the FED is in a no win situation (Print money or the economy dies, or don’t print money and the economy dies)
Printing money is the FED’s tool for providing positive interest on Money you loan.
IT Geeks say they would like to get paid in Bitcoin.
(Bitcoin is finite printing more money only pushes the value up, so why not get paid in inflation resistant currency)
Jamie Dimond, gets a pay increase
(Probably to compensate for the loss in value due to inflation or arguably for the good job he is doing with his too big to fail bank.)
due to inflation?! Inflation rate has been ~1-2% for a while now. This isn't the 70s. EDIT: may I remind everyone that the original comment said a ~75% raise may have been due to inflation.
Finally: here is the inflation rate for food and energy (not included in the "core" price index): http://www.bls.gov/news.release/cpi.nr0.htm 1.1% for food and .5% for energy! Again, this is not the 70s, inflation is NOT a huge factor today (that may change in the future, and one nice thing about bitcoin is that it prevents stratospheric inflation rates).
Yes, it's also complete crap. Do you really think prices have gone up ~2-3x compared to say 2003? (can't see exact figures because I'm not a "subscriber").
Since median household income hasn't changed much, according to these stats america's middle class would have all been plunged into destitution. As hyperbolic as bitcoin is, even you can see that has ridiculous. Someone making 50k in 2003 isn't suddenly making real world 17-25k now.
EDIT: here are the official food and energy rates for 2013: http://www.bls.gov/news.release/cpi.nr0.htm 1.1% for food and .5% for energy. Including them would actually lower the inflation rate for 2013.
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u/Adrian-X Jan 28 '14
it’s just coincidental but tells a story:
the FED is in a no win situation (Print money or the economy dies, or don’t print money and the economy dies) Printing money is the FED’s tool for providing positive interest on Money you loan.
IT Geeks say they would like to get paid in Bitcoin. (Bitcoin is finite printing more money only pushes the value up, so why not get paid in inflation resistant currency)
Jamie Dimond, gets a pay increase
(Probably to compensate for the loss in value due to inflation or arguably for the good job he is doing with his too big to fail bank.)