Yep, it would be fascinating if it happens because not only would the US be comiting compete economic suicide and almost certainly take most of the gobal economy down with it to a decent degree thanks to the US dollar’s heavy use as a foreign reserve, but hyperinflation would hit his donors the hardest while wiping nearly all debts out of the US system.
Given the economic chaos the US stock market, realstate market, and retirement savings would all go down with it. The only possible winners to such a move are Russia, and to a lesser extent China and the EU.
Wouldn’t do anything to wipe out the debts of the working class. Inflation doesn’t translate to increased wages, as we can clearly see from the last few years. It would wipe out the debts of the rich, though. China’s currency is sort of artificially pegged against the dollar, a devaluation of the dollar could cause them a lot of problems also, as they’d be forced to devalue their own currency to maintain its peg.
My guess would be it’s to weaken the value of US currency against others, making assets held overseas (like in China, Russia, or Saudi Arabia as a few totally random examples) worth more.
Inflation? But that’s what they’ve been blaming Biden for the last four years. Surely Repubs would behave with consistency and integrity and not deliberately do the exact thing they have been screeching about.
qwertyqwertyqwerty@lemmy.one 6 months ago
Devaluation = Inflation, right? This sounds like a terrible idea.
sonori@beehaw.org 6 months ago
Yep, it would be fascinating if it happens because not only would the US be comiting compete economic suicide and almost certainly take most of the gobal economy down with it to a decent degree thanks to the US dollar’s heavy use as a foreign reserve, but hyperinflation would hit his donors the hardest while wiping nearly all debts out of the US system.
Given the economic chaos the US stock market, realstate market, and retirement savings would all go down with it. The only possible winners to such a move are Russia, and to a lesser extent China and the EU.
Bartsbigbugbag@lemmy.ml 6 months ago
Wouldn’t do anything to wipe out the debts of the working class. Inflation doesn’t translate to increased wages, as we can clearly see from the last few years. It would wipe out the debts of the rich, though. China’s currency is sort of artificially pegged against the dollar, a devaluation of the dollar could cause them a lot of problems also, as they’d be forced to devalue their own currency to maintain its peg.
Jimmyeatsausage@lemmy.world 6 months ago
My guess would be it’s to weaken the value of US currency against others, making assets held overseas (like in China, Russia, or Saudi Arabia as a few totally random examples) worth more.
HootinNHollerin@lemmy.world 6 months ago
Traitors the lot of em
numbermess@lemmy.world 6 months ago
Well, this tracks with their philosophy of “pick whatever choice is the worst option possible,” so at least it’s unsurprising.
jkrtn@lemmy.ml 6 months ago
Inflation? But that’s what they’ve been blaming Biden for the last four years. Surely Repubs would behave with consistency and integrity and not deliberately do the exact thing they have been screeching about.
muffedtrims@lemmy.world 6 months ago
Money printer go brrrrrrrrrr