Keynesian economics, expectation: Scholars diligently collecting data on the state of the economy and scientifically managing the monetary system for the public good. Keynesian economics, reality:https://twitter.com/realDonaldTrump/status/1164174364994080768 …
Politicians trying to get re-elected are the epitome of high time preference.
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In the mind of the monetary central planners, everything was going great & the planning was working fine until the politicians started interfering in their job. They refuse to understand this is a feature of their primitive technology, not a bug! Bitcoin Fixes This!
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The Federal Reserve is a private entity and has no legal obligation to do what the president says. Do they do so when it is convenient so they can retain their ability to control our money supply. Sure. But that them being independent is far from a myth.
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The real way they are not independent is that the government enforces their monopoly on money creation and payment settlement. Everything else is details, including the monetary policy. But don't worry. Bitcoin Fixes This.
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The incentives of democratic politics is totally skewed towards high time preference fiscal irresponsibility
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That's the flaw of Keynesian demand side driven stimulus theory. Politicians incentives are never aligned with the idea to tighten fiscal spending in good times...
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Indeed they are Nick! For example, in Argentina the current government is literally and legally giving away "free" money in order to get reelected.
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Doing whatever it takes to maintain power. Case and point:https://twitter.com/Rhythmtrader/status/1164195133023248385?s=20 …
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A decade long perspective at most and constantly decreasing as their time in the spotlight wanes.
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Without a shadow of a doubt one of the most negative forces in our world.
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