Comment by joe_mamba
18 hours ago
>Also, a lot of crap in Western countries is caused by tech broligarchs enriching themselves in favor of workers en destroying democracy for tech feudalism.
Not true. The reason my Col is off the charts, salary low and housing unaffordable is due to EU central bank printing too much money leaving us holding the bags, government's zoning laws making housing expensive and them importing millions of immigrants despite record unemployment numbers to put downward pressure on wages and upward pressure on housing. None of this is done by US tech bros, it's all done by EU rulers and elites.
US tech bros is an orthogonal issue that distracts from the core issues.
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.
What happened to savings in Zimbabwe when they printed trillions of dollars? Did that do anything to what those savings would buy?
Here is a discussion of Zimbabwe more complete that I'm likely to write in a comment on HN: https://billmitchell.org/blog/?p=3773
You'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?
I'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.
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