Discussion about this post

User's avatar
WJM's avatar

There was, of course, massive inflation in the post 2008 QE period - it just didn’t appear in CPI as the money never went near the kind of people (us) that drive up everyday prices. Instead it was retained within the financial system - not only banks plugging their balance sheet holes but to the stock market investors and especially to the likes of Blackrock who, with their access to practically endless near-free money for 15 years, have been (still are) on the biggest spending spree in history. Result - the most grotesque distortion / reallocation of wealth in history. A process which continues near-unabated.

Obviously the only difference this time is that the money was given to people who actually needed to spend it quick on real goods, thereby initiating the ongoing inflationary surge. If people - ordinary people, not the Finks of the world - had been warned back in 2020 that shutting the economy and giving them free money was likely to (as it always was) lead to multi year inflation and their consequent immiserisation, they might have been less keen to support the insanity of lockdowns.

Expand full comment
Neoliberal Feudalism's avatar

Nice post, but Bitcoin and all of crypto is corrupted via the Tether scam, which makes SBF's FTX scam look like a drop in the bucket.

Expand full comment
26 more comments...

No posts