Re:Bitcoin consumed 134 TWh in total during 2021
by scottiebarnes on Sunday January 02, 2022 @09:24PM
(#29776617)
No, you seem particularly focused on a technical detail concerning the flow of money rather than the larger theme at play; that is, the value of money is at the whims of the central bank. I'm imagining those who lived to see the Zimbabwe dollar devalue from dollars to trillions of dollars would have a hard time believing you when you say central banks can't create money.
Furthermore, there are some that believe an interest rate should be determined by markets rather than policy makers.
And on the personal note, I have a minor in economics, my bachelors was finance. Economics is a broad subject, and even if you study monetary policy at the undergraduate level, the mechanics of central bank asset flow is not a subject well covered. But hey, thanks for the elitism and insulting the 99.99999% beneath you.
NARRATOR: But by law, Chairman Powell's Federal Reserve can only lend money that must be paid back.
Which is what I've been telling you.
Powell was providing a simplification, an analogy, so that folks such as yourself without a meaningful background in economics can understand. Obviously he did an insufficient job, and I strongly suspect this clip was out of context.