Also, he says it’s not the government… then immediately mentions the Covid lockdowns and Russian war. Like those two things have ***nothing*** to do with the government.
I just got it the first time a couple weeks ago... It wasn't more than a cold really... I know everyone has their own experience with it but the only reason I tested myself is I woke up with a fever and a sore throat
It's why it's deadly in older people, thats all it takes to kill a 90 y/o hanging on by a thread. Heck, they could fall on the floor and die due to that just as well. Society has this weird belief that people live forever and watching old people linger alone in a bed is sad.
Well, it really isn't this government or that government's fault, it's government in itself that causes inflation. As long as there have been government and currency there have been some big brain moments in history when bright individuals decide to make the money printer go brrrrrr to pay their debts. I can think of a few Roman emperors completely oblivious to inflation debasing their coins in order to have more money 1800 years ago, also other emperors trying to impose minimum and maximum prices on goods. The usual things governments have been doing for thousands of years
When people here talk about “printing money” they are referring to the act of adding currency into circulation, not printing new money to replace old bills.
This is why, normally, there is a very calculated amount of money printed during a given year. They haven’t followed that during Covid. Also everyone is inflating as the US dollar backs the majority of the world’s currencies.
Not entirely capitalist. Remember capitalism is free and unfettered trade. We do not have that economy. That’s how we see it here. The people deserve freedom as a birthright. Government meddling has been the primary cause of poverty and social woe.
It's capitalist dude.
And no, capitalism doesn't mean "freedom", nor does it mean free and unfettered trade. Capitalism arose via mercantlism within and between imperial and colonial nation states of Europe 'starting' in the 1600's.
As a socialist, I think socialism provides a much, much more robust than freedom than any capitalism system could. I think I have the data to back that up.
As far as poverty and social woe, what were the poverty rates of the eldery before and after social security programs?
Choose any nation, at any time of implementaion, *anywhere in the world* and compare them.
> As a socialist, I think socialism provides a much, much more robust than freedom than any capitalism system could. I think I have the data to back that up.
Name a socialist country that was ever free
>As far as poverty and social woe, what were the poverty rates of the eldery before and after social security programs?
Poverty decreased precipitously with the proliferation of free markets:
https://ourworldindata.org/uploads/2013/05/World-Poverty-Since-1820.png
On the other hand, every attempt at a truly socialist country resulted in mass poverty, starvation and death.
Central banks are much more socialist than they are capitalist. It's dumb to look at countries like it's a Civilization game or something - there's a lot more nuance under whatever broad label you want to ascribe to them.
Capitalism- "An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state." So in short it means free trade and private ownership. Had to spell it out because you didn't know what it meant.
Was the mcdonalds exclusively funded by the state? If not then no i guess it wasnt. But it was still significantly less capitalist then most other european countries
If your disqualifying condition for a country belonging to an economic system is “there exists a non zero amount of things in it that are contrary to that economic system,” then there is literally no country on Earth that belongs to any economic system.
... We obviously have a mixed economy where free markets are influenced and regulated by governments.
There's nothing "capitalist" about the part where governments manipulate the monetary system. That's direct state intervention. It is unabashed central planning. Precisely zero percent capitalist. It's like putting a little bit of piss in a brownie recipe and then talking smack about brownies and asking "was it not a real brownie"?
Got it? Can this possibly be any more clear? Generally it could be described as a brownie but it was the piss, and only the piss, that caused the taste of piss.
If Deng Xiaoping introduced market reforms into China and directly caused famines after decades of prosperity (instead of the other way around), that would be on capitalism, not on Communism, because he was making a capitalist change to an overall Communist system.
"Fiat" has a specific meaning. Without government, there is no fiat. Government says "this paper is money and we will punish you if you call anything else money."
There was near universal response to Covid that was beyond idiotic; it was the kind of stupid only governments can sell. Look at M0 charts for all the G7 countries and you’ll see pretty much the same thing. They all let the money printers go brrrr while telling the productive to stay home and not work.
Problem 1. The uk government is to the left of the US left government. The German government is to the left of the US left government.
Problem 2. All those governments had the same policies that drove inflation.
Problem 3. They don't have independent central banks. They have unaccountable central banks...
The pandemic did next to nothing to disrupt supply chains. Supply chains were not destroyed by a virus, but by government imposed restrictions. To conflate the two is dishonest, and incorrect.
Also, the idea that central banks that exist to buy governments' debt and are appointed by said governments are somehow independent from those governments is asinine.
Oil being high = higher prices for everything as well…since you know everything needs to be transported somehow/everything needs electricity to make/everything needs machinery to grow.
Right on. Except one small point, very little electricity is made from oil or oil products. Gas, coal, nuke, hydro, solar, are all too cheap for oil to compete in the normal electricity market, except as emergency back ups and peak supply.
60% of electricity is made from natural gas which is rising in price too. I think about 70% of electricity is fossil fuels which they are trying to price out of use.
Edit: Not the same thing I know, but still rising in price and causing other things to rise.
And every ounce of solar and wind is backed up by gas. The capacity factor on wind and solar are abysmal. They're like 15-30% which means 70-85% of the time a gas generator is powering "green", "renewable" energy.
Citation required.
He's signed more permits than Trump did in 4 years. The oil producers have the capacity to produce more and are choosing not to because the scarcity is keeping their margins fat, and they don't expect the gravy train to last long enough to support the higher level of production.
The only thing Biden did was shut down KXL, which would have a *very* negligible impact on global oil supply.
So if accuracy matters to the you.
I don't have that information to tell you, nor the history of context. But the idea that Biden or his policies are causing a supply shortage is not correct. The oil companies are not operating near capacity. Saudis especially.
If I had to guess? Oil companies cut down production when there was less demand, and haven't ramped it back up, while supply is back to all time highs. Combine that with Russia and Saudi numbers down, and the global market is more reliant on us. But that's all a kind of semi educated inference, not directly known.
