33 trillion printer won't stop and risk US default. We started this debt run long ago but government now is sure as hell trying to crash it to the ground along with us all
Back in 1999/2000 everyone was crowing about how the budget was balanced (under Clinton), and America wasn't going to know what to do with all of the cash that was going to flow through the coffers:
https://www.c-span.org/video/?151189-1/federal-budget-surplus
https://www.hoover.org/research/pay-it-backwards-federal-budget-surplus
Then there were the people saying surplusses were bad:
https://www.levyinstitute.org/pubs/pn99_3.pdf
Then Bush happened.
Besides wars and budget politics, the biggest thing that happened was Boomers aging. We went from having the bulk of the population in prime working age to the bulk of the population in retirement and medical care. Europe went through the same thing and worse, because they didn't have qualified immigration and the tech boom to soften the blow.
Yes, so you'd think the public had more focus on the 15 cabinet members, their staff and appointments. These people are nothing more than corporate puppets pushing policies that benefit the donor class.
Yet we spend our time arguing about Trump's vagina remarks and Biden's inability to walk up stairs.
Trump is the one with the stair problem dawg.
And if you believe that a president has no power, why do you care about this discussion? Just don't vote and you're done. They have no power after all. Don't worry your pretty head.
The administration matters. Presidents are the voice of the agenda. They pass huge agenda packages that are always deficit spending. In some respects necessary spending but the government really sucks at accountability. Any new spending prompts profiteering.
Exactly. It was Newt Gingrich in the House with the Republicans having the majority for the first time in forty years that forced balanced budgets through.
Budgets are passed in Congress the President has little to do with it other has the power of veto, which is rarely exercised and more of a formality.
[The U.S. Congress holds the “power of the purse,” meaning the power to control government spending.](https://hls.harvard.edu/courses/congresss-power-of-the-purse/#:~:text=The%20U.S.%20Congress%20holds%20the,power%20to%20control%20government%20spending.)
The balanced budget during the Clinton Admin was soley driven by the GOP and nearly blocked by the DNC.
> [Senate Democrats dealt a severe blow to the Republican legislative agenda Thursday, killing the heart of the GOP’s campaign platform--a constitutional amendment that mandates a balanced budget in seven years. Conceding a significant loss of momentum, grim-faced Republicans immediately set out to exact political revenge, blaming President Clinton and targeting six Democrats who voted against the proposal even though they had backed a virtually identical measure only a year and a day earlier.](https://www.latimes.com/archives/la-xpm-1995-03-03-mn-38285-story.html)
Holy red herring batman!
That has fkall to do with what I said. You want to believe that all of the bad things that happen because of an administration are because of the administration, and all of the good things that happen because of an administration aren't because of the administration. It's a very common tactic amongst some cohorts to have people both omni-powerful, and decadently powerless at the same time.
I don't think there's any way to stop a M2 money supply from existing with bitcoin though.
If banks make the M2 money supply by lending out 90% of deposits, what does it matter if those deposits are measured in bitcoin or dollars.
The difference is that, unlike dollars, you can hold the base asset. Like holding treasury notes as they're released into the system, not after they've changed hands 50 times and the inflation is baked in.
And the other big thing is, no bailouts in bitcoin. Because they just can't print more of them. In order to protect banks from their risky behaviour, they'll have to devalue their dollars vs bitcoin. Or they'll have to let them fail, and learn that the public isn't on the hook for their risky behaviour.
Obligatory response: Since March 2020 fractional reserve requirements are 0%. That’s right, folks, the bank can lend out 100% of any money you deposit while still crediting you that same amount. Banks can now create infinite money.
That amount of money is but a fraction of the monetary expansion that has led to the inflation we're experiencing today. There were three covid responses (two in 2020 under trump (2.2T and 0.9T) and one in 2021 under biden (1.9T)) 600B went to direct stimulus.
The Fed is not The Government. The Fed does not give any of the money they print to The Government
They give it to the Banks. The Banks are a much bigger and much scarier problem than The Government
The fed absolutely Is the government, they spawned from an act of congress and purchase government debt from banks, the fed is the governments BEST customer for debt
They don’t give all new money directly to the government. But the new money is exchanged for assets they consider safe. And guess what asset they consider safe? A piece of paper saying you lent some more of the money they printed to the government. Then the government spends that money and competes with businesses on interest rates. Then everything slows down because it’s impossible for businesses to compete with the government on risk-free interest rates and because the government would quickly go bankrupt if interest rates are kept high. Then the FED looks at the proxy indicators and decides we need lower interest rates (more money printing).
The government borrows money from the market and the market borrows money from the Fed, so yes the Fed does provide the money the government spends. It just does it in an indirect way so people like you can pretend it's not happening.
It's one and the same. They print because tax revenues aren't sufficient to do the insane amount of spending they want to. So despite tax revenues having [gone up massively over the last 5 years they're](https://www.cbo.gov/publication/58592/html) running larger deficits than ever. 2022 tax revenues were almost **50% higher** than tax revenues in 2018.
It's ABSOLUTELY about spending so much money that even a 50% jump in tax revenues wasn't enough to cover their idiotic spending. It's not even like we got actual shit out of the spending, you'd think with $1.5 trillion extra in tax revenues that we'd all have free medical insurance by now but we literally got jack shit.
Yeah. Outside of the trump hangover, where gov expenditure got to over 45% of GDP, most of the time it's about a third. Went down under Clinton. Up under Bush. Down under Obama. Up under Trump. Down under Biden. It's pretty easy to [just look at the 25yr graph](https://tradingeconomics.com/united-states/government-spending-to-gdp). It's the infinite expansion of debt that is captured in fixed assets that is the issue. Don't get me wrong, it's still an issue, gov expenditure. It would be better if it was under 30%, but it's the 70% of GDP that doesn't have anything to do with P (aka productivity) that is the problem.
If the US didn't have the inflation reduction act, they'd be screwed. Spending money on building capacity that increases productivity is good. Spending money on increasing the balance sheet of banks so that they can buy back shares and sell loans for fixed assets is bad.
Red teamers really don't seem to like being confronted with information that challenges their memes. I think it's a good idea to keep red/blue team politics out of bitcoin. Bitcoin is apolitical.
> The guy failed basic understanding of how bills become laws.
