“Remember tariffs are a tax, and they’re primarily a consumer tax,” Scaramucci added. It’s “a consumption tax, sort of like a VAT [value-added tax]. And that’s a regressive tax. So what ends up happening is the poor people — it eats up more of their disposable income than any other income group.”
“Tariffs are actually — we’ve had a lot of experience with them. They’re an act of war, to some degree,” Berkshire Hathaway (BRK-B) CEO Warren Buffett said in a new CBS News interview on Sunday.
Fair enough. You’ve got to have just the right amount of pain.
Also depressions tend to have a knock on effect where it wipes out their wealth, this is probably why they are trying to force crypto. Though I suspect that if they crash the USD crypto will also implode.