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High inflation causes savers and creditors large tangible harms, as we see today in Venezuela, Iran, Sudan, Nigeria, Argentina, &c. But alleged harms caused by much lower levels of "bad deflation" are very causally remote from monetary decisions -- it's ideological speculation.
While macroeconomic debates are very popular in the fiat central banking world, where monetary decisions are highly political, they are nevertheless ideological speculations not science.
For these reasons, I strongly urge those developing or maintaining cryptocurrencies to focus on trust minimization and security. Protect holders against internally caused loss of value, but treat macroeconomic considerations with many grains of salt and very low priority.
If you read Alan Greenspan’s work, the FED is completely professional & apolitical. I am not sure how or why they try to appease politicians. Congress has no authority over them as the federal reserve act.
Appointed by the President and Congress, able to transfer trillions of dollars to organizations of their choice, but "apolitical". That whopper is right up there with the ICO sams.
Thanks Nic. You’re correct, they do transfer funds arbitrarily
If someone had told me this at the start of my uni macroeconomics course, I could have saved years worth of struggling and feeling stupid. Microeconomics appears grounded in observable science. Macroeconomics is just fairy tales.
'Economics' used to be called 'political economy' until 'political' was dropped a decade before the Great Dep. Then-current practioners thought it was a simple mathematic sci. that was degraded by the 'political'. Ever since, it has been regarded clinically and disserved society.
Keynesian economic model which is followed by major economies suggest that totalitarian interventions may succeed better than free market principle, as per stated in his books german translation pressed in 1937
I disagree that they're ideological - they are purely real politik; a distributed pose with an underlying, unconscious incentive to corral votes for the incumbent.
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