A horrifying number of people literally believe that if the govt prints money and spends it, that this makes our economy wealthier.
Discussion
UNIVERSITY PROFESSORS SAY THE DARNEDEST THINGS
In fairness, it kinda did as long as other countries were buying the vast majorities of our treasury offerings.
We had that privilege until ~2014 ā¦
I understand the ending was always inevitableā¦and weāre in the late stages. But there for a generation+ we were able to get away with it due to American exceptionalism (and a global agreement that the dollar was the reserve currency).
Except that it didnāt. It did not grow, it shifted currency to our biggest export and gutted domestic production. It literally shrank the real economy in exchange for importing massive amounts of cheap shit. But since the GDP is just an arbitrary number that goes up if you print money and politicians think consuming stuff is growth, they can make it appear that way.
The reality is the opposite. Printing money has robbed us of our stability, our production capacity, our competence and skills, and our savings. We are vastly worse off because of it.
Our generation and after is worse off. Our grandparents and parents benefited from the windfall.
That was my point, time preference matters. It worked out tremendously well for 2+ generations of Americans. They donāt really appreciate that it came at the expense of future generations yet ā¦ though it is getting harder to ignore.
https://www.bbc.com/news/articles/c5y7jmlyx02o
Because theyāre able to read things like this without thinking
Keynesians
Itās so horrifying that itās making me think maybe monarchy could be better than democracy.
but I thought you had to print more currency to meet the demand of a growing economy.... dumb af
āStimulateā
The U.S. government has declassified multiple documents that offer any investigatory journalist worth their salt answers to multiple matters considered to be contentious within the context of religious debates, like what caused the flood myths everyone has as well as the YOLO/reincarnation debate.
The truth is out there, but just like the future, Bitcoin, and NOSTR, it is unevenly distributed.
Open minded seekers armored with robust discernment (logic, logical fallacies, well rounded knowledge of math, sciences, etc.) will find these things.
Most are not open minded.
Many who are open minded have rice paper thin armor when it comes to discernment.
Most carry attachments to the cosmology pushed upon them by the hands that fed them as dependent children.
Many develop a form of Stockholm-Syndrome-like egotistical attachment to every single thing the parents, teachers, guides, etc. taught them under the oft unstated but covertly understood threat of "It's my way or the highway, kid." That carries over into adulthood in many cases.
This kind of explains Peter Schiff. Erwin WAS right about taxes and the Federal Reserve and precious metals and everything like that B.S. (Before Satoshi).
Peter's problem is that his method of being right was listening to his father who is no longer with us. Method and results are not necessarily correlated. Even a blind squirrel sometimes finds a nut as they say.
In this case, Erwin, like Ron Paul, probably would have understood Bitcoin. If that had been the case, Peter would have followed Erwin's suit because that's what Peter does.
almost nobody understands what money is.
Stupidity meets public education... et voilĆ”!
They probably think this because that is what media says, what you learn in financial education, but also because the financial system has been able to sustain this inevitable falling house of cards.
Probably must people who lived before 1971 weren't aware of the impact to convert your dollars to gold. So must of us have never lived in such a reality.
Was arguing with someone about it.
They think that printing 1 trillion to fund AI GPU data center will grow the economy in real terms.
All those GPUs will be ewaste 4 years from now. Technology advances way too quickly.
If 60 ounces of gold are needed to buy a car, then 60 ounces should be considered a single unit when assessing its marginal utility.
Should a man bake cake?
Should you give him the fourth egg?
utility of money depends on yesterday's purchasing power.
It's just like electrolytes... more is better, right?
Something similar with minimum wage
Like 99% of the population believes that shit
Psyop
You canāt fix stupid.
In Australia they think if they tax more govt can assist with the cost of living.
I think we should dismantle the education system first in order to fight this
Nobody is printing more stuff. That takes real effort and human time. Fucking with the tape measure is not going to build an extension on your house.