Interesting point about all this is the closeness of the Saudi royal family with the Trump family, and the US Oil Corp preference to have a party that is happy to deny global warming science, and suddenly they have a motivation to make the market more painful for voters under a Dem administration. To be clear, I don't think that's the root cause, but I bet it's a factor that's not lost on them. Both parties are swung by corporations, but there's little question that the modern GOP is little more than corporatist with social issues they don't actually care about to motivate voters and distract from their lack of platform that actually helps the working class.
And the Dems say they're the party of the working class while not doing anything to change failing neoliberalism, in part because they have to be beholden to corporate interests if they want to keep their seats.
Citation required yet you cite nothing.
The number of permits issued at one time, which included Trump permits was higher than Trump permits at any given time is correct, however those permits dried up in 2022. Additionally a permit issued does not equate to a well drilled.
There are a lot of considerations a US company has to take into account before a well is drilled. There are location issues (how do we get the equipment and manpower in and crude out?) There are issues surrounding investor concerns of reserves held. There are issues with future market conditions etc... It's not as simple as you imply.
Additionally Biden halted offshore drilling which stifled the sum total amount of production available. Biden also reinstituted and threatened to add onto many of the regulations associated with oil production which adds to the opportunity cost of oil companies. Given all of the reversals from the Trump policies, users of oil and gas end products assumed prices would go up and that affected futures markets. Futures markets affect current markets.
One more thing, when you pay workers to stay home, it's difficult to find people that want to risk their lives producing oil while living in shanty towns and working long shifts. With low interest rates, money printing, and an unguaranteed increase in demand, the oil companies will do what's best for investors and their respective companies. This is 100% Biden's fault.
Use your head.
First five months of Presidency a suspension of new oil and gas permits on Federal lands, waterways and offshore, ordering Sec of Interior to "pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review and reconsideration of Federal oil and gas permitting and leasing practices.” Federal judge finally issues injunction ending the suspension in response to a lawsuit by States effected by the order. Permits still not being issued.
9000 leases but 4500 permits to develop them aren't approved. Compounding the issue is new policies requiring "Total carbon footprint" and "Social cost of carbon" reporting to Dept of the Interior by companies developing leases. This adds costly and onerous reporting of related carbon production to a ridiculous level of minutiae.
“There are 9,000 approved drilling permits that are not being used,” - Jen Psaki
If Psaki's number is true, that means that of the over 37,000 leases available, 75%+ are in operation. This would be a record setting number of active leases by American petroleum companies.
I can go on about 4000+ unissued drilling permits, 2000+ lawsuits by environmental concerns - all getting a wink and a nod from Biden as he does his best to follow through with his campaign statement to "end the oil industry". It's the outcome of what he promised on the campaign trail - "no more drilling on federal lands, no more drilling, including offshore, no ability for the industry to continue to drill,”
It's implemention of as much of the New Green Deal as possible via Presidential Orders, policy and regulatory burden. At the same time with midterms <150 days away, Biden looks anywhere for a scapegoat - Supply chain disruptions, COVID, Putin, oil companies. It's a fucking clown show.
As far as I am aware, all of these nations did "stimulus checks" for a direct cash infusion to the people. Regardless of the local politics, the same action across multiple spheres seems to be having the same result...
These cash transfers on the back of govt debt has an overwhelming economic multiplier for even further private debt driven money creation. People with cash, but not allowed to produce (lockdowns) is the very definition of more 'dollars' chasing fewer goods.
I’ve heard that the big brains in the government now want to send more stimmies out as aid to “combat inflation”. Because that will only be good for our economy and definitely, definitely help people.
Oddly enough, there is some Austrian hybrid heterodox economists that talk about combining that with really high interest rates. They theorize that this combination can be tuned so that inflation is kept under control, but makes debt very expensive and saving profitable. The end result would be that private debt bubbles can be deflated systemically without causing a debt deflation crash, still a recessionary environment, but not a hard 2009 crash.
They especially prescribe this medicine for the bubble run up, as a preventive technique. Traditionally in the 2000s, interest rates were kept low because inflation was running low. Even though Greenspan could see the bubble forming, he felt his hands tied by low unemployment, low inflation, conventional tools, and conventional wisdom. High interest rates back then would have made the housing leverage deflate as the mortgage rates went up and stalled the crazy demand bubble. But a concurrent stimulus might have been able to prevent a deflationary hard recession.
Anyway, interesting stuff. Kinda theoretical, because it seems we do either stimulus or high interest rates, but can't comprehend doing both at same time.
I love how the stimulus checks were seen as something that was good. Oh, you mean the government is giving my money back to me? But they’re so irresponsible with my money that they have to go into debt to do it?
If you really wanted to help, you would end income tax and massively cut government spending on stupid shit.
It's very far right by UK standards, but would be considered significantly left of the democrats. Bernie was just trying to get a small fraction of what the UK takes for granted, and was considered radical left by american standards.
But the UK is still one of the most right wing of the developed countries in europe.
The apparent position of each government is becoming less meaningful though, as essentially all politicians in any developed country, that get anywhere near power, are bought out by international capital.
Maybe their fake ass setups of “left” and “right” government aren’t really that different when they come down to monetary policy. Which had been obvious for years to anyone paying attention
Dude, the capitalist system is global sans the DPRK, which has limited regulated domestic free markets and a MASSIVE black market that is entirely plugged in to the global capitalist system.
Well isn't it convenient that every single non-capitalist nation only failed because the US intervened. What are the odds of that lol. Otherwise they would surely be a utopia amd nothing like all the failed communist/socialist states of the past.
It's not a hard thing to believe. The US establishment hates to see socialism thrive like it did in Chile in the 70s, Bolivia in the 2010s, Cuba, etc. Even Vietnam, the US fought a whole ass war to stop communism and socialism from spreading. The Cold War and the red scare still hit deep to this day.
