Very Serious People complain that the money printer go brrr money is going to create inflation. And it actually has created inflation, specifically: asset price inflation, and even more specifically: price inflation of the assets owned by those same Very Serious People.
What has really been inflated, since 2008, has not been consumer prices, but asset prices — [that is,] real estate prices, stocks and bond prices, things that the 1% hold. Wealth has been inflated much more than goods and services. [This is especially true] for real estate.
This debt has been inflated not by government debt, not by government deficits, but by the Federal Reserve creating a $9 trillion subsidy to the banks to support real estate prices, and hence the value of bank-held mortgages and stock and bond prices.
Why would Very Serious People complain if they’re the ones benefiting? Because they only complain about the money printer when it might benefit the rest of us. Second Thought: Why The Government Has Infinite Money
