Ponzi America is breaking down. It's run out of suckers.
We just can't afford to structure our economy like an Amway downline anymore. We never could.
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This isn't down to the iron laws of economics or the great forces of history. It's because we made rules that let rich people steal from everyone else, including local, state and federal tax authorities, and also workers, customers and suppliers (and society at large). From junk fees to wage theft to greedflation, politicians have thumbed the scales in favor of scumbags who drain the wealth of workers and remit it to parasites.
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These crooks and hustlers keep coming up with ways to squeeze a few more drops out of us. They come up with gimmicks like buy now/pay later (and then slam us with massive fees when we can't pay later), or margin-based gambling on cryptocurrency or "prediction markets," both of which are crooked poker tables where you are always the sucker and the house always wins.
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The Trump administration didn't invent the idea of government-supported scams and hustles, but they sure supercharged it. Trump rips off his supporters like crazy - as anyone who's long on $TRUMPcoin knows - and surrounds himself with "businessmen" notorious for scamming workers, customers, and the government itself.
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But even as Trump throws his support behind hustlers and con artists, he's also backing debt-collectors, whether they're chasing student debt, medical debt, or the spiraling penalties for missing the fourth payment on your Klarna.
Broadly, these are the two industries in America now: scammers who put Americans into debt, and industries who torment Americans into paying the debt.
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And while these two industries represent a *moral* crisis for the nation, they also represent an *economic* crisis, because they are at irreconcilable odds with one another.
If you're in the business of scamming Americans so they go into debt, you want your suckers to have money (so they can give it to you).
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But if you're in the business of collecting the losses Americans incur at the hands of scammers, you're at odds with those scammers themselves - every dollar you collect on debts from the *last* scam is a dollar that can't be lost to the *next* scam.
This is what gave us the Great Financial Crisis: scumbag bankers tricked people into taking out unsustainable mortgages whose "teaser rates" would blow up after a couple years to levels that the borrower couldn't possibly pay back.
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