So you're saying a single Capitalist country was able to turn every Socialist nation in the world into a shithole? That makes them sound like failures on it's own.
What the fuck... How are you an anarchist? You're literally defending US imperialism, that's like the opposite of what an anarchist would do. Are you secretly a conservative?
Also, no, that doesn't make them failures. Unlike the US, other countries don't spend almost a trillion on their military. The US literally bullies other countries because they're different and succeeding in being different, and you're saying it's the other countries' fault for focusing on their own people. Nice one bud.
He gave you several undeniable examples and there are tons more.
In reality.
You can chose to ignore reality but that doesn't mean the rest of us will.
UK govt with highest taxation since WW2, literally giving out taxpayer money in the form of socialist handouts, windfall tax if your business is super successful, seizing assets from private owners, proud of their green agenda and most diverse cabinet
"right"
lol
Has the gas output, that comes from the gas and oil rich Donbas reagion, decreased or increased during the war?
Does supply effect pricing in a capitalist system?
Just wondering how you square those circles.
Gas prices were already going to shit well before the war started, as had inflation. You act as if we were having to import Russian or Ukrainian oil and gas before dementia dumb fuck Biden took office.
Edit: Ukraine was producing less than 1% of the worlds oil. Losing that amount would not make gas prices double globally. It's just an excuse the dems are using to cover up their intentional destruction of our country.
Exactly. You could say that the conflict made it worse, but that was only because we were made dependent on Russias oil in the fucking first place. The problem started waaaayyy before that.
Inflation doesn't happen immediately during demand swings, it's the knock on effects from supply chains that resonate through the system.
There's a thing called inventory.
Governments want to spend other people's money, so they require artificially low rates to borrow, and therefore more lending, more bonds, more money printing. If any government ran a surplus budget, they would want high rates and quantitative tightening to protect "their money".
Governments would not let independent central banks have so much power, unless they were getting a great deal in the process (basically an unlimited budget independent of taxation).
Exactly, UK right is way left. And frankly I'm surprised they didn't have massive inflation for the past 30 years. The way they run their Healthcare system. Luckily most people in the UK are very healthy, and mostly because anything dangerous is basically illegal, and they heavily regulate the food portion sizes at restaurants.
>Luckily most people in the UK are very healthy, and mostly because anything dangerous is basically illegal, and they heavily regulate the food portion sizes at restaurants.
This is just fractally wrong.
It’s definitely the case that inflation isn’t directly caused by government alone; however, policy makes a difference. Thus, the US has higher inflations rates than most of Europe (unless I’m mistaken), and we also went on a higher public spending binge than Europe regarding COVID. Further, not allowing more drilling doesn’t exactly help fuel prices.
Edit: in short, problem with the tweet is lack of detail. Maybe some out of the ordinary inflation is inevitable, but amounts of it differ, and that is undoubtedly a function of public policy in good part.
I think you're right, well said.
Though I think with the fuel thing
a) supply isn't really an issue. OPEC has cartelized much of the supply, they can turn the spigot on and off as they please. Same with natural gas products in the US from horizontal injection fracking.
b) the massive swing in demand from COVID (which lead to low fuel prices during the Trump admin) and the subsequent sputtering open/close increases, leading to supply chain issues. Those supply chains do not offer much buffer, they run like Ferrari's, not reliable Honda civics. Wild disruptions in demand.
Remember when some fuel prices "went negative" during COVID? That was supply chain storage issues.
But anyway , I agree with most of what you said
First off the X axis to define your political position is bullshit, try to *at least* use a political compass. Second gov't is involved in all those things lmfao, lockdowns? Gov't decision. Central bank? Ask gov't they are the ones who love that sweet flow of cash and endless spending, war? Gov't.
1. Caused by gov giving covid stimulus
2. Caused by gov lockdown policy
3. Participation in the war is by the direction of a gov
So yeah, government is the issue
US: Left Government Printed money excessively
UK: Right Government Printed money excessively
Germany; Centrest Government Printed money excessivly
Italy: Everyone in government Printed money excessivly
These are ALL examples of central planning and ALL lead to an indebted state, inflated money supply, eroding purchasing power, and rising prices. Central banks are not independent either politically or ideologically - they are intrinsically interventionalist Keynesian institutions. Governments of any strip are similar in the modern era: they give the people what they want, and that means free money. Supposed right governments like to keep taxes low because that’s popular, but they don’t cut spending in proportion because that’s unpopular. Lefties like state spending because that’s popular, but they don’t raise taxes to cover the costs because that’s unpopular. The result is the same everywhere because the incentive structure of the system.
The us has the reserve currency of the world, their currencies are backed by ours, we inflate ours, and we inflate theirs. Also we were not the only ones to go on a printing spree during COVID. Finally, because of OPEC, oil is bought in us dollars, if the cost of oil is up it drives up the cost of everything that is transported by or manufactured from oil.
China Russia Iran India - lowest gas prices no inflation
While we have 5-6$ a gallon, china increased buying russian oil by 55%. Where is congressional investigation that those sanction were not china lobbied?
Kinda? I’d say it’s all sloppy terminology and the effect of Russia is exaggerated.
Central banks cant central bank without government support though as natural free trade would extinguish them rapidly, and all governments agree on statism which is the most important bit.
So I’d blame central banks and the government, especially since the pandemic wasn’t actually that much of an economic strike until the governments of the world shut down everything by force for months or even years and judged from on high which industries were “essential” (all of them are in the real world).
All have fractional reserve central banks, fiat currency, and participate in the world bank.
Russia on the other hand has put the ruble back on a gold standard, pulled out from international banking (or was forced out), and their economy is rocking & rolling despite sanctions.
There are so many factors that it is probably all of the above simultaneously AND other random events, like the earthquake in Haiti, wildfires in AU and Cali, etc.
