's certainly true that when voters pick a candidate they are rarely selecting on a single issue, but it's hardly a move that has come out of left field. Both polling and my person experience living in an area that went hard for Trump suggest that the most common attitude for supporters is that they are willing to "try it out" and suffer some "short term pain for long term gain." — Count Timothy von Icarus
Second, it's perhaps dysfunctional that major policy choices are made wholly by presidents in this way. That's an outgrowth of decades of dysfunction in Congress, which can no longer govern — Count Timothy von Icarus
Seems like you wouldn’t make these cuts if you were interested in revitalizing American industries. — praxis
"Hey tariffs will make things cost more but at least there's less government spending on social security" isn't the win you think it is — Mr Bee
Corporations will go wherever they can get short-term profits, which is why they will also flock back to Russia without state intervention to stop them. — Count Timothy von Icarus
Franklin D. Roosevelt, when he was president in the 1930s, said that you have to try things. And if they don’t work, then you admit it, you abandon that, you go on to something else and you try that until you come across something that does work.
That’s not a bad approach if you are operating within a known system of rules. But if you are the one who’s making the rules, then all the other people have no idea what you’re going to do next. And that is a formula for having people hang on to their money until they figure out what you’re going to do.
And when a lot of people hang on to their money, you can get results such as you got during the Great Depression of the 1930s. So if this is just a set of short-run ploys for various objectives limited in time, fine, maybe.
But if this is going to be the policy for four long years, that you’re going to try this, you’re going to try that, you’re going to try something else, a lot of people are going to wait.
I never claimed that he didn’t win fair and square. Hitler won in a fair and free election, too. That doesn’t mean he didn’t govern by edict rather than rule of law. As to people getting what they voted for, a sizable chunk of those who voted for Trump thought they were getting someone quite different than what he has turned out to be. The ones who put him over the top did not vote for 19th century mercantilist protectionism.Meanwhile, Trump won the most votes in a free and fair election, and his party won both chambers of Congress. People are getting what they voted for. It's not a failure of "too little democracy" (i.e. "too much authority") when a proven incompetent populist demagogue wins power, quite the opposite — Count Timothy von Icarus
There may be a temporary increase in demand, but in the longer term American companies will not be able to compete with foreign companies who re-assemble cheaper supply chains excluding the U.S.
It's probably more likely to be the opposite, provided the tarrifs remain in place. — Count Timothy von Icarus
I'm not predicting rosy days, I'm just saying an emotionally neutral viewpoint is not predicting disaster. Maybe a recession. — frank
Black swan events happen often enough that every company takes risks to expand. But if anything, a lot of American companies should look for an increase in demand resulting from the tariffs. — frank
That said, one expert opinion is that recession probably wouldn't be caused directly by the tariffs, but rather by the fear inspired by them — frank
Some believe the U.S. is strategically positioned to leverage tariff-induced chaos in order to push for a "Mar-a-Lago Accord" that could simultaneously weaken the dollar and preserve its status as the world's reserve currency, ultimately leading to re-industrialization — praxis
↪Joshs
Have you spoken with an expert in economics or geopolitics about these predictions? There are a number of educated opinions on Reddit, although the moderator on AskEconomics just locked the thread because it was getting too rambunctious. — frank
If so, then why don't people do anything about it? Why is everyone just accepting that all of this is going on — Christoffer
↪praxis
I thought you might want to show where no tax for anybody who makes less than $150,000 a year is proposed. I couldn’t find it.
I guess use your imagination then. How would that tax cut benefit the 1% in your view — NOS4A2
In a meeting with Republican congressional leaders in June 2024 Trump said he favored an “all tariff policy” that would allow the United States to abandon the income tax. He said it again in October 2024, first to a bunch of guys in a Bronx barbershop (“When we were a smart country, in the 1890s…. [we] had all tariffs. We didn’t have an income tax”), and then to Joe Rogan. (Rogan: “Were you serious about that?” Trump: “Yeah, sure, why not?”) Trump said it yet again in his inauguration speech (“Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens”). One month later, Trump’s tariff-crazed Commerce secretary, Howard Lutnick, discussed the idea in some detail:
“His goal is to have external revenue. You know, the way I think about it, we all are so used to paying taxes, we’re so used to it, we have like Stockholm syndrome. You know, “Don’t stop the Internal Revenue Service, God forbid!” … Let [other nations] pay a membership fee. We all understand that model. Let them pay…. I know his goal is: No tax for anybody who makes less than $150,000 a year. That’s his goal. That’s what I’m working for.”
This drew a little more attention than Trump’s remarks. Maybe that was because Lutnick’s scheme was one-quarter less insane. In Lutnick’s formulation, the IRS would still tax people whose income exceeded $150,000. Still, exempting everybody else would cut loose at least three-quarters of all current taxpayers, at a cost to the Treasury of about $1 trillion per year. (The under-$150,000 cohort would still have to pay payroll tax, which for most in this group exceeds what they pay in income tax. But I digress.)
