. As prices began to rise last year, the Fed’s position was that inflation would be “transitory,” the result of an economy jolting back after pandemic closures.
Bitcoiners may not have the hedge they wanted, but they do have a solid economic theory that printing money will devalue a currency. Further, in terms of asset inflation, the Fed has been pursuing “quantitative easing” – where it would enter markets with the aim of forcing financial institutions to make more loans and drive riskier economic activity.
Ritholtz places a fair amount of burden on consumers for rocketing inflation, arguing that the Fed’s zero percent interest rates – a policy essentially in effect since 2008’s Great Financial Crisis – ”did nothing for inflation for a decade-plus.”
DanielGKuhn (((the nose)))
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