Inflation is bad for lenders (i.e. bankers) which has always made me wonder how some people can believe simultaneously that the Fed is responsible for rampant inflation and also working at the behest of bankers.
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Replying to @TheStalwart @BuddyYakov
Bankers are the people the Fed gives money directly to, so this doesn't seem like an inconsistent belief.
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Replying to @Pinboard @TheStalwart
Fed doesn't really give them money. More like clearing tokens we call reserves.
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Replying to @BuddyYakov @TheStalwart
I get it, but they are the counterparty the Fed deals with. If you're analyzing the politics of the situation, then the Fed (caricaturing) gives their banker buddies billions, and then that sparks inflation that hurts everyday people. This may not be true, but it's coherent
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Inflation is only bad for lenders if they are lending their own money. If bankers are perceived as middlemen skimming off Fed funds that are just passing through the bank (like in the current PPP, for example), then there's no tension in believing both things at the same time
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