GM☕ #coffeechain

On one of the latest Breedlove pods with George Gammon, they again try to pin down the question: "does the Fed print money?"

It's a very good episode that goes into the technical details of base money, credit expansion, risk etc.

In this though, Gammon does give of the vibe that the FED balance sheet is almost inconsequential to the broad money supply and inflation.

Which is very contrary to the money printing meme repeated by just about everyone, including the most respected people in Bitcoin.

To highlight this seeming contradiction, and to dumb it down, I wish Breedlove would have asked this question:

"Does the FED balance sheet enable goverment spending?"

Then by some conservation law this spending must be funded by something.

And I can't see what else than an inflation tax (that could be dissiminated in a myriad of ways, discontinously, over long time periods making exact correlations hard to identify) could be *that something*