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Its funny how inflation is happening across the whole world, but people want to blame U.S. money printing which got us through the pandemic without an outright

Its funny how inflation is happening across the whole world, but people want to blame U.S. money printing which got us through the pandemic without an outright DEPRESSION.

ceejayoz 5y ago
This. The entire global economy ran into a solid brick wall all at once and we came out of it with single-digit inflation and a shockingly mild recession. Thus far, modern economic policy seems to have had a big win here.
- seoulmetro 5y ago
  Just so long as you're already on top, it's a huge win. For anyone who isn't, it's a huge loss or at the very least, a huge widening of the gap.
  - Barrin92 5y ago
    This doesn't make much sense. Inflation erodes debt and is largely driven by wage increases among low income workers. >"For example, rank-and-file workers in leisure and hospitality — the lowest-paying sector of the U.S. economy — got a nearly 16% raise in 2021, to $16.97 an hour. That means the average employee at a bar, restaurants and hotel saw pay rise more than two times faster than inflation, amounting to a net 9% increase in annual pay. Similarly, rank-and-file workers in transportation and warehousing saw their annual pay rise 8.4%, to $25.04 an hour in December. Retail workers got a 7% increase to $19.20. These either exceeded or matched inflation." Your dollars being worth less is bad for people who have a lot of dollars. Which by definition isn't people at the bottom. You're seeing prices go up because people at the bottom of the American food-chain have been getting paid more as covid has impacted supply chains and the workforce. https://www.cnbc.com/2022/01/12/higher-pay-eclipses-inflation-bite-for-some-.html https://www.cnbc.com/2022/01/12/higher-pay-eclipses-inflatio...
    - seoulmetro 5y ago
      You don't have to have debt to not be at the top. That's the point. This isn't a comment against inflation, it's a comment against printing lots of money to protect investments at the top.
  - mensetmanusman 5y ago
    It’s a win relative to a depression, especially for the poor.
dominotw 5y ago
> happening across the whole world housing and rent here havent gone up here in india. usa asset bubble seems a bit insane from outside.
seoulmetro 5y ago
How is people being right funny? Inflation being a side-effect of not having a depression is still inflation. The blame doesn't just suddenly evaporate. The US caused most of the world's inflation.
- ceejayoz 5y ago
  Just the US? https://www.nytimes.com/2020/12/10/business/european-central-bank-stimulus-coronavirus.html https://www.nytimes.com/2020/12/10/business/european-central... https://www.wsj.com/articles/chinas-central-bank-cuts-reserve-requirement-ratio-for-banks-11638786385 https://www.wsj.com/articles/chinas-central-bank-cuts-reserv...
  - seoulmetro 5y ago
    Yes. Just the US caused most of the worlds inflation.
    - SubiculumCode 5y ago
      If so then the world did not go into a depression because of that money printing.
      - seoulmetro 5y ago
        Yes. What's your point? I already discussed that. >The blame doesn't just suddenly evaporate. >The US caused most of the world's inflation. The world follows the US in nearly all cases when there's a problem with the economy. That's what being a lead economy in the world means.

Its funny how inflation is happening across the whole world, but people want to blame U.S. money printing which got us through the pandemic without an outright DEPRESSION.

ceejayoz 5y ago

This. The entire global economy ran into a solid brick wall all at once and we came out of it with single-digit inflation and a shockingly mild recession. Thus far, modern economic policy seems to have had a big win here.

seoulmetro 5y ago
Just so long as you're already on top, it's a huge win. For anyone who isn't, it's a huge loss or at the very least, a huge widening of the gap.
- Barrin92 5y ago
  This doesn't make much sense. Inflation erodes debt and is largely driven by wage increases among low income workers. >"For example, rank-and-file workers in leisure and hospitality — the lowest-paying sector of the U.S. economy — got a nearly 16% raise in 2021, to $16.97 an hour. That means the average employee at a bar, restaurants and hotel saw pay rise more than two times faster than inflation, amounting to a net 9% increase in annual pay. Similarly, rank-and-file workers in transportation and warehousing saw their annual pay rise 8.4%, to $25.04 an hour in December. Retail workers got a 7% increase to $19.20. These either exceeded or matched inflation." Your dollars being worth less is bad for people who have a lot of dollars. Which by definition isn't people at the bottom. You're seeing prices go up because people at the bottom of the American food-chain have been getting paid more as covid has impacted supply chains and the workforce. https://www.cnbc.com/2022/01/12/higher-pay-eclipses-inflation-bite-for-some-.html https://www.cnbc.com/2022/01/12/higher-pay-eclipses-inflatio...
  - seoulmetro 5y ago
    You don't have to have debt to not be at the top. That's the point. This isn't a comment against inflation, it's a comment against printing lots of money to protect investments at the top.
- mensetmanusman 5y ago
  It’s a win relative to a depression, especially for the poor.

dominotw 5y ago

> happening across the whole world housing and rent here havent gone up here in india. usa asset bubble seems a bit insane from outside.

seoulmetro 5y ago

How is people being right funny? Inflation being a side-effect of not having a depression is still inflation. The blame doesn't just suddenly evaporate. The US caused most of the world's inflation.

ceejayoz 5y ago
Just the US? https://www.nytimes.com/2020/12/10/business/european-central-bank-stimulus-coronavirus.html https://www.nytimes.com/2020/12/10/business/european-central... https://www.wsj.com/articles/chinas-central-bank-cuts-reserve-requirement-ratio-for-banks-11638786385 https://www.wsj.com/articles/chinas-central-bank-cuts-reserv...
- seoulmetro 5y ago
  Yes. Just the US caused most of the worlds inflation.
  - SubiculumCode 5y ago
    If so then the world did not go into a depression because of that money printing.
    - seoulmetro 5y ago
      Yes. What's your point? I already discussed that. >The blame doesn't just suddenly evaporate. >The US caused most of the world's inflation. The world follows the US in nearly all cases when there's a problem with the economy. That's what being a lead economy in the world means.