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I laughed at the Smaug example because it's a good analogy - wealth doesn't hurt anyone sitting in a cave. And aggregate demand is controlled by the Fed - if i
by Eliezer 9y ago
I laughed at the Smaug example because it's a good analogy - wealth doesn't hurt anyone sitting in a cave. And aggregate demand is controlled by the Fed - if it's too low "because" rich people are sitting on bank accounts, everyone at the Fed should be fired for incompetence.
- xiphias 9y agoWhy is it incompetence if Fed increases shareholder value?
- BoiledCabbage 9y agoAt some point people will realize it's bad too optimize the world for shareholder value.
- partomniscient 9y agoBut at that point, will it be too late to do anything about it? Like most things, it depends where you are in the scheme of things.
- userpass 9y agoRight now the fed is trying to solve this issue by giving more money to the people with the caves.