6 ms·

> Take note of all the "economists" who suggested last year that printing tens of trillions of dollars will not result in inflation or recession, and never beli

by nuerow 5y ago

> Take note of all the "economists" who suggested last year that printing tens of trillions of dollars will not result in inflation or recession, and never believe them again. Can you provide any example?

MrPatan 5y ago
Not necessary, it was all of them.
- krisoft 5y ago
  Then it must be very easy to find a few examples.
boppo1 5y ago
Idk, I just watched the house financial services meetings with JPOW and he kept saying "no for sure we pretty much all agree inflation will be transitory". So whoever the economists employed by the Fed are.
- nuerow 5y ago
  > Idk, I just watched the house financial services meetings with JPOW and he kept saying "no for sure we pretty much all agree inflation will be transitory". Your quote states quite clearly that inflation was indeed expected. At most, the claim was that the impact on inflation would not be permanent, which is a blatant truism. Nevertheless, that is not OP's claim.
  - cseoensdiebs 5y ago
    You have been making these pedantic semantic arguments on all the replies in this thread. It’s pretty annoying. We all know that the NYT has been downplaying inflation concerns, lockdown concerns, etc. since the start of the pandemic. Just because what was posted doesn’t literally line up with OPs exact wording in every way doesn’t make the underlying sentiment wrong.
hashberry 5y ago
The NYTimes regularly publishes articles such as "179 Reasons You Probably Don’t Need to Panic About Inflation"[0] with highlights such as: > most products are actually seeing very modest inflation. > the inflationary surge might be “transitory,” or fade quickly on its own. > As we move past the worst of the Covid-19 crisis, such base effects will fade. > For now, inflation is well contained [0] https://www.nytimes.com/interactive/2021/08/18/opinion/inflation-economy-transitory.html https://www.nytimes.com/interactive/2021/08/18/opinion/infla...
- nuerow 5y ago
  > The NYTimes regularly publishes articles such as "179 Reasons You Probably Don’t Need to Panic About Inflation"[0] with highlights such as: OP's claim was "Take note of all the "economists who suggested last year that printing tens of trillions of dollars will not result in inflation or recession". Your own quotes state quite clearly that inflation was expected.
- throw0101a 5y ago
  > The NYTimes regularly publishes articles such as "179 Reasons You Probably Don’t Need to Panic About Inflation"[0] with highlights such as: And how much of the inflation statistics we're seeing are due to "money printing" (which, by the way, is done by private banks through credit creation, and not the Fed). Was the spike in inflation due to a rise in prices in (used) cars due to demand-pull inflation of too much money? Or supply-push because of shortage of available stock? The price of oil (futures) went negative last year and benchmarks like WTI plummeted, so is it any surprises that as people move more the price has rises YoY: * https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures-in-focus-as-coronavirus-dents-demand.html https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures... Shipping costs are over four times higher than the January 2019 baseline: * https://www.oecd.org/economic-outlook#GDP-growth-projections-2021-2022- https://www.oecd.org/economic-outlook#GDP-growth-projections... Is money printing the cause of bottlenecks at ports and the shortage of shipping containers? Folks were saying that (a) we need government cash as a form of disaster relief (née 'stimulus'), (b) this may/will cause a spike in inflation, and (c) this is fine: * https://www.piie.com/blogs/realtime-economic-issues-watch/inflation-fears-and-biden-stimulus-look-korean-war-not-vietnam https://www.piie.com/blogs/realtime-economic-issues-watch/in... Would the US rather have an economy that is "too hot" with inflation or a recovery that falters and people lose their jobs (again)? Some would rather potentially run hot for a little while: > There are risks both ways. If the Fed waits, inflation might become embedded, and bringing it back down again could be painful — though doable. On the other hand, if the Fed raises rates to head off an inflation problem that proves exaggerated, it could damage the economic recovery in ways that are hard to reverse. (Interest rates are still very low, so there would be little room for cuts if the economy weakens.) > So wait-and-see looks like the prudent thing to do. I think current inflation is transitory, but I’m not sure. I am, however, confident that tightening monetary policy based on what we know now would be a big mistake, because the risks of moving too soon and moving too late are highly asymmetric. * https://www.nytimes.com/2021/10/15/opinion/us-economy-inflation.html https://www.nytimes.com/2021/10/15/opinion/us-economy-inflat... * https://archive.is/V3KWI https://archive.is/V3KWI
m0zg 5y ago
There's always Paul Krugman, who's always wrong about everything. But you don't need to go very far. Just turn on CNN and watch them say it on air. Alternatively, read WaPo or NyTimes. The official position of the White House, voiced from the podium by Jen Psaki is that inflation is pretty great, and indicates you're "buying more stuff". I wish I was joking, but I'm not. Enjoy that 6% yearly pay cut, folks. And pray to god it doesn't turn into 6% _monthly_ pay cut, like it did in Russia in the 90s.

