Economists only: What is the downside of printing and distributing trillions of dollars in an environment in which inflation is nil and demand is low? Who loses and when? @joshgans
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The best thing we can do is let the market for money function freely, central bank interventionism and attempts to suppress volatility only exacerbate it in the long-run and inflict heavy iatrogenic costs on society.
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Kind of like all decisions, if you can delay the consequences of every bad decision, you can just ignore all negative consequences altogether?
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The best arguments favor a separation of money and state, as everything a government monopoly takes under its purview becomes plagued by inefficiency (DMV, post office, central banking, etc).
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Unregulated currency wouldn't be failproof, right? Regulation of that supply seems to mitigate risk.
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Sweden.
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The risk is not only inflation, but also stagflation which causes Depressions. Stagflation happens when there is persistent high inflation combined with high unemployment and stagnant demand in a country's economy. I see all those ingredients right now.
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I'm not worried about inflation *down the road.* I'm worried about the permanent destruction of my business now.
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Scott, the market forces at play here have been baked-in for five decades. In the end, the fiat-based global currency system WILL fail, it's only a matter of how fast or slow it happens. To slow it down, govs need more UBI (just had 10 years of QE) - but either way, it's cooked.
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Seems like the more UBI the more likely it fails. What am I missing?
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I once counted at least seven kinds of inflation. Makes naive discussion almost impossible. Be specific. Monetary supply inflation is one kind. This is what the fed does. Consumer price inflation is what most people think about that may or may not be a result of the former.
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We expect monetary supply inflation to be used in cases like this to sustain politically powerful but otherwise unsustainable businesses. It’s the story of the last 30 years - we always avoid creative destruction and the reckoning as too painful. So next time is worse.
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