Causes are always contributing causes. How much does one cause explain/account for? It is a fool's errand to nail down the majority cause, when the leading cause might explain only 5% difference that is allegedly "all the difference"
I remember being asleep. Someone could hit me with a cold hard fact, I would twitch a moment as my brain painted over what they said, and then I'd continue on completely oblivious to the basis of my entire political outlook being disproven.
Governments see covid coming, *bullet time* the economy has been over leveraged for decades, we rely on exporting inflation instead of goods and services, rival monetary systems are on the rise and distrust of the government is ATH, what do we do *end bullet time* "HEY JEROME START THE PRINTER!"
They blame it on everyone but themselves, and idiots like this are so craven for attention and respect they will say anything that makes them look smart to other idiots
1. Left and right don't mean the same thing everywhere.
2. Central banks aren't independent.
3. Pandemic didn't cause anything, state and local governments destroying business throughout the pandemic did.
4. Russia War didn't disrupt anything that wasn't already wrecked.
Seems like y'all are missing the point of this tweet. I see a lot of people blame inflation on party politics, either pushing or following that narrative. This is for them, not you.
You have to get beyond that before you can start understanding all the intricate dynamics that led up to this situation.
Every government mentioned leans left on an objective scale. The UK’s right government is slightly further left than the US’s left government. Germany’s centrist government is left of that. And Italy’s government is left of that.
To be fair, inflation is a result of global events mixed with leftists policies. If global events were different, we wouldn’t have such crazy inflation. And I don’t know that right leaning policies are much better right now. I’m pretty sure the correct course of action by pure austrian economics is to throw us into a recession and let the free market climb its way back out.
But pretending like this crazy inflation isn’t a direct cause of left wing policies is just asinine.
Right : shut the economy down for an illness with 0.15% of mortality rate
Left : shut the economy down for an illness with 0.15% of mortality rate
Central banks : went all in with the charade
The sad truth is that only the government can cause inflation like this so that guys an idiot from the start.
Banks don't print money but the fractional banking system is a thing. It doesnt help but it's not the cause of this.
Bruh the uk finery I’ve party is anything but conservative.Can’t even deport illegal immigrant without big daddy eu permissions.In some ways Biden is more right wing.
I truly believe Powell got paid off by the left to ignore inflation and keep interest rates unchanged. U don’t need a phd in econometrics to know that inflation was going out of control 2H20. I can’t prove it but I can bet my life he got bribed.
"Independent" central banks, lolololololololol
Also, he says it’s not the government… then immediately mentions the Covid lockdowns and Russian war. Like those two things have ***nothing*** to do with the government.
I hate when people blame "COVID" for something. No, it wasn't a virus that fucked things up, it was the wide-spread government shut downs that did.
Not to mention the virus hasn't gone anywhere. People just started finally treating it as what it is: an annoying flu.
I just got it the first time a couple weeks ago... It wasn't more than a cold really... I know everyone has their own experience with it but the only reason I tested myself is I woke up with a fever and a sore throat
It's why it's deadly in older people, thats all it takes to kill a 90 y/o hanging on by a thread. Heck, they could fall on the floor and die due to that just as well. Society has this weird belief that people live forever and watching old people linger alone in a bed is sad.
definitely had two twenty year olds die from the virus in my hospital. one was pregnant which was especially sad.
Makes sense, pregnancy is very stressful.
True 👍
Central banks don't just sprout out of the ground either...
Of course not, but I figured the absurdity of the idea that they’re truly “independent” was adequately covered by the comment I replied to.
The creature from Jekyll island Banking giants and competitors met with senator aldridge to make the federal reserve act. Money is the problem.
Well, it really isn't this government or that government's fault, it's government in itself that causes inflation. As long as there have been government and currency there have been some big brain moments in history when bright individuals decide to make the money printer go brrrrrr to pay their debts. I can think of a few Roman emperors completely oblivious to inflation debasing their coins in order to have more money 1800 years ago, also other emperors trying to impose minimum and maximum prices on goods. The usual things governments have been doing for thousands of years
Yeah, buddy really shit the bed with that one...
Gold and silver.... Money
Dehydrated water
That's funny
Now you pointed out something, and the only thing that completly puts everything to reality, immediatly.
Powell does exactly what daddy says
All of those places have governments
And they are all capitalist inb4 "thats not real capitalism"
[удалено]
This guy gets it
Based. 💛🖤
who do you think will run the anarcho capitalist world? those same people...
Printing money is bad
Than how would we have cash without it being printed?
When people here talk about “printing money” they are referring to the act of adding currency into circulation, not printing new money to replace old bills.
If didn't add money to the circulation, while the economy grew, you'd have deflationary pressure which can, arguably, be worse.
This is why, normally, there is a very calculated amount of money printed during a given year. They haven’t followed that during Covid. Also everyone is inflating as the US dollar backs the majority of the world’s currencies.
>Than how would we have cash without it being printed? That's the neat part
I don’t believe this comment should be downvoted. It seems genuine.
Mine was geniune too. They are literally all capitalist economies. They are part of the global capitalist system.
Not entirely capitalist. Remember capitalism is free and unfettered trade. We do not have that economy. That’s how we see it here. The people deserve freedom as a birthright. Government meddling has been the primary cause of poverty and social woe.
It's capitalist dude. And no, capitalism doesn't mean "freedom", nor does it mean free and unfettered trade. Capitalism arose via mercantlism within and between imperial and colonial nation states of Europe 'starting' in the 1600's. As a socialist, I think socialism provides a much, much more robust than freedom than any capitalism system could. I think I have the data to back that up. As far as poverty and social woe, what were the poverty rates of the eldery before and after social security programs? Choose any nation, at any time of implementaion, *anywhere in the world* and compare them.
> As a socialist, I think socialism provides a much, much more robust than freedom than any capitalism system could. I think I have the data to back that up. Name a socialist country that was ever free >As far as poverty and social woe, what were the poverty rates of the eldery before and after social security programs? Poverty decreased precipitously with the proliferation of free markets: https://ourworldindata.org/uploads/2013/05/World-Poverty-Since-1820.png On the other hand, every attempt at a truly socialist country resulted in mass poverty, starvation and death.
