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Yeah, U.S. household net worth is near all-time lows in Fed balance sheet terms and people think crypto is the scam: https://mobile.twitter.com/RaoulGMI/status/

Yeah, U.S. household net worth is near all-time lows in Fed balance sheet terms and people think crypto is the scam: https://mobile.twitter.com/RaoulGMI/status/1398733901913264133 https://mobile.twitter.com/RaoulGMI/status/13987339019132641...

chrisbolt 5y ago
What does “in Fed balance sheet terms” mean?
- atomicnumber3 5y ago
  I think they're referring to the ratio of household wealth to total value of the fed balance sheet. Which is a number easy to calculate and his claim is factually true (mostly because the fed balance sheet has never been bigger). But while his claim is true, in a Boolean sense, I don't know what exactly we're supposed to conclude about the world based on it. This isn't a ratio I've ever seen talked about before. I'm guessing they're insinuating that the size of the feds balance sheet is somehow related to inflation, which it is only in a fairly loose sense.
  - delaaxe 5y ago
    Some analysts joke that the first thing you’re shown when you arrive in hell in a chart of the S&P divided by the Fed balance sheet
    - TchoBeer 5y ago
      What's the joke I don't get it
  - chrisco255 5y ago
    That US household net worth is falling despite the fact that real estate prices and stock prices are near all time highs.
ashtonkem 5y ago
Something being wrong with the economy doesn’t preclude Bitcoin from being a scam. That’s a false dilemma you’re proposing.
- CalChris 5y ago
  It's actually a whataboutism but otherwise I agree.
- chrisco255 5y ago
  This, this is a scam: https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL Notice the 5x supply increase without a corresponding 5x in economic efficiency. Bitcoin is what it is. It's worth what people think it's worth. Just like gold. Gold has minimal practical use in real life but it was used as a type of money off and on for 5000 years.
  - lottin 5y ago
    All money is worth what people think it's worth. Next question.

chrisbolt 5y ago

What does “in Fed balance sheet terms” mean?

atomicnumber3 5y ago
I think they're referring to the ratio of household wealth to total value of the fed balance sheet. Which is a number easy to calculate and his claim is factually true (mostly because the fed balance sheet has never been bigger). But while his claim is true, in a Boolean sense, I don't know what exactly we're supposed to conclude about the world based on it. This isn't a ratio I've ever seen talked about before. I'm guessing they're insinuating that the size of the feds balance sheet is somehow related to inflation, which it is only in a fairly loose sense.
- delaaxe 5y ago
  Some analysts joke that the first thing you’re shown when you arrive in hell in a chart of the S&P divided by the Fed balance sheet
  - TchoBeer 5y ago
    What's the joke I don't get it
- chrisco255 5y ago
  That US household net worth is falling despite the fact that real estate prices and stock prices are near all time highs.

ashtonkem 5y ago

Something being wrong with the economy doesn’t preclude Bitcoin from being a scam. That’s a false dilemma you’re proposing.

CalChris 5y ago
It's actually a whataboutism but otherwise I agree.
chrisco255 5y ago
This, this is a scam: https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL Notice the 5x supply increase without a corresponding 5x in economic efficiency. Bitcoin is what it is. It's worth what people think it's worth. Just like gold. Gold has minimal practical use in real life but it was used as a type of money off and on for 5000 years.
- lottin 5y ago
  All money is worth what people think it's worth. Next question.