Subnostr

"If people believe inflation will get to 5% then it will, but if inflation is high for too long, people and business will expect high inflation" -Jerome Powell.

J Pow is talking about the "faith in the currency" which believe it or not, economists regard as a very important aspect of how successful something will be at becoming or staying as money.

Bitcoin requires much less faith, but it is still applicable.

https://m.youtube.com/watch?v=EPspYa8TLlA

MrShroom🍄 2y ago

Sounds like paraphrase of:

'A lie repeated a thousand times becomes the truth.'

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Discussion

In this case it doesn't necessarily have to be a lie. In fact, while faith does play an important role, the heavy hand of reality will hit when actions are taken that faith can not resolve.

On the other hand, something that is very good for people and is truth, will not be effective without faith in it.

I think this is more along the lines of "whether you believe you can or you can't, you're right."

MrShroom🍄 2y ago

You are right. There might be breaking point where everybody realizes that this was all just cardboard decorations.