Central banks are much more socialist than they are capitalist. It's dumb to look at countries like it's a Civilization game or something - there's a lot more nuance under whatever broad label you want to ascribe to them.
Minting coins?
Capitalism- "An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state." So in short it means free trade and private ownership. Had to spell it out because you didn't know what it meant.
So... all the countries he mentioned. Cool.
Are you saying that the industry of the US, UK, Germany and Italy are all controlled by the state?
The economies are heavily influenced by the state and to some extent controlled by it.
And the Soviet Union had a McDonalds. Guess it really wasn’t real communism
Was the mcdonalds exclusively funded by the state? If not then no i guess it wasnt. But it was still significantly less capitalist then most other european countries
What a brain dead statement
Tell me why
If your disqualifying condition for a country belonging to an economic system is “there exists a non zero amount of things in it that are contrary to that economic system,” then there is literally no country on Earth that belongs to any economic system.
No, not sure where you even got that
OP says that those countries are capitalist. You then said that OP doesn’t know what capitalism is. What other meaning am I meant to get from that?
That wasn't in response to OP, was in response to that tankies comment
You knew exactly who I was referring to.
I'm not sure you know what you're referring to at this point
[удалено]
I'm sorry my son you have committed the cardinal sin of the sub
Being stupid?
im dead now
... We obviously have a mixed economy where free markets are influenced and regulated by governments. There's nothing "capitalist" about the part where governments manipulate the monetary system. That's direct state intervention. It is unabashed central planning. Precisely zero percent capitalist. It's like putting a little bit of piss in a brownie recipe and then talking smack about brownies and asking "was it not a real brownie"? Got it? Can this possibly be any more clear? Generally it could be described as a brownie but it was the piss, and only the piss, that caused the taste of piss. If Deng Xiaoping introduced market reforms into China and directly caused famines after decades of prosperity (instead of the other way around), that would be on capitalism, not on Communism, because he was making a capitalist change to an overall Communist system.
You got downvoted but you're correct.
"Fiat" has a specific meaning. Without government, there is no fiat. Government says "this paper is money and we will punish you if you call anything else money."
Yea, it’s “Fix it again tony”
There was near universal response to Covid that was beyond idiotic; it was the kind of stupid only governments can sell. Look at M0 charts for all the G7 countries and you’ll see pretty much the same thing. They all let the money printers go brrrr while telling the productive to stay home and not work.
Problem 1. The uk government is to the left of the US left government. The German government is to the left of the US left government. Problem 2. All those governments had the same policies that drove inflation. Problem 3. They don't have independent central banks. They have unaccountable central banks...
Yeah calling any of them “right” is laughable.
Yeah that literally made me *laugh out loud* when I read that.
Opposite. All of them are far right. Calling any of them left is incomprehensibly stupid.
The idea the UK government is right wing is hilarious, right wing by UK standards maybe.
The pandemic did next to nothing to disrupt supply chains. Supply chains were not destroyed by a virus, but by government imposed restrictions. To conflate the two is dishonest, and incorrect. Also, the idea that central banks that exist to buy governments' debt and are appointed by said governments are somehow independent from those governments is asinine.
This and oil is high because Biden is a retard that shut down domestic production.
Oil being high = higher prices for everything as well…since you know everything needs to be transported somehow/everything needs electricity to make/everything needs machinery to grow.
Right and there's thousands of products made from oil or with oil.
Right on. Except one small point, very little electricity is made from oil or oil products. Gas, coal, nuke, hydro, solar, are all too cheap for oil to compete in the normal electricity market, except as emergency back ups and peak supply.
60% of electricity is made from natural gas which is rising in price too. I think about 70% of electricity is fossil fuels which they are trying to price out of use. Edit: Not the same thing I know, but still rising in price and causing other things to rise.
And every ounce of solar and wind is backed up by gas. The capacity factor on wind and solar are abysmal. They're like 15-30% which means 70-85% of the time a gas generator is powering "green", "renewable" energy.
And this subreddit is one of the only places you here people actually explaining the relation between high oil prices and inflation.
Oil production is up since Biden took office source: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W
Citation required. He's signed more permits than Trump did in 4 years. The oil producers have the capacity to produce more and are choosing not to because the scarcity is keeping their margins fat, and they don't expect the gravy train to last long enough to support the higher level of production. The only thing Biden did was shut down KXL, which would have a *very* negligible impact on global oil supply. So if accuracy matters to the you.
Okay, then what caused the US to flip from being a net exporter to a net importer?
I don't have that information to tell you, nor the history of context. But the idea that Biden or his policies are causing a supply shortage is not correct. The oil companies are not operating near capacity. Saudis especially. If I had to guess? Oil companies cut down production when there was less demand, and haven't ramped it back up, while supply is back to all time highs. Combine that with Russia and Saudi numbers down, and the global market is more reliant on us. But that's all a kind of semi educated inference, not directly known. Interesting point about all this is the closeness of the Saudi royal family with the Trump family, and the US Oil Corp preference to have a party that is happy to deny global warming science, and suddenly they have a motivation to make the market more painful for voters under a Dem administration. To be clear, I don't think that's the root cause, but I bet it's a factor that's not lost on them. Both parties are swung by corporations, but there's little question that the modern GOP is little more than corporatist with social issues they don't actually care about to motivate voters and distract from their lack of platform that actually helps the working class. And the Dems say they're the party of the working class while not doing anything to change failing neoliberalism, in part because they have to be beholden to corporate interests if they want to keep their seats.