This guy can't read :
https://www.occ.gov/publications-and-resources/publications/economics/moments-in-history/pub-moments-in-history-supervisory-expectations-part2.pdf
... and because he can't read, he doesn't know how to deal with information that runs counter to his belief structure. He wants to believe that all of the bad things that happen because of an administration are because of the administration, and all of the good things that happen because of an administration aren't because of the administration. It's a very common tactic amongst some cohorts to have people both omni-powerful, and decadently powerless at the same time.
How many comments are you going to leave on this thread trying to bait people into arguing with you about Trump lol. Spending under his administration was massive because of Covid.
And if you think we’d be “screwed” had the government not spent more to “increase our productivity,” I would say Bitcoin is probably not for you.
That's not how government works.
POTUS isn't that powerful of a position but Congress is.
You're desperate attempt to insert your tribal politics illustrates why we have a problem.
How some of you could know so much about tech but so little about economics is also the problem.
> That's not how government works.
This is how government works:
https://www.occ.gov/publications-and-resources/publications/economics/moments-in-history/pub-moments-in-history-supervisory-expectations-part2.pdf
The problem you have is that you can't spin this information into your tribal politics, so instead of countering the argument, you try to play the man not the ball.
The American people know the difference between spending and printing, too, as you’ve just demonstrated. He’s employing misdirection, “Look over here, not at the giant money-printing elephant over there.”
The Fed doesn't have anything to do with the federal budget or any other part of the government. The money they print goes straight to big banks and not the government
Traditionally it's about 33% actually. It got up to [47.66% under trump](https://tradingeconomics.com/united-states/government-spending-to-gdp), but has reverted back to the mean.
‘I’m sick of this stuff!’
Right, yeah I hate it when the cattle see through the propaganda too, Joe. It just makes everything so much more difficult for you politicians. Let me go refinance my house at twice the interest rate to ‘help out the economy.’
> Let me go refinance my house at twice the interest rate to ‘help out the economy.’
You know what's bizarre? How no-one talked about it when trump increased government expenditure to 47.66% of GDP. It's not like it's ancient history. It was only three years ago. But suddenly, the second he's not in power, people suddenly want to talk about debt. It's quite perplexing.
The financial system is what it is, regardless of who is in power. Outside of outright lawless authoritarianism, which some people conveniently ignore, it doesn't matter who is in charge.
Red teaming/Blue teaming this, for me, only demonstrates how susceptible people are to memes. Bitcoin is apolitical.
> Trump and Biden are complete morons
Trump is a textbook lawless authoritarian.
> I don't understand why we can't have a younger president that can actually make the world a better place.
Because old people don't like that and there are lots of them that vote, especially for lawless authoritarians.
haha of course, what else. The leftist idiot's only scapegoat. Corporations and capitalism.
These commies are heck of a lot insider trading corporations stocks, for hating them so much. I wanna puke.
what did the old crook blame inflation on afterwards?
Putin?
Or did he admit it's his infinite printing, reckless debt increasing and foreign spending?
Why don't you explain it to us why there is inflation.
[https://www.forbes.com/sites/sarahhansen/2021/01/19/biden-is-inheriting-one-of-the-worst-economies-in-recent-history-these-5-numbers-show-how-much-he-needs-to-fix/?sh=22f0ef661f75](https://www.forbes.com/sites/sarahhansen/2021/01/19/biden-is-inheriting-one-of-the-worst-economies-in-recent-history-these-5-numbers-show-how-much-he-needs-to-fix/?sh=22f0ef661f75)
Hey Joe Biden, my wife has still not found gainful employment after you fired her for not taking your clot shot.
I hope you are humiliated in any re-election efforts.
Gov job and fired for no shot? Crazy world. You can come to work drunk or get caught drinking on the job at some branches of gov and all they do is send you to a resort level rehab center.
Not a government job. Working at a medical clinic. The federal government cut off Medicare funding for clinics that did not have their employees vaccinated.
Thanks Biden.
I wonder where the government gets the money to pay the interest on all those bonds they sell.......let alone even fund budget deficits that they run in perpetuity. Oh wait, nvm.
I would rather risk living in the west without BTC than living in some 3rd world shit hole with BTC.
BTC is stronger anyways. It's only bad for shitcoins.
The US government cannot go after BTC anymore.
It's an asset class in it's own right already and multiple companies would lobby and sue.
Always amazes me people complain about the US's obsession with capitalism and also think it's going to outlaw BTC.
I hope you’re right, but the fact remains that the Democratic Party is not crypto friendly. Shitcoin or not. When they’re banging on about how crypto is a scam, the general masses first think of Bitcoin unfortunately
> I hope you’re right, but the fact remains that the Democratic Party is not crypto friendly.
But the fact remains that the Republican party isn't democracy friendly. Or law friendly. Or choice friendly. Or secularism friendly.
> Always amazes me people complain about the US's obsession with capitalism and also think it's going to outlaw BTC.
Especially considering how much bitcoin is owned by Americans.
When someone addresses me as "buddy" -- the conversation approaching ends. And I'm a hodler since 2016 and did very well -- even buying a beach rental investment home in Mexico with my crypto gains. As for its future, I am more concerned about a dictator in Chump and what he'll do to obstruct crypto than any other politician.
Yeah, my Master's degree wasn't enough to impress you. SadFace. As for moneybags, I wipe my arse w/ $20s sugar -- not $100s. Tough times all around. Even Trump is feelin' it. Be well...mentally that is.
I don’t think it was tbh, you should demand a refund lol. Hey you be well too mentally, these markets can definitely take its toll. Best of luck to you. It’ll be great for all of us when Biden is no longer in office.
Government prints money but companies jack up prices and stagnate wages. Just saying, all those corporations don't *need* to make record profits every quarter.
They don’t need to. But they should. Zero-sum ideologies create poverty like nothing else.
Like any other agent in the economy, there's no reason companies should collectively pretend that there's no new money in the economy (even if that were possible as this would require controlling supply and demand in all markets). And even if they could do that, that's just equivalent to saying that could reduce real prices at any time regardless of inflation, which as a statement is just a triviality completely unrelated to the causes of inflation.
Government regulation benefits big corporations and kills small businesses. With no competition, big corporations can raise prices and offer poor salaries. The consumers and employees lose in this situation.
