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Look at the amount of money that Wall Street has access to since 2020 began and it should tell you everything you need to understand what caused this. Your doll
by orangepurple 3y ago
Look at the amount of money that Wall Street has access to since 2020 began and it should tell you everything you need to understand what caused this. Your dollar is suddenly worthless.
https://fred.stlouisfed.org/series/M1SL https://fred.stlouisfed.org/series/M1SL
- Jcowell 3y agoWTF happened? how did they get access to so much?
- orangepurple 3y agoThe federal reserve divorced the dollar from the gold standard in the 1970s. It can issue as many dollars as it wants at will. There is nothing to stop it except the destruction of the global economy if it becomes too reckless. See Zimbabwe Hyperinflation to see what happens when the central bank becomes unhinged. My friend still has a 100 trillion dollar note on his fridge from that period.
- statop 3y ago"In May 2020, the Federal Reserve changed the official formula for calculating the M1 money supply. Prior to May 2020, M1 included currency in circulation, demand deposits at commercial banks, and other checkable deposits. After May 2020, the definition was expanded to include other liquid deposits, including savings accounts. This change was accompanied by a sharp spike in the reported value of the M1 money supply."
- orangepurple 3y agoHow convenient to change the definition at the same time that a tectonic shift in monetary policy occurs