How should inflation and greed be combated?

@Sadwithasmile I don't care how much competition there is if the government is printing money like it is going out of style while productivity stays the same there is inflation. It happens all the time. Witness Germany in the 1920s/30s. Zimbabwe, Venezuela etc etc etc. The more money that is printed the less the money is worth.

@hippyjoe1955 money is backed by a commodity.

“Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation.”

Also the currency value is also maintained by a floating of the currency which means a currency’s value is held by demand and supply as well as commodity backing. We are experiencing a massive shortage due to covid, global warming and the Russian war.

@Sadwithasmile Bwahahahahahaha You really believe that? Ever heard of quantitative easing?

@hippyjoe1955 quantitive Easing is a government method of boosting the economy by increasing currency. The way they increase this availability of currency is by purchasing their own central bank bonds from consumers.

@hippyjoe1955 I have a degree in economics and I specialised in central bank policies.

@Sadwithasmile And you don't know a thing about inflation. I think you should ask for a refund.

@hippyjoe1955 what do you know about inflation?

@Sadwithasmile Obviously more than you and your degree from Karl Marx university.

@hippyjoe1955 I’d rather have a degree from Karl Marx than “let’s worship billionaires university”. It must be nice worshiping people who dont mind you living in poverty to maximise their profits.

@Sadwithasmile Still with the marxism? Too funny. Your petty jealousy is making your degree all the more worthless. Here is a thought experiment. You have a million dollars and want to do the most good for the most people. Do you give the million to a bunch of poor people or do you give it to a rich man. Explain your findings.

@hippyjoe1955 you do neither. As a government you create a company say “electricity inc.” and sell shares of that company. That way you maximise government revenues by getting tax from the business and profits, the business would be maximised as shareholders will demand higher profits but the government is still benefiting from that higher profits plus tax.

I wouldn’t give the money to anyone, the rich will steal the money and do little good, they got rich for a reason. The poor will not understand how to maximise the potential of the money, they are poor for several reasons.

Where I’m from the government owns several industries including oil and the utilities. The government owns the oil and owns shares (no voting rights) in our largest business. For this reason I pay zero tax, my healthcare is completely free, my petrol is subsided heavily (I fill up 90 litres of premium high octane fuel for $30), my government paid for my degree overseas at the London school of economics and they gave me a student wage of 3.5 thousand dollars per month (I have my bank statements to prove it).

@Sadwithasmile Ask the people who lived in the Soviet Union about how well government ownership worked out. Then you could try Zimbabwe or Venezuela. Your preferred method of economics has a perfect record OF FAILURE!

@hippyjoe1955 1. Those countries have major corruption.

2. I never said I was a communist I said I believe the government should own shares in prospering businesses but the natural resources must belong to the people.

3. My country works that way and I’m living a much better life than you.

@Sadwithasmile Corruption and government is synonymous. You can't have one without the other.

@hippyjoe1955 tell that to the Nordic states.

@Sadwithasmile I don't have to. They know it as well as anyone. I live in Canada. The government here has often set up corporations like Air Canada. Guess what, Air Canada used its government influence to prevent competition and as a result Canada has exorbitant airfare prices. Every time a private company wants to start the government company shuts them down.

@hippyjoe1955 I see, well that is sad. Here we dont have that problem, our major banks (3 of them) have the government as a shareholder, they own less that 30% and dont have voting rights. Our telecom companies all have the government as a shareholder but also can’t vote.

My method is a mixture of both socialism and capitalism, both have their issues and I want to maximise the benefits of both.

Where I’m from in Kuwait, I get paid $2500 as a ubi for working in the private sector. We do suffer from curroption but I can always rely on my government if I’m in an issue. Sadly we suffer from sexism and a lack of freedom but that is due to religion not economics.

@Sadwithasmile Socialism is little more than equal poverty. The government does not create jobs. BTW what were the two most inflationary times in US history? I will tell you. Nixon took the dollar off the gold standard and immediately the Fed began pumping out the dollars. The result was Carter inflation. The second time was when Obama decided to blow trillions and pay for it with printed money. The result is Biden inflation. No I am not letting Trump off the hook. The saving grace Trump had was he was able to increase the GDP to match the increase in money supply. Biden killed the economy but has kept printing more and more money hence the present day inflation we see in the US.

@hippyjoe1955 you can too have your own political facts!

@Changeisgonnacome Statements of fact. Go look up your history. I remember well the 20% interest rates as the governments got a handle on inflation in the 80s. This isn't my first rodeo. I have seen this kind of insane inflation before. Both times it was because of government printing huge amounts of money based on nothing more that political expedience. If you note I am not being partizan and blame both parties for their folly. Sadly for the democrats both major inflation spikes happened when they were in power. Was it their fault? Not entirely but they didn't do anything to stop the inflation. They did however kill the economy both times. Remember the gas rationing when Carter was president. I do.