GM nostr ☕ #coffeechain #bitcoin
One of my biggest pet peeves in Bitcoin is the lack of attacks on the 2% inflation target.
But NOT that
* The word itself has been corrupted away from monetary inflation to some arbitrary basket of goods prices (which is horrendus, but at least it is somewhat frequently brought up and critiqued)
* Or that the year-on-year prices increases are actually larger to a multiple of probably 2-3x of the government numbers
What I almost never hear anybody talk about is how the FED and their mouthpieces gets away with the narrative that the have successfully met their mandate when they TEMPORARILY gets the CPI down to 2%.
THAT'S NOT HOW IT WORKS.
The mandate refers to a relatively stable long-term MEAN inflation.
Which means that if you want to defend the 2% mandate after a stint of 40% inflation like we had during lockdowns, then you have to have ZERO or NEGATIVE inflation for a decade+ to have the long term mean be 2%.
But they're getting away with it.
Temporarily get inflation kinda low, and then start printing again like nothing ever happened.
worshipbitcoin
npub1w4…5j067
2024-01-31 09:05:11
Author Public Key
npub1w4j2y74wx24sckf7ymgnf3r4gp0yqd8huw8kzfyt2lj8lhmh7ujs75j067Published at
2024-01-31 09:05:11Event JSON
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"content": "GM nostr ☕ #coffeechain #bitcoin\n\nOne of my biggest pet peeves in Bitcoin is the lack of attacks on the 2% inflation target.\n\nBut NOT that\n\n * The word itself has been corrupted away from monetary inflation to some arbitrary basket of goods prices (which is horrendus, but at least it is somewhat frequently brought up and critiqued)\n\n * Or that the year-on-year prices increases are actually larger to a multiple of probably 2-3x of the government numbers\n\nWhat I almost never hear anybody talk about is how the FED and their mouthpieces gets away with the narrative that the have successfully met their mandate when they TEMPORARILY gets the CPI down to 2%.\n\nTHAT'S NOT HOW IT WORKS.\n\nThe mandate refers to a relatively stable long-term MEAN inflation. \n\nWhich means that if you want to defend the 2% mandate after a stint of 40% inflation like we had during lockdowns, then you have to have ZERO or NEGATIVE inflation for a decade+ to have the long term mean be 2%.\n\nBut they're getting away with it.\n\nTemporarily get inflation kinda low, and then start printing again like nothing ever happened.",
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