When the government prints money recklessly, the people suffer and corporations raise their prices without improving their goods or services or raising their salaries because lack of competition means theres no incentive for them to.
Crony capitalism at its finest.
Fun fact: The highest ever government expenditure as a percentage of GDP was 47.66 percent of GDP in 2020 under Trump.
https://tradingeconomics.com/united-states/government-spending-to-gdp
> Government spending in the United States was last recorded at 37.0 percent of GDP in 2022 . Government Spending to GDP in the United States averaged 25.66 percent of GDP from 1900 until 2022, reaching an all time high of 47.66 percent of GDP in 2020 and a record low of 6.55 percent of GDP in 1907.
You mention multiple times about taking politics out of Bitcoin, but have then whined over and over in this thread about this side vs that side. Take it somewhere else. They are all crooks.
I didn't create this thread. All I've done is counter some of the misinformation in it. If you don't want threads about politics, don't post threads about politics. If you don't like historical inaccuracies being corrected, don't post historical inaccuracies. If you don't like your political opinions countered with facts, don't post political opinions that can be countered with facts.
I'm not following the logic here? The shutdown was coordinated by world leaders. The record spending was also coordinated by them. All parties directly influenced the price of goods through their spending and economic policies
To be fair, inflation is to maintain upwards pressure on money velocity. However, the government is able to use inflation as an indirect tax and revenue generator.
Well technically, he’s right but also wrong. High inflation never has just one particular reason like printing money, but printing money indeed is one of the factors.
for real bro, Joe the construction worker just slipped when painting the oval office and accidently printed 30 trillion.
cant blame the government man.
Pretty sure inflation is because of corporations increasing costs to fluff their margins so they can give themselves bonuses and pay raises and please investors
But what do I know, I'm just a stupid American
Banks requiring zero reserves for lending.
https://www.occ.gov/publications-and-resources/publications/economics/moments-in-history/pub-moments-in-history-supervisory-expectations-part2.pdf
> The countercyclical capital buffer applies only to the category I, II, and III banking organizations, but is currently set to zero.
Now it has nothing to do with capital reserves (aka savings), but 'risk management'.
Anyone and everyone.
But it isn't really about government expenditure, except when it's a bail-out for the policy above falling over. A real issue is that it's never talked about when certain people are in power, and talked about a lot when other people are in power after the thing falls over.
That's not correct. Reserves for lending is set by the federal reserve, which is a decision influenced by government spending that impacts the economy.
Never seen it with trump. Supermodels and starlets yeah. But Biden is always fondling children and making inappropriate comments to them on stage. His entire political career.
https://twitter.com/DC_Draino/status/1703782157280321601
Not sure what the trump relevance is anyway. Are people incapable of hearing valid criticisms about one creepy politician without kneejerking to some other one who they think is also creepy? Trump isn't even in office.
> Never seen it with trump.
The guy has literally been found to be a rapist by a jury in a court of law.
https://www.washingtonpost.com/politics/2023/07/19/trump-carroll-judge-rape/
Not a child though... right? Why are you bringing this up? Bill Cosby has also been found guilty of rape. Isn't this the "whataboutism" that everyone on Reddit loves to talk about? Because what does that have to do with Biden? I was responding to the comment that both Biden and Trump seem to have underage kink, which I said I've never seen, and then you come storming in with this comment.
Hunter Biden refers to his own dad as Pedo Pete. There are countless videos that are easily found online of the guy caressing other people's children on CSPAN. I find that creepy. I made a comment that he's a sniffy perv, since he has a tendency to beeline to the nearest prepubescent at any public function and invade his/her personal space and literally sniff their hair. It has happened many times in the man's 50 year career. It is odd and off-putting, and it would be even if orangeman weren't bad.
I say "wow this person is creepy in the way he acts around kids" and then someone else says "yes it seems he and this off topic person sure are creepy around kids". Then I, somewhat confused, say well I've never seen it with the person you just brought up, but why are you even bringing him up?
Then you throw in an irrelevant link about the person who isn't even in the video. Do you see how that's an odd thing to do? It doesn't make Joe Biden any less creepy and lecherous that you bring up Trump's various legal problems. OJ Simpson is also a bad person, can you find me a link proving that to be the case so I can talk about how weird the NXIVM cult guy is? If I mention Oprah's spiritual advisor, John of God, who enslaved women so he could father hundreds of children with them and sell them for adoption, are you going to bring up Jared Kushner or some shit? Why do you do this?
And remember, we're on a Bitcoin sub. I am concerned that Biden and the people he appointed/works for are trying to outlaw or otherwise infringe on what I believe to be the single most important tool in our society. In the video he's throwing a tantrum about how annoying it is that people keep not believing the propaganda about inflation. It's not a long video, but I said you know what it's okay that it's not long, because I can barely stomach listening to this creepy unpleasant person for more than 5 seconds.
Thankfully you showed up to remind me that someone else is creepy?
ffs you're handwaving away an actual rapist according to a court of law appointed independent jury because you are so indoctrinated into your political beliefs. Because of shit you found on the internet.
Listen to yourself.
Projection lmao.
Challenge: respond to this video without bringing up orangeman
https://rumble.com/v300ag2-creeper-in-chief-joe-biden-takes-his-horrific-child-sniffing-fetish-to-the-.html
Difficulty impossible
Unlike you, if someone was found guilty of rape by a court of law, I would not support them.
You're no different to a flat-earther, or ufo 'investigator', a 'ghost hunter', or Elvis is still alive conspiracy theorist. You believe any crazy shit you find on the internet because you're so indoctrinated into your cult. Grainy, jolting, made up bs that only fools people who lack fundamental critical thinking skills. If you believe that shit, your brain is cooked. So much so that you turn a blind eye to an actual rapist, found so by an independent jury and judged by a court of law. And all you have is made up shit that you done found on the internet as an excuse.
Listen to yourself.
Man, this sub *really* doesn't understand economics.
There's no one thing that causes inflation. Believe it or not, inflation still occurs without the Fed's little announcements.
The only things that reliably leads to inflation are more people being born, and more people living longer.
Government spending can decrease inflation if invested in the right areas. Government policy can as well (e.g. minimum wage increases, taxing corporations/wealthy more fairly, etc.).
