@terryenglish You wanna hear how fucked up my country is? You wanna hear about corporate socialism and it’s inherent kleptocracy?.
Well, the previous administration wanted to “reduce inflation” while at the same time fund government through bond emission. They couldn’t have a better idea than emitting 7-Day treasury letters to suck up circulating money back into the central bank. The problem were twofold, first, banks lending money to the central banks made it impossible for them to lend it to private business owners and industries and, secondly, it progressively raised interest rates since the central bank wanted banks to keep renovating the Treasury letters in order to “reduce inflation”. Obviously, banks had no issue with getting really really really good interest rates on the deal ( 60 to 70% annual interest rate), not to mention all the government had to do to pay those interests was printing money.
Final result? Damn thing destroyed the economy since no private business owner could pay those high interest rates loans, everything got more expensive ( so much for “reducing inflation” ) since industries had to raise prices in order to compensate for the high interest rates and money emission increased because when people started to cash out the loans, banks had to cancel the treasury letters.
How much of a kleptocracy do you think that is, uh?
@terryenglish Ohhh…you ate talking about the Corporate Socialists i.e. the “Davo’s Party”. Honestly, I can’t see how is even possible without heavy handed government regulation and intervention, not to mention the currency manipulation the Federal Reserve does. For example, the Clinton Administration forbid banks from “redlining”, creating the mortage bubble, only for the Obama administration to “reward” them when they all defaulted at the same time. So the government created a problem, only for later start cashing out to their obedient socialist cronies.
Fair reporting on the 1988 @BernieSanders "honeymoon" to the USSR. It gives some necessary context to the audio/video you'll see going around.
https://t.co/CCQWvlZYTx
I have moved to terryenglish@blob.cat so please follow me there.