[deleted] t1_iy1xbju wrote on November 28, 2022 at 3:00 AM

Reply to comment by WolverineDifficult95 in How a CoinDesk scoop led to the fall of Sam Bankman-Fried and implosion of FTX by redhatGizmo

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WolverineDifficult95 t1_iy1y9hz wrote on November 28, 2022 at 3:08 AM

Americans here are furious when someone insinuates we are anything less than gods gift to earth and our money is not the most sacrosanct pact ever made backed by a military that has never failed and possesses absolute power over the planet.

didsomebodysaymyname t1_iy26mx5 wrote on November 28, 2022 at 4:19 AM

I think people just accurately assessed your opinion was idiotic because you think USA=FTX, not because they shove flags up their own ass.

I don't think the US is the most sacrosanct whatever, I can just tell the difference between a corrupt nation-state and a ponzi scheme.

Rome lasted for centuries. Ponzi schemes last years.

WolverineDifficult95 t1_iy3roya wrote on November 28, 2022 at 3:12 PM

Apparently you can’t tell the difference because social security is a textbook ponzi scheme. Newer deposits are being used to pay older investors.

Last time I checked Rome wasn’t running a Ponzi scheme like the USA is.

didsomebodysaymyname t1_iy56m4e wrote on November 28, 2022 at 8:54 PM

You either don't understand how a Ponzi scheme works or how SS works or both.

The fundamental problem with a Ponzi scheme is that there's no actual business that's generating wealth.

But with SS there is real wealth generation, the entire US workforce. In a sense, the US workforce is the "business" that generates wealth for the retired. They do not (normally) put your SS payments in a bank for 40 years, they give them directly to retirees.

So literally the only way for SS to not have money to pay retirees something is if everyone is unemployed.

A ponzi scheme can run out of investors to buy in.

Do you think the US can reach 100% unemployment?

It is true that benefits can drop if there aren't enough workers making enough money, but the only way SS can completely fail is for no one to be employed. It should be obvious why that isn't going to happen.

belouie t1_iy20hx8 wrote on November 28, 2022 at 3:27 AM

Funny because it sounds like you’re describing a 2008 righty, but you’re actually describing a 2022 lefty