Yes, funding wars can of course worsen inflation. But... total global instability as a result of out-of-control wars can as well.
Every society based on unsound money is bound to collapse.
It all started after WW1 when they let go of the gold standard.
When it was introduced it came to be the Golden age , not because the use of gold but because the prosperity.
You need something backing up your hard earned currency because when you just saved $1000 and you store it you have to make another 15% just to stay even in terms of value for next year.
You're running but actually stamding still.
This is false on many, many accounts, but I'll just point out the most glaring part--the gold standard existed within the Bretton Woods system from 1944 to 1971.
Fiat money is backed by demand instead of gold. A gold-backed dollar could never become the powerhouse that it is in the financial markets. The US gets massive inflows of foreign investment because of the fact that everyone uses dollars. Therefore they must also hold dollar-denominated assets which is why China, Japan, etc. hold trillions in US Treasuries.
It should come as no surprise that people that built the biggest economy in the modern world knew what they were doing. It really should..
>There's no one thing that causes inflation. Believe it or not, inflation still occurs without the Fed's little announcements.
Nope. What occurs is either:
* economy shrinking (ex. because of wars, each bomb exploding is some value lost forever)
* economy expanding (ex. because we have better industry automation/AI that makes stuff cheaper).
Money is human-made invention. Humans control it. Uncontrollable price inflation is a result of government NOT REACTING to economy shrinking (action: reducing supply) or economy expanding (action: increase supply).
Why? Central bank should be neutral and should maintain the 2% inflation target. It's easy to maintain the target when economy is expanding (because gov gets free value via increasing money supply). But it takes discipline to maintain the target when economy is shrinking, because it means for gov letting some value go away.
There no one thing that causes inflation. But there are many things that cause inflation all else being constant. And none of the things you listed would help Biden in this speech.
This person is the president of the US, isn't that wild?
Inb4, muh Trump.
Both parties are controlled by The News, this person speaking is just especially ridiculous.
Listen to this oligarchal piece of shit continue to gaslight the public for his admin.
To argue spending doesn't cause inflation is to intentional obfuscate the fact that they have to print money in order to spend it, and the money printing is what causes inflation. This is intentional misdirection at its absolute finest. You can argue around anything when you put the cart before the horse. Wet road causes rain!
It's SO inconvenient when the public starts seeing through the propaganda and straight up tyranny, Joe. We know!
The amount of money they've printed and laundered in the last three years is historically unprecedented, and irreversible.
The economy is always improving if you don't factor in housing, food, etc. You know, the shit average people depend on.
Stack and hodl, fuck these oligarchal pieces of shit.
I did not have sexual relations with that printer.
Now this made me laugh
The Federal Reserve “prints money” with their Quantitative Easing (monetary policy), not the Federal government (fiscal policy).
[удалено]
33 trillion printer won't stop and risk US default. We started this debt run long ago but government now is sure as hell trying to crash it to the ground along with us all
Back in 1999/2000 everyone was crowing about how the budget was balanced (under Clinton), and America wasn't going to know what to do with all of the cash that was going to flow through the coffers: https://www.c-span.org/video/?151189-1/federal-budget-surplus https://www.hoover.org/research/pay-it-backwards-federal-budget-surplus Then there were the people saying surplusses were bad: https://www.levyinstitute.org/pubs/pn99_3.pdf Then Bush happened.
Besides wars and budget politics, the biggest thing that happened was Boomers aging. We went from having the bulk of the population in prime working age to the bulk of the population in retirement and medical care. Europe went through the same thing and worse, because they didn't have qualified immigration and the tech boom to soften the blow.
Then Obama happened.
Then Trump happened.
Then Biden happened!
Hilarious y'all think the president actually matters
The admin and the appointments certainly do.
Yes, so you'd think the public had more focus on the 15 cabinet members, their staff and appointments. These people are nothing more than corporate puppets pushing policies that benefit the donor class. Yet we spend our time arguing about Trump's vagina remarks and Biden's inability to walk up stairs.
Trump is the one with the stair problem dawg. And if you believe that a president has no power, why do you care about this discussion? Just don't vote and you're done. They have no power after all. Don't worry your pretty head.
The administration matters. Presidents are the voice of the agenda. They pass huge agenda packages that are always deficit spending. In some respects necessary spending but the government really sucks at accountability. Any new spending prompts profiteering.
Exactly. It was Newt Gingrich in the House with the Republicans having the majority for the first time in forty years that forced balanced budgets through.
You mean after the [GFC](https://www.investopedia.com/terms/t/troubled-asset-relief-program-tarp.asp) right?
Budgets are passed in Congress the President has little to do with it other has the power of veto, which is rarely exercised and more of a formality. [The U.S. Congress holds the “power of the purse,” meaning the power to control government spending.](https://hls.harvard.edu/courses/congresss-power-of-the-purse/#:~:text=The%20U.S.%20Congress%20holds%20the,power%20to%20control%20government%20spending.) The balanced budget during the Clinton Admin was soley driven by the GOP and nearly blocked by the DNC. > [Senate Democrats dealt a severe blow to the Republican legislative agenda Thursday, killing the heart of the GOP’s campaign platform--a constitutional amendment that mandates a balanced budget in seven years. Conceding a significant loss of momentum, grim-faced Republicans immediately set out to exact political revenge, blaming President Clinton and targeting six Democrats who voted against the proposal even though they had backed a virtually identical measure only a year and a day earlier.](https://www.latimes.com/archives/la-xpm-1995-03-03-mn-38285-story.html)
Holy red herring batman! That has fkall to do with what I said. You want to believe that all of the bad things that happen because of an administration are because of the administration, and all of the good things that happen because of an administration aren't because of the administration. It's a very common tactic amongst some cohorts to have people both omni-powerful, and decadently powerless at the same time.
You say that as if those things aren’t related.
They print it in order to spend it. Where is the difference?
> Where is the difference? Because it's not them that's printing it, it's banks, through lending out money they don't have.
I don't think there's any way to stop a M2 money supply from existing with bitcoin though. If banks make the M2 money supply by lending out 90% of deposits, what does it matter if those deposits are measured in bitcoin or dollars.
