Quote from: Captain Corporate on March 21, 2023, 10:31:52 PM

I am quite happy about this as a non-american. Let them do the mistakes and may we be profit from this.

Care to tell us where you are so lucky to be from? Monetary policy around the world is generally like that of the USA or even worse, but maybe there is some country that doesn't use the fiat ponzi system and I haven't heard about it.

Quote from: o_e_l_e_o on March 21, 2023, 10:20:37 AM

8.2 trillion dollars just created out of thin air in 14 years. To put that in to perspective, with population of ~334 million, that's $24,500 of new money for every single person in the US. That's $8.2 trillion driving up inflation, devaluing the dollar, making your savings worth less, making your money buy less, making you poorer.

The problem with the money created is that it is not distributed equitably. The Cantillion effect has been known for a long time:

Quote

A Cantillon effect is a change in relative prices resulting from a change in money supply. It is the uneven expansion of the amount of money. 18th century French banker and philosopher named Richard Cantillon coined the term.

In the end, the worker who is struggling to make ends meet is worse off, and people who own financial assets find it easier to get even richer by getting cheap finance.

Quote from: o_e_l_e_o on March 21, 2023, 10:20:37 AM

Don't worry, though. They'll reverse all this printing, they say.

They cannot. The current system creates money as debt which, when it is created, also creates interest to be paid. But the money to pay the interest does not exist and the only way to keep everything from collapsing is to keep creating more money by creating more debt, which creates more interest to be paid.

Quote from: o_e_l_e_o on March 21, 2023, 10:20:37 AM

Bitcoin fixes this.

In theory yes, but so does gold and it has not been used for a long time. I think politicians will do anything rather than give in. What I find interesting is that just as central banks have gold reserves as a back-up, despite the fact that there has been no convertibility between currency and gold for some time, the BIS also recently announced that cryptocurrencies can be used as reserves:

BIS Allows Banks to Hold 2% Of Their Reserves in Cryptocurrencies

I imagine that when this is implemented, bitcoin will be the strongest reserve cryptocurrency.