There seems to be a widespread confusion in the crypto world that fixed supply in the short run is a desirable feature for a currency. This is totally wrong. Fixed supply leads to wildly fluctuating prices if there are money demand shocks. 1/4
Bob Rubin and Joe Stiglitz found something they agree on. The deficit hawk and the dove favor automatic stabilizers to keep the economy in balance (via @petercoy) https://t.co/1d3nHcF5GI
Politics isn’t war. Sports aren’t war. Business isn’t war. War is war. We would do well to dial back the war metaphors in politics. Especially now. That doesn’t mean we can’t have strong disagreements. A healthy democracy always will.
I’m saddened as I write this. After losing last season to an ACL injury, @WestABoysSoccer junior @jaxonervin has re-torn his ACL. It’s not fair. Jax worked so hard to return. Not only a tremendous player, but a first class young man. We love you Jax. #winforjax@WestASports 🙏❤️
The idea that our prospects today are better than they were in January is bananas. This suggests some combination of:
1. Stocks were too low in January
2. Stock are too high now
3. The stock market over-represents those sectors of the economy (big tech) that gain from Covid
To appreciate how substantial the fiscal support was: real disposable personal income ROSE 10% (annual rate was 44.9%) in Q2.
The economy collapsed but incomes were up due to stimulus checks and UI.
View this chart of U.S. jobs growth under two Presidents, then watch this clip. It's the start of an economic gaslighting campaign that I suspect will roll through election day.