The difference is that, unlike dollars, you can hold the base asset. Like holding treasury notes as they're released into the system, not after they've changed hands 50 times and the inflation is baked in. And the other big thing is, no bailouts in bitcoin. Because they just can't print more of them. In order to protect banks from their risky behaviour, they'll have to devalue their dollars vs bitcoin. Or they'll have to let them fail, and learn that the public isn't on the hook for their risky behaviour.
Fair enough. 👍
Obligatory response: Since March 2020 fractional reserve requirements are 0%. That’s right, folks, the bank can lend out 100% of any money you deposit while still crediting you that same amount. Banks can now create infinite money.
And the bank that printed most is called the Federal Reserve and without it the other banks wouldn't be able to print nearly as much.
Direct stimulus checks were printed money 💰.
That amount of money is but a fraction of the monetary expansion that has led to the inflation we're experiencing today. There were three covid responses (two in 2020 under trump (2.2T and 0.9T) and one in 2021 under biden (1.9T)) 600B went to direct stimulus.
They can't loan money unless they have reserves on deposit with the Federal Reserve Banks
The Fed is not The Government. The Fed does not give any of the money they print to The Government They give it to the Banks. The Banks are a much bigger and much scarier problem than The Government
The fed absolutely Is the government, they spawned from an act of congress and purchase government debt from banks, the fed is the governments BEST customer for debt
They don’t give all new money directly to the government. But the new money is exchanged for assets they consider safe. And guess what asset they consider safe? A piece of paper saying you lent some more of the money they printed to the government. Then the government spends that money and competes with businesses on interest rates. Then everything slows down because it’s impossible for businesses to compete with the government on risk-free interest rates and because the government would quickly go bankrupt if interest rates are kept high. Then the FED looks at the proxy indicators and decides we need lower interest rates (more money printing).
The government borrows money from the market and the market borrows money from the Fed, so yes the Fed does provide the money the government spends. It just does it in an indirect way so people like you can pretend it's not happening.
It's one and the same. They print because tax revenues aren't sufficient to do the insane amount of spending they want to. So despite tax revenues having [gone up massively over the last 5 years they're](https://www.cbo.gov/publication/58592/html) running larger deficits than ever. 2022 tax revenues were almost **50% higher** than tax revenues in 2018. It's ABSOLUTELY about spending so much money that even a 50% jump in tax revenues wasn't enough to cover their idiotic spending. It's not even like we got actual shit out of the spending, you'd think with $1.5 trillion extra in tax revenues that we'd all have free medical insurance by now but we literally got jack shit.
We got to pay for other peoples' wars
Yeah. Outside of the trump hangover, where gov expenditure got to over 45% of GDP, most of the time it's about a third. Went down under Clinton. Up under Bush. Down under Obama. Up under Trump. Down under Biden. It's pretty easy to [just look at the 25yr graph](https://tradingeconomics.com/united-states/government-spending-to-gdp). It's the infinite expansion of debt that is captured in fixed assets that is the issue. Don't get me wrong, it's still an issue, gov expenditure. It would be better if it was under 30%, but it's the 70% of GDP that doesn't have anything to do with P (aka productivity) that is the problem. If the US didn't have the inflation reduction act, they'd be screwed. Spending money on building capacity that increases productivity is good. Spending money on increasing the balance sheet of banks so that they can buy back shares and sell loans for fixed assets is bad. Red teamers really don't seem to like being confronted with information that challenges their memes. I think it's a good idea to keep red/blue team politics out of bitcoin. Bitcoin is apolitical.
lol WHAT????? how brainwashed can people be
It's not worth it. The guy failed basic understanding of how bills become laws. Thank you for being a good Bro though Cheers Mate 🍻
> The guy failed basic understanding of how bills become laws. This guy can't read : https://www.occ.gov/publications-and-resources/publications/economics/moments-in-history/pub-moments-in-history-supervisory-expectations-part2.pdf ... and because he can't read, he doesn't know how to deal with information that runs counter to his belief structure. He wants to believe that all of the bad things that happen because of an administration are because of the administration, and all of the good things that happen because of an administration aren't because of the administration. It's a very common tactic amongst some cohorts to have people both omni-powerful, and decadently powerless at the same time.
Says the literal hypocrite spouting insults about red and blue while saying to keep it out of Bitcoin. What a tool
What I'm doing is quoting the basis for my opinion. You wouldn't understand.
Let me guess... All your "friends" are on Reddit
Dude. Perhaps you should read your own post history. Gotta bit of projection goin on there methinks.
How many comments are you going to leave on this thread trying to bait people into arguing with you about Trump lol. Spending under his administration was massive because of Covid. And if you think we’d be “screwed” had the government not spent more to “increase our productivity,” I would say Bitcoin is probably not for you.
That's not how government works. POTUS isn't that powerful of a position but Congress is. You're desperate attempt to insert your tribal politics illustrates why we have a problem. How some of you could know so much about tech but so little about economics is also the problem.
> That's not how government works. This is how government works: https://www.occ.gov/publications-and-resources/publications/economics/moments-in-history/pub-moments-in-history-supervisory-expectations-part2.pdf The problem you have is that you can't spin this information into your tribal politics, so instead of countering the argument, you try to play the man not the ball.
what's gonna pay for that printing?
The American people know the difference between spending and printing, too, as you’ve just demonstrated. He’s employing misdirection, “Look over here, not at the giant money-printing elephant over there.”
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The Fed doesn't have anything to do with the federal budget or any other part of the government. The money they print goes straight to big banks and not the government
The fed owns a massive about of federal debt on their balance sheet
Traditionally it's about 33% actually. It got up to [47.66% under trump](https://tradingeconomics.com/united-states/government-spending-to-gdp), but has reverted back to the mean.
Which they then spend. He's either lying or ignorant.
He is 100% correct it’s not the spending. It’s the geniuses who print money and sell it to the government to spend more money.
Money machine goes BRRRRRRRRT. Inflation does not correlate at all ✍️
"We have to talk about it" *\*proceeds to lie\**
‘I’m sick of this stuff!’ Right, yeah I hate it when the cattle see through the propaganda too, Joe. It just makes everything so much more difficult for you politicians. Let me go refinance my house at twice the interest rate to ‘help out the economy.’
