6 ms·

Exactly. People greatly under appreciate the tremendous job the govt/Fed have pulled. Also, in response to the GP, we actually had a direct comparison between

Exactly. People greatly under appreciate the tremendous job the govt/Fed have pulled. Also, in response to the GP, we actually had a direct comparison between the “inflationary” economics the US followed and a more conservative approach right after the 2007-2009 financial crisis. The Fed “printed money”. The EU didn’t. And the U.S. economy grew faster with lower inflation and a stronger dollar than the EU. Several EU countries are still suffering from the non printing austerity policies the EU followed. Also I’m really struggling to understand the claim that “printing money” has caused massive inflation. I think we can all agree that no entity has “printed” as much money as the US and the Fed have. And still inflation in the U.S. is lower than inflation in the EU or pretty much any other country in the world. It’s almost as if “money printing” isn’t the primary driver of inflation in the world right now.

ChainOfFools 3y ago
And the Bitcoin zealots specifically are guilty of simply playing games with terminology in order to hide their own admission that were a deflationary currency to become standard, with a fixed circulation, you can "print money" just as easily by issuing further and further subdivisions of the initial units of distribution. Thus you hear among crypto zealots how if 21 million units is not enough they could simply start referring to the unit of currency by successive powers of 1/10. Imagine what these people would say if the government answer to inflation was to start gradually pressuring citizens to accept ten-thousandths of pennies as legal tender, the way that coiners advocate switching the bitcoin reference unit to satoshis. Infuriating to hear people advocate this nonsense, as if they think no one is clever enough to realize that expecting later adopters of their scheme to use microscopic shards of the tokens they themselves hold entire, isn't a shameless admission that they're only in this to grossy enrich themselves at everyone else's expense.

ChainOfFools 3y ago

And the Bitcoin zealots specifically are guilty of simply playing games with terminology in order to hide their own admission that were a deflationary currency to become standard, with a fixed circulation, you can "print money" just as easily by issuing further and further subdivisions of the initial units of distribution. Thus you hear among crypto zealots how if 21 million units is not enough they could simply start referring to the unit of currency by successive powers of 1/10. Imagine what these people would say if the government answer to inflation was to start gradually pressuring citizens to accept ten-thousandths of pennies as legal tender, the way that coiners advocate switching the bitcoin reference unit to satoshis. Infuriating to hear people advocate this nonsense, as if they think no one is clever enough to realize that expecting later adopters of their scheme to use microscopic shards of the tokens they themselves hold entire, isn't a shameless admission that they're only in this to grossy enrich themselves at everyone else's expense.