If you don’t see that our deflationary world is becoming an inflationary world, you’re just not paying attention.https://twitter.com/ewarren/status/1120296821300060160 …
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Yes, financial asset price inflation for rich and experiential non-asset price inflation for poor. The former is privileged (persistent, fungible, inheritable), while the latter is none of those things. The latter is “counted” as inflation, while the former is not.
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And is one kind fundamentally more dangerous and fragilizing than the other, for Wonky Reasons?
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i thought economists believed in a story which says exactly this, they speak of something called MPC or whatever
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QE didn’t actually create money supply it created assets/liabilities at different levels of the banking sector. What QE did do is relieve the private of the requirement to buy tsry as the FeD did that. Meaning they could buy risk assets ie “stawks”.
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Upper classes save most of what they earn, or use it unproductively (3rd house, etc). Velocity is much higher with lower and middle classes, who spend most or all of their income.
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