GM nostriches! 🌞☕💜🧡 #coffeechain #plebchain #grownostr

I've listened to all the #Bitcoin podcasts with the likes of Jeff Snider, Lyn Alden, Macro Alf etc, trying to pin down whether central banks are printing money and if it causes inflation in the sense that more currency is circulating in the real economy.

For me it boils down to this:

If governments, as the result of whatever financial jiu jitsu the central bank is doing, is able to spend more money, then somehow value must have been extracted. And because there are no free lunches this necessarily means that the extracted value must come from somewhere. I can't see any other mechanism than debasement and inflation from where this spending power is taken.

I wish this point was pressed harder in podcasts where they get into the weeds of whether central bank reserves (or whatever the correct term is for the financial reserve assets banks must hold) make it into the real economy or not.

If governments can spend more as a cause of it, then it somehow must!