A $1 trillion hole in tax receipts is smaller than the nearly $3 trillion hole left by eliminating the income tax entirely. But $1 trillion is still an insane amount to have to raise in tariffs on $3.3 trillion of imports. Lutnick said later that none of this would happen until the budget was balanced, at which time everybody heaved a sigh of relief, because there’s no chance in hell Trump will ever balance the budget. Trump’s immediate reason to hunt tariff revenue is to try to cover the cost of his tax proposals: extend the 2017 tax cut, restore the deduction for state and local taxes, eliminate taxes on Social Security benefits, et cetera. The cost of these approaches a whole ‘nuther $1 trillion per year.
Have you noticed that Trump never gets a number right? He will never acknowledge arithmetic. I don’t feel certain Trump’s even signed on to Lutnick’s compromise idea of eliminating the income tax only on incomes below $150,000. But to pursue any version of this scheme, Trump needs to slap tariffs on everything that moves, while leaving his underlings to supply a rationale. Just about any justificaiton will do.
The left died. This is what's taking its place — frank
Public-opinion polling on Trump’s economic management, which has always been the floor that has held him up in the face of widespread public dislike for his character, has tumbled. This has happened without Americans feeling the full effects of his trade war. Once they start experiencing widespread higher prices and slower growth, the bottom could fall out.
A Fox News host recently lectured the audience that it should accept sacrifice for Trump’s tariffs just as the country would sacrifice to win a war. Hard-core Trump fanatics may subscribe to this reasoning, but the crucial bloc of persuadable voters who approved of Trump because they saw him as a business genius are unlikely to follow along. They don’t see a trade war as necessary. Two decades ago, public opinion was roughly balanced between seeing foreign trade as a threat and an opportunity. Today, more than four-fifths of Americans see foreign trade as an opportunity, against a mere 14 percent who see it, like Trump does, as a threat.
As the political scientists Steven Levitsky and Lucan Way point out, “Authoritarian leaders do the most damage when they enjoy broad public support.” Dictators such as Vladimir Putin and Hugo Chávez have shown that power grabs are easier to pull off when the public is behind your agenda. Trump’s support, however, is already teetering. The more unpopular he becomes, the less his allies and his targets believe he will keep his boot on the opposition’s neck forever, and the less likely they will be to comply with his demands.The Republican Party’s descent into an authoritarian personality cult poses a mortal threat to American democracy. But it is also the thing that might save it.
↪Joshs Americans are in for a real ride now. At least for others, it's just the exports to the US going down the drain... for the US consumers, a bit different. — ssu
Ontario Premier Doug Ford said he spoke with Prime Minister Mark Carney about that prospect on Wednesday morning ahead of President Donald Trump’s ominous Liberation Day announcement on sweeping new tariffs.
Ford suggested that Carney told him a zero-tariff situation was possible if Trump agreed to drop all tariffs.
Some hinge propositions are of the form "...counts as...", and as such their role is in setting up the language game. "The piece that only moves diagonally counts as a bishop"; "This counts as a hand"; "'P' counts as true if and only if P". — Banno
, I often "take it as true" that my colour judgements are synonymous with the optical colours, due to learning the colors by ostensive definition; in spite of the fact that the definition of the optical colours makes no mention of my color judgements. — sime
What are the philosophical / epistemological / logical grounds for hinge propositions being exempt from doubt?
— Corvus
I guess you could doubt them, you just exit the language game when you do — frank
For example:
i) That Paris is in France cannot be doubted means that we started with a doubt and then concluded that our doubt was baseless.
ii) That Paris is in France is exempt from doubt means that we are not even allowed to doubt at — RussellA
In the second way of thinking, only the epistemological ‘I know’ represents my conviction (justifiable or not) that what I believe to be the case corresponds to what is actually the case. The hinge ‘ I know’ is not a conviction that what I believe corresponds with the way things actually are. It functions prior to correspondence, and the split between hypothesis and experience. Both what makes hypothesis and any possible experience that could validate or falsify it intelligible are already framed by the hinge conviction. — Joshs
The two language games I'm referring to are seen in one use of 'I know.." as an epistemological use, the other use as an expression of a conviction. Something I believe to be an indubitable truth, which doesn't have a justification like normal propositions. There is no justification; it's a lived conviction shown in our actions — Sam26
I don't understand what "the superordiante concept" might be. This in relation to the yin-yang. Here addressed as though it in fact occurs. — javra
A thing will have masculine and feminine aspects. Take one of the masculine aspects. Does that masculine aspect have feminine meta-aspects? This is a way of saying, that while an object level phenomenon has masculine and feminine aspects, the aspects themselves are dichotomously masculine or feminine. — fdrake
This is clearly part of Trump's Project 2025 program. Did Musk set you up to this? — T Clark