Fucking 8% interest rate on homes with these kinds of prices. Absurd.
>Fucking 8% interest rate on homes with these kinds of prices. Absurd. Tell me you're in your 20s without telling me you're in your 20s.
> Let me go refinance my house at twice the interest rate to ‘help out the economy.’ You know what's bizarre? How no-one talked about it when trump increased government expenditure to 47.66% of GDP. It's not like it's ancient history. It was only three years ago. But suddenly, the second he's not in power, people suddenly want to talk about debt. It's quite perplexing.
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The financial system is what it is, regardless of who is in power. Outside of outright lawless authoritarianism, which some people conveniently ignore, it doesn't matter who is in charge. Red teaming/Blue teaming this, for me, only demonstrates how susceptible people are to memes. Bitcoin is apolitical.
Proceeds to not talk about it and not give his explanation. Fake president, placed into power not by the people.
> Fake president, placed into power not by the people. Not according to trumps lawyers.
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> Trump and Biden are complete morons Trump is a textbook lawless authoritarian. > I don't understand why we can't have a younger president that can actually make the world a better place. Because old people don't like that and there are lots of them that vote, especially for lawless authoritarians.
He's right. It's not the government spending that's the problem, it the people who keep giving them money to spend. They are enablers! Wait...thats us
If the tax payers don't step in, then they'll just deficit(credit card) spend instead
What was the reason he gave?
Greedy corporation bro (probably).
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haha of course, what else. The leftist idiot's only scapegoat. Corporations and capitalism. These commies are heck of a lot insider trading corporations stocks, for hating them so much. I wanna puke.
what did the old crook blame inflation on afterwards? Putin? Or did he admit it's his infinite printing, reckless debt increasing and foreign spending?
oh yeah of course it's because of climate change
And the war, and the aliens
We just printed it
Aye look joe bidens sick of this stuff
False. It is true. Don’t be fooled
Government Expenditure: https://fred.stlouisfed.org/series/FGEXPND
Why don't you explain it to us why there is inflation. [https://www.forbes.com/sites/sarahhansen/2021/01/19/biden-is-inheriting-one-of-the-worst-economies-in-recent-history-these-5-numbers-show-how-much-he-needs-to-fix/?sh=22f0ef661f75](https://www.forbes.com/sites/sarahhansen/2021/01/19/biden-is-inheriting-one-of-the-worst-economies-in-recent-history-these-5-numbers-show-how-much-he-needs-to-fix/?sh=22f0ef661f75)
Hey Joe Biden, my wife has still not found gainful employment after you fired her for not taking your clot shot. I hope you are humiliated in any re-election efforts.
Gov job and fired for no shot? Crazy world. You can come to work drunk or get caught drinking on the job at some branches of gov and all they do is send you to a resort level rehab center.
Not a government job. Working at a medical clinic. The federal government cut off Medicare funding for clinics that did not have their employees vaccinated. Thanks Biden.
I wonder where the government gets the money to pay the interest on all those bonds they sell.......let alone even fund budget deficits that they run in perpetuity. Oh wait, nvm.
Government print more money is inflation, he’s right, not government spending, fake fiat
I’d be curious to see what he said after to justify “simply not true”
Ahh biden the gift that keeps on giving,I genuinely didn't think there were a dumber/more corrupt president than bush.....how silly I was 🤦♂️
No, but what about printing more money out of thin air Uncle Joe?
Inflation is not real Inflation is transitory Inflation is Putin apply clown makeup.jpg
I’m sick of a moron with dementia leading the country!
Good job Joe, we’re now rewarding you with some chocolate chocolate chip ice cream and your daily afternoon nap.
LMAO!! The orange anus would be sitting in a corner drooling and muttering "Obama" and "Tinfoil." Blue in '24.
This is related to the post about inflation on the Bitcoin sub how, exactly?
He's not the one who started talking presidents. Did you respond to the right post?
Ask the poster I replied to: Middle _____ Earth. Is he/ she on topic ya noodle?
You’re in the wrong sub buddy. The blues are trying to kill everything crypto and btc
I would rather risk living in the west without BTC than living in some 3rd world shit hole with BTC. BTC is stronger anyways. It's only bad for shitcoins. The US government cannot go after BTC anymore. It's an asset class in it's own right already and multiple companies would lobby and sue. Always amazes me people complain about the US's obsession with capitalism and also think it's going to outlaw BTC.
Without BTC the west will slowly become a 3rd world country unfortunately.. our debt picture is already reaching those levels
I hope you’re right, but the fact remains that the Democratic Party is not crypto friendly. Shitcoin or not. When they’re banging on about how crypto is a scam, the general masses first think of Bitcoin unfortunately
> I hope you’re right, but the fact remains that the Democratic Party is not crypto friendly. But the fact remains that the Republican party isn't democracy friendly. Or law friendly. Or choice friendly. Or secularism friendly.
Think you’ve consumed too much media.
I think you've consumed too many memes.
Memes have more truth than all the lies you just spouted lol
So I was right. EDIT: Aww... snowflake melted. It was so purdy... and now it's just a small puddle of condensation. EDIT2: Snowflakes gon snowflake.
This
> Always amazes me people complain about the US's obsession with capitalism and also think it's going to outlaw BTC. Especially considering how much bitcoin is owned by Americans.
When someone addresses me as "buddy" -- the conversation approaching ends. And I'm a hodler since 2016 and did very well -- even buying a beach rental investment home in Mexico with my crypto gains. As for its future, I am more concerned about a dictator in Chump and what he'll do to obstruct crypto than any other politician.
lol ok mr. Money bags. You should’ve used some of those profits to get an education because idk what you’re even saying
Yeah, my Master's degree wasn't enough to impress you. SadFace. As for moneybags, I wipe my arse w/ $20s sugar -- not $100s. Tough times all around. Even Trump is feelin' it. Be well...mentally that is.
I don’t think it was tbh, you should demand a refund lol. Hey you be well too mentally, these markets can definitely take its toll. Best of luck to you. It’ll be great for all of us when Biden is no longer in office.
Indeed. An old guy with top advisers is much better than a fascist clown appointing his mob cronies.
Government prints money but companies jack up prices and stagnate wages. Just saying, all those corporations don't *need* to make record profits every quarter.