by nuerow 5y ago

MrPatan 5y ago

Not necessary, it was all of them.

krisoft 5y ago
Then it must be very easy to find a few examples.

boppo1 5y ago

Idk, I just watched the house financial services meetings with JPOW and he kept saying "no for sure we pretty much all agree inflation will be transitory". So whoever the economists employed by the Fed are.

nuerow 5y ago
> Idk, I just watched the house financial services meetings with JPOW and he kept saying "no for sure we pretty much all agree inflation will be transitory". Your quote states quite clearly that inflation was indeed expected. At most, the claim was that the impact on inflation would not be permanent, which is a blatant truism. Nevertheless, that is not OP's claim.
- cseoensdiebs 5y ago
  You have been making these pedantic semantic arguments on all the replies in this thread. It’s pretty annoying. We all know that the NYT has been downplaying inflation concerns, lockdown concerns, etc. since the start of the pandemic. Just because what was posted doesn’t literally line up with OPs exact wording in every way doesn’t make the underlying sentiment wrong.

hashberry 5y ago

The NYTimes regularly publishes articles such as "179 Reasons You Probably Don’t Need to Panic About Inflation"[0] with highlights such as: > most products are actually seeing very modest inflation. > the inflationary surge might be “transitory,” or fade quickly on its own. > As we move past the worst of the Covid-19 crisis, such base effects will fade. > For now, inflation is well contained [0] https://www.nytimes.com/interactive/2021/08/18/opinion/inflation-economy-transitory.html https://www.nytimes.com/interactive/2021/08/18/opinion/infla...

nuerow 5y ago
> The NYTimes regularly publishes articles such as "179 Reasons You Probably Don’t Need to Panic About Inflation"[0] with highlights such as: OP's claim was "Take note of all the "economists who suggested last year that printing tens of trillions of dollars will not result in inflation or recession". Your own quotes state quite clearly that inflation was expected.
throw0101a 5y ago
> The NYTimes regularly publishes articles such as "179 Reasons You Probably Don’t Need to Panic About Inflation"[0] with highlights such as: And how much of the inflation statistics we're seeing are due to "money printing" (which, by the way, is done by private banks through credit creation, and not the Fed). Was the spike in inflation due to a rise in prices in (used) cars due to demand-pull inflation of too much money? Or supply-push because of shortage of available stock? The price of oil (futures) went negative last year and benchmarks like WTI plummeted, so is it any surprises that as people move more the price has rises YoY: * https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures-in-focus-as-coronavirus-dents-demand.html https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures... Shipping costs are over four times higher than the January 2019 baseline: * https://www.oecd.org/economic-outlook#GDP-growth-projections-2021-2022- https://www.oecd.org/economic-outlook#GDP-growth-projections... Is money printing the cause of bottlenecks at ports and the shortage of shipping containers? Folks were saying that (a) we need government cash as a form of disaster relief (née 'stimulus'), (b) this may/will cause a spike in inflation, and (c) this is fine: * https://www.piie.com/blogs/realtime-economic-issues-watch/inflation-fears-and-biden-stimulus-look-korean-war-not-vietnam https://www.piie.com/blogs/realtime-economic-issues-watch/in... Would the US rather have an economy that is "too hot" with inflation or a recovery that falters and people lose their jobs (again)? Some would rather potentially run hot for a little while: > There are risks both ways. If the Fed waits, inflation might become embedded, and bringing it back down again could be painful — though doable. On the other hand, if the Fed raises rates to head off an inflation problem that proves exaggerated, it could damage the economic recovery in ways that are hard to reverse. (Interest rates are still very low, so there would be little room for cuts if the economy weakens.) > So wait-and-see looks like the prudent thing to do. I think current inflation is transitory, but I’m not sure. I am, however, confident that tightening monetary policy based on what we know now would be a big mistake, because the risks of moving too soon and moving too late are highly asymmetric. * https://www.nytimes.com/2021/10/15/opinion/us-economy-inflation.html https://www.nytimes.com/2021/10/15/opinion/us-economy-inflat... * https://archive.is/V3KWI https://archive.is/V3KWI

m0zg 5y ago

There's always Paul Krugman, who's always wrong about everything. But you don't need to go very far. Just turn on CNN and watch them say it on air. Alternatively, read WaPo or NyTimes. The official position of the White House, voiced from the podium by Jen Psaki is that inflation is pretty great, and indicates you're "buying more stuff". I wish I was joking, but I'm not. Enjoy that 6% yearly pay cut, folks. And pray to god it doesn't turn into 6% _monthly_ pay cut, like it did in Russia in the 90s.