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In case you are unfamiliar with the concept, here is a clip of Fed Chair Jerome Powell illustrating the Tinkerbell-inflation theory just a couple of days ago https://nostr.build/p/nb3100.mov

Bourbonic Plague 2y ago

You make an interesting point about what Balaji is up to and you are probably onto something there.

But I interpreted Powell saying that in that hearing as him rejecting the idea that we should just set a higher inflation target.

Which is something people keep suggesting as if it is reasonable to steal at an even faster rate just so they don’t lose access to the free money that ZIRP provides them.

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Discussion

Avi Burra 2y ago

He did go on to make that point, which is a separate absurdity in and of itself, however, the thesis that inflation is driven by belief is what I’m pointing out

Bourbonic Plague 2y ago

Yeah, the reactions to #[3] mentioning hyperinflation illustrated just how delusional some people are on that point.