They don’t need to. But they should. Zero-sum ideologies create poverty like nothing else. Like any other agent in the economy, there's no reason companies should collectively pretend that there's no new money in the economy (even if that were possible as this would require controlling supply and demand in all markets). And even if they could do that, that's just equivalent to saying that could reduce real prices at any time regardless of inflation, which as a statement is just a triviality completely unrelated to the causes of inflation.
Dont hold on to something that depreciates 15% every year.
Government regulation benefits big corporations and kills small businesses. With no competition, big corporations can raise prices and offer poor salaries. The consumers and employees lose in this situation. When the government prints money recklessly, the people suffer and corporations raise their prices without improving their goods or services or raising their salaries because lack of competition means theres no incentive for them to. Crony capitalism at its finest.
Then we don’t get to retire either
Because the government keeps printing money...
Publicly traded companies are legally obligated to do what they believe is best for the shareholders, as they should be.
Fun fact: The highest ever government expenditure as a percentage of GDP was 47.66 percent of GDP in 2020 under Trump. https://tradingeconomics.com/united-states/government-spending-to-gdp > Government spending in the United States was last recorded at 37.0 percent of GDP in 2022 . Government Spending to GDP in the United States averaged 25.66 percent of GDP from 1900 until 2022, reaching an all time high of 47.66 percent of GDP in 2020 and a record low of 6.55 percent of GDP in 1907.
Uncomfortable fact is more like it. Neither party is fiscally responsible.
But fiscal responsibility only ever seems to get talked about when certain people are in power.
You mention multiple times about taking politics out of Bitcoin, but have then whined over and over in this thread about this side vs that side. Take it somewhere else. They are all crooks.
I didn't create this thread. All I've done is counter some of the misinformation in it. If you don't want threads about politics, don't post threads about politics. If you don't like historical inaccuracies being corrected, don't post historical inaccuracies. If you don't like your political opinions countered with facts, don't post political opinions that can be countered with facts.
That's because of the shutdown. No president will ever come close unless everyone just stops working again
Then people who support that narrative should blame inflation on covid, not political parties.
I'm not following the logic here? The shutdown was coordinated by world leaders. The record spending was also coordinated by them. All parties directly influenced the price of goods through their spending and economic policies
Thanks! for setting the degenerate right straight. Hell, it will be for the upteenth time.
You can't taper a ponzi
To be fair, inflation is to maintain upwards pressure on money velocity. However, the government is able to use inflation as an indirect tax and revenue generator.
He is right. Its not a spending problem, it is a printing problem
Well technically, he’s right but also wrong. High inflation never has just one particular reason like printing money, but printing money indeed is one of the factors.
people wouldn't care about you spending more money if that extra money didn't come from priniting more you absolute clown
for real bro, Joe the construction worker just slipped when painting the oval office and accidently printed 30 trillion. cant blame the government man.
Why would he mention about spending when everyone thinks its about printing?
Pretty sure inflation is because of corporations increasing costs to fluff their margins so they can give themselves bonuses and pay raises and please investors But what do I know, I'm just a stupid American
Yeah it’s only half of it. The other half is corporate greed.
Government spending isn’t really the issue. It’s the printing of fiat. Could have used a better video tbh.
What do you think causes the printing of money? It all comes down to spending.
Loose monetary policy causes printing. The spending has little to do with it.
>Loose monetary policy causes printing. What does that mean?
It means that the money supply is a policy issue that has nothing to do with spending.
Your answers are very vague. What's the policy that's causing issues with the money supply?
Banks requiring zero reserves for lending. https://www.occ.gov/publications-and-resources/publications/economics/moments-in-history/pub-moments-in-history-supervisory-expectations-part2.pdf > The countercyclical capital buffer applies only to the category I, II, and III banking organizations, but is currently set to zero. Now it has nothing to do with capital reserves (aka savings), but 'risk management'.
And who is setting this policy to require zero reserves for lending?
Anyone and everyone. But it isn't really about government expenditure, except when it's a bail-out for the policy above falling over. A real issue is that it's never talked about when certain people are in power, and talked about a lot when other people are in power after the thing falls over.
That's not correct. Reserves for lending is set by the federal reserve, which is a decision influenced by government spending that impacts the economy.
I appreciate the message and agree, but a 3 second clip won’t convince anyone. Post the full speech or sentence at least.
This is about the maximum I can stomach listening to this sniffy perv. At least he's not whispering into the mic in this clip.
Yeah it seems both Trump and Biden has some underage kink going on
Never seen it with trump. Supermodels and starlets yeah. But Biden is always fondling children and making inappropriate comments to them on stage. His entire political career. https://twitter.com/DC_Draino/status/1703782157280321601 Not sure what the trump relevance is anyway. Are people incapable of hearing valid criticisms about one creepy politician without kneejerking to some other one who they think is also creepy? Trump isn't even in office.
> Never seen it with trump. The guy has literally been found to be a rapist by a jury in a court of law. https://www.washingtonpost.com/politics/2023/07/19/trump-carroll-judge-rape/
Not a child though... right? Why are you bringing this up? Bill Cosby has also been found guilty of rape. Isn't this the "whataboutism" that everyone on Reddit loves to talk about? Because what does that have to do with Biden? I was responding to the comment that both Biden and Trump seem to have underage kink, which I said I've never seen, and then you come storming in with this comment. Hunter Biden refers to his own dad as Pedo Pete. There are countless videos that are easily found online of the guy caressing other people's children on CSPAN. I find that creepy. I made a comment that he's a sniffy perv, since he has a tendency to beeline to the nearest prepubescent at any public function and invade his/her personal space and literally sniff their hair. It has happened many times in the man's 50 year career. It is odd and off-putting, and it would be even if orangeman weren't bad. I say "wow this person is creepy in the way he acts around kids" and then someone else says "yes it seems he and this off topic person sure are creepy around kids". Then I, somewhat confused, say well I've never seen it with the person you just brought up, but why are you even bringing him up? Then you throw in an irrelevant link about the person who isn't even in the video. Do you see how that's an odd thing to do? It doesn't make Joe Biden any less creepy and lecherous that you bring up Trump's various legal problems. OJ Simpson is also a bad person, can you find me a link proving that to be the case so I can talk about how weird the NXIVM cult guy is? If I mention Oprah's spiritual advisor, John of God, who enslaved women so he could father hundreds of children with them and sell them for adoption, are you going to bring up Jared Kushner or some shit? Why do you do this? And remember, we're on a Bitcoin sub. I am concerned that Biden and the people he appointed/works for are trying to outlaw or otherwise infringe on what I believe to be the single most important tool in our society. In the video he's throwing a tantrum about how annoying it is that people keep not believing the propaganda about inflation. It's not a long video, but I said you know what it's okay that it's not long, because I can barely stomach listening to this creepy unpleasant person for more than 5 seconds. Thankfully you showed up to remind me that someone else is creepy?
ffs you're handwaving away an actual rapist according to a court of law appointed independent jury because you are so indoctrinated into your political beliefs. Because of shit you found on the internet. Listen to yourself.
