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"Who can print money" and "who can introduce money into the economy" are not the same question. Obviously, only the federal government can change the rate of p
by danaris 5y ago
"Who can print money" and "who can introduce money into the economy" are not the same question.
Obviously, only the federal government can change the rate of printing new dollars. But inflation of the monetary supply, in practice, is not merely about "how many dollars are in existence." It's about "how many dollars are circulating in the economy."
Thus, given how much money has been hoarded by the very wealthy over the past 50 years, they have an unprecedented ability to cause inflation themselves simply by deciding to spend more of it.
- HarryHirsch 5y agothey have an unprecedented ability to cause inflation themselves simply by deciding to spend more of it They spend it in the stock market, that's where the inflation is. I remember a time when a P/E ratio of 12 was a signal that the company was highly valued, and a P/E ration of 15 was a signal of a bubble. Nowadays that number for Tesla is ~ 100! That's insane.
- danaris 5y agoWell, yes, exactly; that, and stuff like the cryptocurrency and NFT bubbles are very clear demonstrations of the excessive wealth accrued by the top few %.