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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The question at the top of the thread is "how can people believe these two contradictory things at once," and this is my attempt to give an explanation. People's belief system tends to be self-consistent to at least some degree, and I think it helps to try to analyze that.
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Part of me thinks people have self-consistent belief systems, while another doesn't.
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