this post was submitted on 04 May 2024
39 points (100.0% liked)
the_dunk_tank
15910 readers
283 users here now
It's the dunk tank.
This is where you come to post big-brained hot takes by chuds, libs, or even fellow leftists, and tear them to itty-bitty pieces with precision dunkstrikes.
Rule 1: All posts must include links to the subject matter, and no identifying information should be redacted.
Rule 2: If your source is a reactionary website, please use archive.is instead of linking directly.
Rule 3: No sectarianism.
Rule 4: TERF/SWERFs Not Welcome
Rule 5: No ableism of any kind (that includes stuff like libt*rd)
Rule 6: Do not post fellow hexbears.
Rule 7: Do not individually target other instances' admins or moderators.
Rule 8: The subject of a post cannot be low hanging fruit, that is comments/posts made by a private person that have low amount of upvotes/likes/views. Comments/Posts made on other instances that are accessible from hexbear are an exception to this. Posts that do not meet this requirement can be posted to [email protected]
Rule 9: if you post ironic rage bait im going to make a personal visit to your house to make sure you never make this mistake again
founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The Deficit Myth uses a different reasoning that's more widely applicable to fiat currencies. Fiat currencies have value, are used in commerce, because you have to pay your taxes in them. You can't pay with Bitcoin, real estate, or commodities.
Inflation on the other hand is caused by basic supply and demand. Inflation happens when more people want to buy a good than is in supply. The most recent inflation in the US was caused by supply shocks due to covid and eventually the war in Ukraine. Because so much of our economy is monopolized, a few players were able to artificially raise their prices using the real inflation as a smoke screen.
Hypothetically a treasury could print, or swap some numbers in a spreadsheet, as much money as they wanted into existence and no inflation would occur. Assuming everyone was able to buy what they wanted at a fixed price.
at the very start of covid when things were extremely uncertain, mass death was kicking off, and people were scared, i saw this crazy video of anderson cooper interviewing someone from the federal reserve. the fed guy was promising that no matter what horrors were about to come with the pandemic, they would definitely play with the spreadsheet to keep things normal.
anderson cooper was literally crying tears of joy when he heard this. his face and eyes were all puffy and red. he was so relieved.
did anyone else see that interview? it's the only anderson cooper i've ever seen. not sure if it's his normal MO. more of like a jordan peterson thing.
i guess anderson cooper is an MMT guy lol
The Fed is a slightly different beast. They don't spend money into existence like the government does. They lend money into existence. Their primary lever is at what interest rate that lending is done. Anderson Cooper believes in the Chicago School, the poor sod. It's basically the premier economic theory of the US establishment