Comment by hnfong | Hacker News Reader

Comment by hnfong | Hacker News Reader

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> I don't know why people keep saying this.

Does it occur to you that maybe people keep saying this because that's the truth?

I think it suffices to say that at least for the COVID round in the US, the "money printing" was in the form of the Fed buying US treasuries and the US government paying out trillions of dollars to normal people in the form of COVID stimulus checks. Yes, a significant part of it directly went to normal people, and it wasn't in the form of commercial banks lending money out.

You're advised to look at the Fed balance sheet, covid stimulus checks, the market cap of big tech, and the flow of speculative money (VC capital [or startup valuations], BTC, GME, etc.), especially with respect to the dates and timings.

If you think you learned everything you need to know about economics from some 10+ year old textbook, let me give you an update: in the US there's no "fractional reserve banking" system any more, unless the "fraction" is zero. Basically it's QE all the way now. ( https://www.federalreserve.gov/monetarypolicy/reservereq.htm )

Software salaries have been higher than hardware salaries since well before covid. So that part of your theory is bunk.

Had it occurred to you some people repeat stuff because they just want other people to believe the things they think? That's kind of how discussion works. It isn't a measure of truth to see the same line repeated at all. That's a fallacy.

The COVID part I was replying to GGP's claim that the central bank doesn't print money.

Generally QE has started since 2008.

> Had it occurred to you some people repeat stuff because they just want other people to believe the things they think?

Yes, that's a possibility, not a definite. Why did you think that hasn't occurred to me? I'm not the one saying "I don't know why people keep saying this."

I specifically offered an explanation that involves the GGP possibly being wrong: "Does it occur to you that maybe people keep saying this because that's the truth?" Note the "maybe". It's not rhetoric. I meant what I wrote.

Of course there are other explanations but I'm pretty sure their view on what central banks are wrong or at least out of date. And I explained and gave pointers. I still wrote the "maybe".

Anyway, given your definite claim that people just repeat stuff because they just want other people to think the same, I guess discussion with you becomes meaningless at this point.

Finally I'll just note that quoting my counter example to explain what central banks do as evidence that I got my original claims wrong isn't really a argument either way.

Have a nice day.

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