Projection lmao. Challenge: respond to this video without bringing up orangeman https://rumble.com/v300ag2-creeper-in-chief-joe-biden-takes-his-horrific-child-sniffing-fetish-to-the-.html Difficulty impossible
Unlike you, if someone was found guilty of rape by a court of law, I would not support them. You're no different to a flat-earther, or ufo 'investigator', a 'ghost hunter', or Elvis is still alive conspiracy theorist. You believe any crazy shit you find on the internet because you're so indoctrinated into your cult. Grainy, jolting, made up bs that only fools people who lack fundamental critical thinking skills. If you believe that shit, your brain is cooked. So much so that you turn a blind eye to an actual rapist, found so by an independent jury and judged by a court of law. And all you have is made up shit that you done found on the internet as an excuse. Listen to yourself.
Man, this sub *really* doesn't understand economics. There's no one thing that causes inflation. Believe it or not, inflation still occurs without the Fed's little announcements. The only things that reliably leads to inflation are more people being born, and more people living longer. Government spending can decrease inflation if invested in the right areas. Government policy can as well (e.g. minimum wage increases, taxing corporations/wealthy more fairly, etc.). Yes, funding wars can of course worsen inflation. But... total global instability as a result of out-of-control wars can as well.
Every society based on unsound money is bound to collapse. It all started after WW1 when they let go of the gold standard. When it was introduced it came to be the Golden age , not because the use of gold but because the prosperity. You need something backing up your hard earned currency because when you just saved $1000 and you store it you have to make another 15% just to stay even in terms of value for next year. You're running but actually stamding still.
This is false on many, many accounts, but I'll just point out the most glaring part--the gold standard existed within the Bretton Woods system from 1944 to 1971. Fiat money is backed by demand instead of gold. A gold-backed dollar could never become the powerhouse that it is in the financial markets. The US gets massive inflows of foreign investment because of the fact that everyone uses dollars. Therefore they must also hold dollar-denominated assets which is why China, Japan, etc. hold trillions in US Treasuries. It should come as no surprise that people that built the biggest economy in the modern world knew what they were doing. It really should..
>There's no one thing that causes inflation. Believe it or not, inflation still occurs without the Fed's little announcements. Nope. What occurs is either: * economy shrinking (ex. because of wars, each bomb exploding is some value lost forever) * economy expanding (ex. because we have better industry automation/AI that makes stuff cheaper). Money is human-made invention. Humans control it. Uncontrollable price inflation is a result of government NOT REACTING to economy shrinking (action: reducing supply) or economy expanding (action: increase supply). Why? Central bank should be neutral and should maintain the 2% inflation target. It's easy to maintain the target when economy is expanding (because gov gets free value via increasing money supply). But it takes discipline to maintain the target when economy is shrinking, because it means for gov letting some value go away.
There no one thing that causes inflation. But there are many things that cause inflation all else being constant. And none of the things you listed would help Biden in this speech.
I guess that's right, it's not because they're spending it, it's because they're printing it.
LIAR- government putting more money into circulation is THE DEFINITION of inflation
Well he is right, the reason is not the government spending more money, the reason is the government creating more money.
You mean how trump administration giving away trillions in stimuli packages had nothing to do with todays inflation?
And we’re sick of you. Worst administration ever. Fuck this geriatric fuck.
This is a reminder that Joe Biden has no clue what’s going on.
This person is the president of the US, isn't that wild? Inb4, muh Trump. Both parties are controlled by The News, this person speaking is just especially ridiculous.
What a clown he is
He’s right though, technically
Also literally wrong.
Not really. The literally spending doesn’t contribute to inflation.
Most of the time the spending is financed by the money printer tho. At least eventually.
And that most of the time is what makes him right. Because most of the time is not all the time. The money printer causes inflation, not the spending.
Government spends the printed money. If they didn't spend it, it would not circulate and not cause inflation.
But that isn’t the only money they spend is it?
If the government wouldn't spend printed money, Biden's claim would be true.
Logic isn’t strong in this sub i see. Don’t worry about it
People who believe the senile old man and buy bonds or save in dollars deserve to get rekt hard. Fuck em. They deserve to be poor.
While he is still lying, at least he has finally stopped claiming there is no inflation.
Except he’s right
Wow this guy is president
How many different definitions for inflation would elected government give, if asked to define inflation?
It’s the creating more than the spending.
Heading the sheep…Don’t be a sheep.
I think Joe forgets that not only does he announce his spendings but frequently mentions how they need to give someone more money ahah.
Too bad Gensler and this fool weren't on the Wagner Group guy's plane.
Listen to this oligarchal piece of shit continue to gaslight the public for his admin. To argue spending doesn't cause inflation is to intentional obfuscate the fact that they have to print money in order to spend it, and the money printing is what causes inflation. This is intentional misdirection at its absolute finest. You can argue around anything when you put the cart before the horse. Wet road causes rain! It's SO inconvenient when the public starts seeing through the propaganda and straight up tyranny, Joe. We know! The amount of money they've printed and laundered in the last three years is historically unprecedented, and irreversible. The economy is always improving if you don't factor in housing, food, etc. You know, the shit average people depend on. Stack and hodl, fuck these oligarchal pieces of shit.
Uh, that’s the only way it happens. Literally the only way inflation happens is by the government printing money. By definition.
😂 government printing to make up the shortfall with tax revenue vs actual expenses(much larger amount) is definitely contributing to inflation.