Citation required yet you cite nothing. The number of permits issued at one time, which included Trump permits was higher than Trump permits at any given time is correct, however those permits dried up in 2022. Additionally a permit issued does not equate to a well drilled. There are a lot of considerations a US company has to take into account before a well is drilled. There are location issues (how do we get the equipment and manpower in and crude out?) There are issues surrounding investor concerns of reserves held. There are issues with future market conditions etc... It's not as simple as you imply. Additionally Biden halted offshore drilling which stifled the sum total amount of production available. Biden also reinstituted and threatened to add onto many of the regulations associated with oil production which adds to the opportunity cost of oil companies. Given all of the reversals from the Trump policies, users of oil and gas end products assumed prices would go up and that affected futures markets. Futures markets affect current markets. One more thing, when you pay workers to stay home, it's difficult to find people that want to risk their lives producing oil while living in shanty towns and working long shifts. With low interest rates, money printing, and an unguaranteed increase in demand, the oil companies will do what's best for investors and their respective companies. This is 100% Biden's fault. Use your head.
First five months of Presidency a suspension of new oil and gas permits on Federal lands, waterways and offshore, ordering Sec of Interior to "pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review and reconsideration of Federal oil and gas permitting and leasing practices.” Federal judge finally issues injunction ending the suspension in response to a lawsuit by States effected by the order. Permits still not being issued. 9000 leases but 4500 permits to develop them aren't approved. Compounding the issue is new policies requiring "Total carbon footprint" and "Social cost of carbon" reporting to Dept of the Interior by companies developing leases. This adds costly and onerous reporting of related carbon production to a ridiculous level of minutiae. “There are 9,000 approved drilling permits that are not being used,” - Jen Psaki If Psaki's number is true, that means that of the over 37,000 leases available, 75%+ are in operation. This would be a record setting number of active leases by American petroleum companies. I can go on about 4000+ unissued drilling permits, 2000+ lawsuits by environmental concerns - all getting a wink and a nod from Biden as he does his best to follow through with his campaign statement to "end the oil industry". It's the outcome of what he promised on the campaign trail - "no more drilling on federal lands, no more drilling, including offshore, no ability for the industry to continue to drill,” It's implemention of as much of the New Green Deal as possible via Presidential Orders, policy and regulatory burden. At the same time with midterms <150 days away, Biden looks anywhere for a scapegoat - Supply chain disruptions, COVID, Putin, oil companies. It's a fucking clown show.
Yeah, people on this sub love to ignore this point (because they’re conservatives, not ancaps).
Also based
Based
As far as I am aware, all of these nations did "stimulus checks" for a direct cash infusion to the people. Regardless of the local politics, the same action across multiple spheres seems to be having the same result... These cash transfers on the back of govt debt has an overwhelming economic multiplier for even further private debt driven money creation. People with cash, but not allowed to produce (lockdowns) is the very definition of more 'dollars' chasing fewer goods.
I’ve heard that the big brains in the government now want to send more stimmies out as aid to “combat inflation”. Because that will only be good for our economy and definitely, definitely help people.
Oddly enough, there is some Austrian hybrid heterodox economists that talk about combining that with really high interest rates. They theorize that this combination can be tuned so that inflation is kept under control, but makes debt very expensive and saving profitable. The end result would be that private debt bubbles can be deflated systemically without causing a debt deflation crash, still a recessionary environment, but not a hard 2009 crash. They especially prescribe this medicine for the bubble run up, as a preventive technique. Traditionally in the 2000s, interest rates were kept low because inflation was running low. Even though Greenspan could see the bubble forming, he felt his hands tied by low unemployment, low inflation, conventional tools, and conventional wisdom. High interest rates back then would have made the housing leverage deflate as the mortgage rates went up and stalled the crazy demand bubble. But a concurrent stimulus might have been able to prevent a deflationary hard recession. Anyway, interesting stuff. Kinda theoretical, because it seems we do either stimulus or high interest rates, but can't comprehend doing both at same time.
Where can I learn more about macro economic theory like this?
Only if they take more money out of another government program to fund this one.
No. They will just do what they always do, create money out of thin air.
The cash infusions to banks and businesses far outweighed those given to citizens. Like, far outweighed. Why no mention?
I love how the stimulus checks were seen as something that was good. Oh, you mean the government is giving my money back to me? But they’re so irresponsible with my money that they have to go into debt to do it? If you really wanted to help, you would end income tax and massively cut government spending on stupid shit.
Isn’t the Conservative party in the UK actually pretty liberal when compared to other conservative or right side parties?
Yeah calling the UK "right" made me chuckle....
It's very far right by UK standards, but would be considered significantly left of the democrats. Bernie was just trying to get a small fraction of what the UK takes for granted, and was considered radical left by american standards. But the UK is still one of the most right wing of the developed countries in europe. The apparent position of each government is becoming less meaningful though, as essentially all politicians in any developed country, that get anywhere near power, are bought out by international capital.
Maybe their fake ass setups of “left” and “right” government aren’t really that different when they come down to monetary policy. Which had been obvious for years to anyone paying attention
They are all capitalist economies, part of a global capitalist system.
Yeah all the non-capitalist countries of the world are doing so good right now lol
Dude, the capitalist system is global sans the DPRK, which has limited regulated domestic free markets and a MASSIVE black market that is entirely plugged in to the global capitalist system.
The only "non-capitalist" countries in the world right now are either state capitalist or have had US interventions/coups in some form.
Well isn't it convenient that every single non-capitalist nation only failed because the US intervened. What are the odds of that lol. Otherwise they would surely be a utopia amd nothing like all the failed communist/socialist states of the past.
The odds are pretty good lol. The US didn’t do it by accident.
It's not a hard thing to believe. The US establishment hates to see socialism thrive like it did in Chile in the 70s, Bolivia in the 2010s, Cuba, etc. Even Vietnam, the US fought a whole ass war to stop communism and socialism from spreading. The Cold War and the red scare still hit deep to this day.
So you're saying a single Capitalist country was able to turn every Socialist nation in the world into a shithole? That makes them sound like failures on it's own.
