Comment by 0xDEAFBEAD
1 month ago
This website appears to indicate that Visa/Mastercard fees are about 6x as high in the US vs EU:
https://wallethub.com/edu/credit-card-interchange-fees-by-co...
The EU had such a good deal with the US. But they couldn't resist making fun of us. They made fun of us for our military spending while we deterred Russia. They made fun of us for our health spending while we subsidized their drug development costs. They made fun of our long work hours, while demanding Ukraine contributions based on our high GDP (which is high in part because we work long hours). They talk so much about America's soft power in Europe, without realizing that Europe's soft power in America is practically all gone at this point.
Okay, so you're mad that your country is too stupid to regulate it's own business?
The regulation also forced all merchants to accept Visa/MC without being able to surcharge a fee for it.
Both Companies are quite happy with that deal as it boasted the adoption for their cards across Europe
See this illustrates my point. The "soft power" talking point I sometimes see from Europeans is a complete lie. The idea is that giving Europe relatively favorable terms will cause Europe to regard the US well is a fabrication. In reality, giving Europe favorable terms just causes Europeans to view Americans as suckers.
You are deluded. Nobody "gave Europe a sweet deal". Those are the rules of the land. Companies are free to reject them, in which case they just cannot do business here. We did not force them to come. The fact that they are still obviously making tons of money in the EU should tell you how you are being taken advantage of.
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As the other guy said you're completely deluded. Nobody "gave" us cheaper credit card fees from MasterCard or Visa. They were the result of a regulatory process.
MasterCard or Visa also aren't operating as a charity in Europe.
Before the capping of fees was introduced, their acceptance was shit at most businesses, and most bank consumers also didn't have one, as opposed to cards of the national scheme which had lower fees both for customers and merchants
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> soft power
Go look at what these people thought of us before Trump: https://www.pewresearch.org/global/2024/06/11/views-of-the-u...
> Sweden: 47% had a favorable opinion of the US.; Germany: 49%; France: 46%; The Netherlands: 48%
And this was after the US committed over $120 billion in aid (all weapons and cash) to Ukraine, and, for some reason, allowed Sweden to join NATO--the same Sweden that pledged neutrality when Finland was invaded by the Soviets, who stole the Karelian Isthmus and other bits of its territory, and similarly did nothing when Norway and Denmark were invaded and occupied by Nazi Germany.
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You are paying more for everything because your country is extremely anti social, people alone have no leverage to negotiate prices with visa, pharmaceutics and so on.
Trump is only pushing that « free for all » policy even more, I wouldn’t expect to see things improve for you.
Instead of fixing your country and making the rich accountable, you’re being manipulated to look elsewhere.
Anyway, I believe that the eu cutting ties with the USA is the best thing that could happen to us and I’m glad you’re satisfied. We should have spent much more on military and put an end to the USA military supremacy across the world a long time ago.
Yes, I am very happy to see Europe develop its own military-industrial complex. That way, whenever something bad happens in the world, you will be "complicit" if you sit by, and "imperialist" if you take action. It's a lot of fun!
Besides the military-industrial complex, I am very happy to see Europe develop its own digital systems. That way we won't be totally dependent on Google, Microsoft, AWS, OpenAI, Apple, Visa, Mastercard etc.
Come on, it’s already been that way for more than a century. Old imperial powers cannot do a thing or its opposite without endless recriminations. We’re used to it.
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> The EU had such a good deal with the US.
There are regulations. Both Visa and Mastercard were happy with those and made quite a lot of money from their business in the EU. They absorbed and merged with local alternatives and competitors. It’s a bit rich to complain after the game has been going on for a while that the rules are as they are: they’ve always been that way and if they were not happy, they could just have ignored the European markets. Now, if your point is that you’re being shafted, then congratulations: realising is the first step towards solving. Now, vote for a government that will actually regulate the sector in the people’s favour, not the big corps. We cannot help you for that.
I'm not complaining about Visa or Mastercard fees in the US.
I am pointing out the absurdity of the original European claim that such fees are "protection money" to the US, when the EU is getting a sweetheart deal relative to the US. It's typical disingenuous European rhetoric.
Europe is not getting a "sweetheart deal".
I know it's difficult for you to comprehend, but Governments are supposed to act in the interest of the general population of their country, not for companies and the 1%.
And that includes making sure that markets are working and regulating (near) monopolies
Who claimed which money is protection money of US?