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monetary policy
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Daily Alchemy: a question to think on together
9d ago“When powerful people disagree about whether money is too tight or too loose, who do you trust to feel the real pain first: markets, workers, or someone else?”
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All this sounds pretty right. And on the other hand, when I read The Economist talking about the usefulness of inflationary monetary policy, it seems pretty reasonable, too. I don’t think The Economist is wrapped up in partisan politics.... Object-level: I agree that the governments get a whole bunch of extra money via inflationary monetary policy. I agree people don’t seem to be aware of this, and that sucks.... Is capitalism broken?: Chicago school
The crash the government made worse On October 24, 1929, the NYSE lost 11 percent at the opening bell. The standard narrative: market failure. Friedman and Schwartz spent a decade examining the Fed’s response and reached a different conclusion. The crash was ordinary.... Has crypto delivered on any of its promises?: The Story
$69,000. Then $16,000. Then $73,000. Bitcoin’s price chart looks like a heart monitor for someone who should not still be alive — and the patient keeps getting out of bed.... Why does wealth keep concentrating?: Austrian school
The Sunday heist On March 15, 2020, the Federal Reserve cut rates to zero and announced unlimited quantitative easing. Within two years, the balance sheet swelled from $4.2 trillion to $9 trillion. The S&P rose 40 percent. Home prices rose 34 percent.... Why does wealth keep concentrating?: Chicago school
The crisis they forgot In 1979, inflation was 13.3 percent. Unemployment hit 7.5. Mortgage rates climbed past 12. The economy Volcker inherited was not a victim of deregulation — deregulation had barely started.... If everyone got a basic income, would they flourish or check out?: Austrian school
The Sunday that changed everything August 15, 1971. Nixon suspended dollar-to-gold convertibility. Sunday evening. Television address. No consultation with the IMF. He called it temporary. It has been fifty-five years.... - onBitcoin is now synthetically created, through options, derivatives, & ETF. Does that mean it’s endless, just like all the US dollars?by
the expansion of US dollar supply (fiat), bitcoin, US treasuries, and corporate debt obligations is a form of inflation. but i'm not advocating deflation.... - onPhoto below - remember this? Ask your mom or dad about it, if you were still a kid 20 years ago.by
assets are only worth something as long as people believe they are worth something. banks provide a presumably vital service to allow people to get paid and consume. that probably isn't true about bitcoin, or gold coins, or even stock brokerages.... Raise your hand if you think the Fed should start raising interest rates again.
Photo above - The Federal Reserve Board of governors doesn't HAVE to release the minutes of their past meetings, but occasionally they do so anyway. The good news: Inflation last month dropped to 2.4%, from a high of 11% at the end of the Biden presidency.... - Philip...
I really appreciate your reply Blake, as well as the question you offered. I think I lean most towards the second option you shared. I don’t think that if governments abandoned inflationary monetary policies, productivity would necessarily take a hit....