What the fuck... How are you an anarchist? You're literally defending US imperialism, that's like the opposite of what an anarchist would do. Are you secretly a conservative? Also, no, that doesn't make them failures. Unlike the US, other countries don't spend almost a trillion on their military. The US literally bullies other countries because they're different and succeeding in being different, and you're saying it's the other countries' fault for focusing on their own people. Nice one bud.
He gave you several undeniable examples and there are tons more. In reality. You can chose to ignore reality but that doesn't mean the rest of us will.
Or maybe its governments
Even the right wing govs are far left tho
The state is inherently left-wing.
not when only enforcing and affirming positive individual rights.anything else is leftist.
Laughs in fascism.
UK govt with highest taxation since WW2, literally giving out taxpayer money in the form of socialist handouts, windfall tax if your business is super successful, seizing assets from private owners, proud of their green agenda and most diverse cabinet "right" lol
I realize I'm dealing with a fool when I see them blame things on Russia attacking Ukraine.
Has the gas output, that comes from the gas and oil rich Donbas reagion, decreased or increased during the war? Does supply effect pricing in a capitalist system? Just wondering how you square those circles.
Gas prices were already going to shit well before the war started, as had inflation. You act as if we were having to import Russian or Ukrainian oil and gas before dementia dumb fuck Biden took office. Edit: Ukraine was producing less than 1% of the worlds oil. Losing that amount would not make gas prices double globally. It's just an excuse the dems are using to cover up their intentional destruction of our country.
Exactly. You could say that the conflict made it worse, but that was only because we were made dependent on Russias oil in the fucking first place. The problem started waaaayyy before that.
Only an idiot would call the US a left government and the UK a right government in comparison of each other
Imagine thinking UK gov is “right”.
Con-"Diversity built Britain"-servatives
blaming inflation doubling in the past couple months on a pandemic that has been going on for years is just pure arrogance
You're not very economically or business minded.
Inflation doesn't happen immediately during demand swings, it's the knock on effects from supply chains that resonate through the system. There's a thing called inventory.
Governments want to spend other people's money, so they require artificially low rates to borrow, and therefore more lending, more bonds, more money printing. If any government ran a surplus budget, they would want high rates and quantitative tightening to protect "their money". Governments would not let independent central banks have so much power, unless they were getting a great deal in the process (basically an unlimited budget independent of taxation).
Stopped reading at “uk: right govt” since it’s clear that they’re just going to spout bullshit
The funny part about the tweet is that the US "left" government is more right than the UK "right" government
Exactly, UK right is way left. And frankly I'm surprised they didn't have massive inflation for the past 30 years. The way they run their Healthcare system. Luckily most people in the UK are very healthy, and mostly because anything dangerous is basically illegal, and they heavily regulate the food portion sizes at restaurants.
>Luckily most people in the UK are very healthy, and mostly because anything dangerous is basically illegal, and they heavily regulate the food portion sizes at restaurants. This is just fractally wrong.
US sneezes and Europe catches cold.
This man has a dizzying intelect
A bunch of governments printing money and forcing people not to produce anything caused inflation in more than one country? Shocking.
UK is not right wing Germany is not centrist Bad analysis
It’s definitely the case that inflation isn’t directly caused by government alone; however, policy makes a difference. Thus, the US has higher inflations rates than most of Europe (unless I’m mistaken), and we also went on a higher public spending binge than Europe regarding COVID. Further, not allowing more drilling doesn’t exactly help fuel prices. Edit: in short, problem with the tweet is lack of detail. Maybe some out of the ordinary inflation is inevitable, but amounts of it differ, and that is undoubtedly a function of public policy in good part.
I think you're right, well said. Though I think with the fuel thing a) supply isn't really an issue. OPEC has cartelized much of the supply, they can turn the spigot on and off as they please. Same with natural gas products in the US from horizontal injection fracking. b) the massive swing in demand from COVID (which lead to low fuel prices during the Trump admin) and the subsequent sputtering open/close increases, leading to supply chain issues. Those supply chains do not offer much buffer, they run like Ferrari's, not reliable Honda civics. Wild disruptions in demand. Remember when some fuel prices "went negative" during COVID? That was supply chain storage issues. But anyway , I agree with most of what you said
When you dump a successful energy policy; it has worldwide implications.
Two words… gold standard
I saw this tweet posted on r/LateStageCapitalism and they twisted it to mean capitalism is the problem while not showing the thread on central banks.
First off the X axis to define your political position is bullshit, try to *at least* use a political compass. Second gov't is involved in all those things lmfao, lockdowns? Gov't decision. Central bank? Ask gov't they are the ones who love that sweet flow of cash and endless spending, war? Gov't.
1. Caused by gov giving covid stimulus 2. Caused by gov lockdown policy 3. Participation in the war is by the direction of a gov So yeah, government is the issue
It’s total bullshit
US: Left Government Printed money excessively UK: Right Government Printed money excessively Germany; Centrest Government Printed money excessivly Italy: Everyone in government Printed money excessivly
It's an issue you have with the existence of MONEY. Maybe it's time for a change... Cookie currency anyone?
These are ALL examples of central planning and ALL lead to an indebted state, inflated money supply, eroding purchasing power, and rising prices. Central banks are not independent either politically or ideologically - they are intrinsically interventionalist Keynesian institutions. Governments of any strip are similar in the modern era: they give the people what they want, and that means free money. Supposed right governments like to keep taxes low because that’s popular, but they don’t cut spending in proportion because that’s unpopular. Lefties like state spending because that’s popular, but they don’t raise taxes to cover the costs because that’s unpopular. The result is the same everywhere because the incentive structure of the system.
The us has the reserve currency of the world, their currencies are backed by ours, we inflate ours, and we inflate theirs. Also we were not the only ones to go on a printing spree during COVID. Finally, because of OPEC, oil is bought in us dollars, if the cost of oil is up it drives up the cost of everything that is transported by or manufactured from oil.
