Yash
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Video message from Federal Reserve Chair Jerome H. Powell: federalreserve.gov/newsevents/spe…
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Congrats to Joe Gebbia on becoming the first Chief Design Officer of the United States. In this newly created role, Joe will oversee the redesign of roughly 26,000 federal web portals, many of which are obsolete, so they better serve social security recipients, veterans, and all citizens.
As a former cofounder of @Airbnb, @jgebbia could have done anything next but decided to volunteer his time and expertise to public service. Thank you Joe.
And thank you to President Trump for creating this new function by executive order and continuing to attract the best talent from the private sector to join his administration. It’s an honor to be part of!
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Now that the budget bill has passed Congress, we can see what the projections look like for deficits, government debt, and debt service expenses. In brief, the bill is expected to lead to spending of about $7 trillion a year with inflows of about $5 trillion a year, so the debt, which is now about 6x of the money taken in, 100 percent of GDP, and about $230,000 per American family, will rise over ten years to about 7.5x the money taken in, 130 percent of GDP, and $425,000 per family. That will increase interest and principal payments on the debt from about $10 trillion ($1 trillion in interest, $9 trillion in principal) to about $18 trillion (of which $2 trillion is interest payments), which will lead to either a big squeezing out (and cutting off) of spending and/or unimaginable tax increases, or a lot of printing and devaluing of money and pushing interest rates to unattractively low levels. This printing and devaluing is not good for those holding bonds as a storehold of wealth, and what’s bad for bonds and US credit markets is bad for everyone because the US Treasury market is the backbone of all capital markets, which are the backbones of our economic and social conditions. Unless this path is soon rectified to bring the budget deficit from roughly 7% of GDP to about 3% by making adjustments to spending, taxes, and interest rates, big, painful disruptions will likely occur.
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Warren Buffett has consistently expressed criticism towards tariffs, viewing them as economically disruptive and harmful to consumers.
Here’s a summary of his key statements on tariffs over the years:
2003: Proposal of Import Certificates
Buffett warned that persistent trade deficits were transferring national wealth to foreign entities. He argued that tariffs were not the ideal solution. Instead, he proposed an alternative called “Import Certificates”, which he described as “a tariff by another name” but unlike tariffs designed to retain free-market virtues. ICs would require importers to obtain certificates tied to export values, aiming to balance trade without targeting specific industries or countries, thus reducing the risk of trade wars.
2016: Opposition to Tariff Proposals
Buffett called Trump’s tariff proposals “a very bad idea,” emphasizing their potential to disrupt international trade and harm the US economy. He argued that tariffs act as a tax on consumers and could lead to inefficiencies in global trade frameworks.
2018: Tariffs Aggravate Inflation
Buffett noted that tariffs on aluminum, steel, and Chinese goods raised costs for Berkshire’s businesses, exacerbating inflation. He warned they would “aggravate it significantly,” hurting consumer budgets.
2019: Trade Wars Harm the Global Economy
Buffett warned that a trade war would be “bad for the whole world,” stating, “A world that adjusts to something very close to free trade … more people will live better than in a world with significant tariffs.”
2020: Tariffs as a “Self-Inflicted Wound”
Buffett labeled tariffs a “self-inflicted wound,” noting they raised costs for Berkshire subsidiaries and hurt consumers more than foreign producers, saying, “We’re paying for these tariffs, not China, adding that they “distort markets and punish efficiency.”
2025: Tariffs as an “Act of War”
Buffett called tariffs “an act of war, to some degree,” and a consumer tax fueling inflation, stating, “The Tooth Fairy doesn’t pay ’em.”
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@MingoAirdrop @HyperliquidX awesome - when would that be? announced yet?
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zksync.satori.finance/earn
This is the last tweet in this thread.
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GM Satori fam,
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I will give away 1 Milly $Billy to someone who quote tweets this with #BillytoaBilly and you have to comment below #BillytoaBilly too.
Lets get #BillyToABilly Trending!
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