![]() ![]() January’s inflation numbers kicked off 2023 with mixed messages, with the CPI showing inflation easing, but maybe not as quickly as omelet-lovers and others would like.įirst, with regard to whether or not the printing of money is secret or open, it’s a matter of how you define transparency. While the answer to this particular question seems easy-printing money is generally what causes inflation, cue images of useless paper money in wheelbarrows-it’s obviously more complicated than that, especially concerning today’s inflation and what to do about it. Instead of asking an AI chatbot to explain, I turned to economist Larry Kotlikoff, a professor of economics at Boston University. So maybe a little fact-checking is in order, especially because some of the concepts being batted around are not so easy to understand, even for the experts. In my household, these social media items on financial literacy reach me via texts from my teenagers, who send clips along and ask me if whatever is being said is true. Some 60% of young people get financial information from social media, according to the Finra Foundation, which can lead to some pretty risky investing behavior in options, cryptocurrency and meme stocks. They are supplemented by copious amounts of comments, and the whole package taken together becomes a form of primary source material that has a wider reach than most textbooks. These days, the big imponderables about the world are summed up in short sardonic videos with rights-free soundtracks and clip-art graphics on TikTok, Reddit, YouTube and other social media channels. ![]() This isn’t necessarily a practical question, but is probably more about monetary theory at a fundamental level, like why do we even have this financial system? And if our money supply is truly in our control, why don’t we just fix it? ![]()
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