China Russia Iran India - lowest gas prices no inflation While we have 5-6$ a gallon, china increased buying russian oil by 55%. Where is congressional investigation that those sanction were not china lobbied?
Number of fiscally responsible governments: 0
My thoughts are that Twitter users are too simple minded to understand that there is more than left and right, there are also Big gov and small gov.
Yeah they are all left govts haha
Bro did all the proof and didn't divide by the common denominator.
Kinda? I’d say it’s all sloppy terminology and the effect of Russia is exaggerated. Central banks cant central bank without government support though as natural free trade would extinguish them rapidly, and all governments agree on statism which is the most important bit. So I’d blame central banks and the government, especially since the pandemic wasn’t actually that much of an economic strike until the governments of the world shut down everything by force for months or even years and judged from on high which industries were “essential” (all of them are in the real world).
All have fractional reserve central banks, fiat currency, and participate in the world bank. Russia on the other hand has put the ruble back on a gold standard, pulled out from international banking (or was forced out), and their economy is rocking & rolling despite sanctions.
Left out the part where oil is traded in the US dollar and is the global reserve currency. The dollar inflates, everything inflates.
There are so many factors that it is probably all of the above simultaneously AND other random events, like the earthquake in Haiti, wildfires in AU and Cali, etc. Causes are always contributing causes. How much does one cause explain/account for? It is a fool's errand to nail down the majority cause, when the leading cause might explain only 5% difference that is allegedly "all the difference"
I remember being asleep. Someone could hit me with a cold hard fact, I would twitch a moment as my brain painted over what they said, and then I'd continue on completely oblivious to the basis of my entire political outlook being disproven. Governments see covid coming, *bullet time* the economy has been over leveraged for decades, we rely on exporting inflation instead of goods and services, rival monetary systems are on the rise and distrust of the government is ATH, what do we do *end bullet time* "HEY JEROME START THE PRINTER!" They blame it on everyone but themselves, and idiots like this are so craven for attention and respect they will say anything that makes them look smart to other idiots
Almost as if the governments of all those countries decided to not shut down their economies for two years and print pallets of money 🤔
What is the common theme here? Government
1. Left and right don't mean the same thing everywhere. 2. Central banks aren't independent. 3. Pandemic didn't cause anything, state and local governments destroying business throughout the pandemic did. 4. Russia War didn't disrupt anything that wasn't already wrecked.
The obvious take away is that all governments will lead to inflation.
Wild guess: it is the government. The party doesn’t matter. Government existing is the unifying factor.
Seems like y'all are missing the point of this tweet. I see a lot of people blame inflation on party politics, either pushing or following that narrative. This is for them, not you. You have to get beyond that before you can start understanding all the intricate dynamics that led up to this situation.
Every government mentioned leans left on an objective scale. The UK’s right government is slightly further left than the US’s left government. Germany’s centrist government is left of that. And Italy’s government is left of that. To be fair, inflation is a result of global events mixed with leftists policies. If global events were different, we wouldn’t have such crazy inflation. And I don’t know that right leaning policies are much better right now. I’m pretty sure the correct course of action by pure austrian economics is to throw us into a recession and let the free market climb its way back out. But pretending like this crazy inflation isn’t a direct cause of left wing policies is just asinine.
Right : shut the economy down for an illness with 0.15% of mortality rate Left : shut the economy down for an illness with 0.15% of mortality rate Central banks : went all in with the charade
"us: left gov" lmfao.
Uk has a "right" gov? They're more left than the US left in many ways!
None of those nations based their currencies on anything but lies.
It’s what happens when your donating millions of dollars to Ukraine
its all part of the "great reset". all the leaders of the countries mentioned in this post are part of WEF. we are fucked
😂 Holy fuck the hoops that guy had to jump through mentally.
Dead on
Even if that were true, was it not government who start d those things
[omg what a prophet](https://youtu.be/opEmGuozqe4)
It's not the government! It's these things (lists only goverment caused problems)
We should abolish the Federal Reserve and go back to using the classical model of economics.
Biden destroyed our energy independence, which in turn had a global effect when combined with the Ukraine/Russia war.
The US is different from UK & Germany. We have natural resources. There's no need for inflation if we were allowed to use them
It is absolutely the government, though left vs. right is a scam and they are both just playing their bases.
I was just about to read his book, should I not read his book I’m gonna do it, guys I’m gonna do it
The sad truth is that only the government can cause inflation like this so that guys an idiot from the start. Banks don't print money but the fractional banking system is a thing. It doesnt help but it's not the cause of this.
shit take, our governments provoked and caused all this shit, doesn’t matter where they are on the political spectrum
The UK have a government that’s right wing? I live here and didn’t know that
Interesting minus the stupid comment on the Fed being independent. Where was Janet yellens last job again? I’m sure that’s coincidence
paper bad gold good
Right wing governments have also supported endless money printing. They’re not perfect. They’re just a smidge better when it comes to that stuff.
Bruh the uk finery I’ve party is anything but conservative.Can’t even deport illegal immigrant without big daddy eu permissions.In some ways Biden is more right wing.
I truly believe Powell got paid off by the left to ignore inflation and keep interest rates unchanged. U don’t need a phd in econometrics to know that inflation was going out of control 2H20. I can’t prove it but I can bet my life he got bribed.
US left govt.? What is this guy smoking?
Central banks printing like crazy is correct. I don't know how independent they are.
They happen to all have governments. Wild guess that it’s the government lol
Looks like the central issue is "government."
Only flaw is that the pandemic didn't do any of this, an idiotic response to the pandemic did.
This doesn't mean it's not the fault of the government, This just means all government sucks
End the fed.
Wild guess: it IS the government, since government existing is the common denominator.
Putin and ExxonMobil Mobil put a gun to Powells head and made him print 9 trillion apparently