There used to be massive economic crises all the time while people still were using your "intuitive" grasp of economics.

The truth is that inflation expectations were in the hole [0], and the Fed action restored inflation and price stability as per its mandate.

[0]: https://fred.stlouisfed.org/series/T10YIE

> Economics is not a very difficult subject

I can't believe its possible to be so wrong.

The history of humans might as well be "getting economics less wrong than last time"

Economics is not complicated. It is people who try to confuse us by wrapping mismanagement in the veneer of econometrics and "science" that try and make confusing what is actually relatively simple.

Both the US and Japan have ran enormous fiscal surpluses for decades with low inflation. How does your plain, simple intuition account for this gap between what you say must happen and what has happened?

The idea conveyed here is that scarcity being the foundation of value is a myth. No economist believes that just because something happens to be rare makes it inherently valuable. I dont think any real economist really believes that. I think it was a pop culture, snake oil salesman thing that brought it into the zeitgeist. Yet to this day, the myth still prevails and bitcoin is mostly based on that concept. Just because something is "limited" doesn't mean it already has value.

Scarcity is necessary but not sufficient for something to have value. There are plenty of rare things that are worthless. Various forms of toxic waste, for example, aren't particularly common and have negative value.

Keynes actually had a nice quip for things like Bitcoin:

> The market can remain irrational longer than you can remain solvent.