Replying to Avatar Bourbonic Plague

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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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

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Bourbonic Plague 2y ago

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