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No, I did not miss the point that asset markets have lower velocity. Quite the opposite: I found it obvious and repulsively self-serving to invoke this as an ex
by jjoonathan 4y ago
No, I did not miss the point that asset markets have lower velocity. Quite the opposite: I found it obvious and repulsively self-serving to invoke this as an excuse for rich people to print and pocket ten times as much money.
- sokoloff 4y agoI don't see anywhere that I said that it was a good excuse to do that, merely that (in a thread specifically about inflation) I commented on the relative impact on inflation of high-velocity money vs low-velocity money.
- jjoonathan 4y agoYou repeated a talking point that has been widely invoked to rationalize printing lots of low-velocity money.