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The quantity theory of money is trivially shown to be nonsense just by considering what happens to savings (i.e. nothing). You need to up your analysis if you w
by hgomersall 8mo ago
The quantity theory of money is trivially shown to be nonsense just by considering what happens to savings (i.e. nothing). You need to up your analysis if you want to truly understand.
- joe_mamba 8mo agoYou've made accusations but have not brought arguments to support that my take on EU leaders and elites being the ones fucking us, our CoL and purchasing power, is wrong. And savings absolutely did eventually get obliterated by excessive Covid money printing, what are you on about?
- hgomersall 8mo agoI've not made any accusations, nor do I think that the elites are not to blame. I said that "money printing" is not the problem here. The reason it's not the problem is because the quantity of money simply reflects savings. By focussing on "money printing", you're missing the actual problems. Arguably, that's the point, since the elite tend to do well when money is considered a scarce commodity. Sure, spending might cause inflationary effects, but that's orthogonal to quantity (flows not stocks), but then economics is the science of confusing stocks with flows.
- Cold_Miserable 8mo ago"Currency printing" and inflation are exactly the same thing.
- philipallstar 8mo agoWhat happened to savings in Zimbabwe when they printed trillions of dollars? Did that do anything to what those savings would buy?
- hgomersall 8mo agoHere is a discussion of Zimbabwe more complete that I'm likely to write in a comment on HN: https://billmitchell.org/blog/?p=3773 https://billmitchell.org/blog/?p=3773
- inigyou 8mo agoIt is possible that curves are not linear. That is, it is possible that doing 1 of a thing is good, while doing 1000000 of a thing is bad. Your argument is the same as "you say you need water to survive? But what happens if you're trapped in a giant fish tank with no air pocket?" It is not a good argument.
- DANmode 8mo ago> It is possible that curves are not linear. Only reason this one wouldn’t be, is human sentiment being nonlinear. You’re asking to be trapped in a small fish tank with no air pocket…still not a good argument.