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by md_
1890 days ago
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Increasing money supply without a commensurate increase in CPI is consistent with a rise in asset prices, especially speculative assets. (Maybe this is what you're saying as well?) If the Fed prints $1,200 for every adult making less than whatever it was, and prices of everyday goods and services don't go up, and instead those adults all turn around and spend their $1,200 on Gamestop and NFTs... ...it all kinda makes sense. https://nymag.com/intelligencer/2021/04/nft-future-of-money.... Perhaps more explicitly: purely quantitative attempts to understand the economy (as with monetarist explanations) fail to account for the social component. Maybe people are bored 'cause of the pandemic, and as a result, they spent more of that $1,200 on gambling as a form of entertainment, instead of on restaurants or new clothing. Animal spirits. |
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