I definitely get your point, but over-generalized comments like these are also dangerous.
Just as there are many MBAs who were or are veteran software developers, the HN community is large enough that there are many members who are professional investors.
You are correct, some know what they are talking about. But there are also many people who think that being a smart person in one field makes them a smart person in every field. It is disrespectful, it implies that they think their field is easier than yours and it must not be that hard to figure out. It is also very easy to spot.
I did not mean to imply that everyone is one-dimensional, I personally have professional experience in the finance and software industries and have respect for the people in them. But when some finance expert suddenly becomes an opinionated epidemiologist I call bullshit (a random example that has happened far too often the past few years).
A lot of the posts and comments I see on here are made by people in the dangerous phase between becoming interesting in markets and actually having experience.
An issue with using fiscal policy this way is that many of the things that are worth spending money on aren't easily movable levers, they are long term projects.
If inflation is accelerating and we need to cut spending to fix things it may be difficult or inefficient to cut the budget of a 10 year infrastructure project. If we need to spend more one year, do we just flood the healthcare system or military with money temporarily?
Changing tax policy frequently creates uncertainty for people investing in long term projects, which increases risk and cost associated with funding them.
I like that there is an academic debate going on about MMT, but there are practical challenges in implementing it. While far from perfect, the current monetary policy approach is easier to implement and change, while outsourcing capital allocation decisions to the banking system.
These are good questions to be asking, and they are all theoretical possibilities. Some people see this as an opportunity for improvement, others find it deeply concerning. Central banks do not necessarily need to abide by the old definition of money.
Columbus metro area is roughly the same size as Cleveland metro area so I don't think that is the reason.
However, it could still have a talent advantage. Having OSU nearby is helpful, and maybe it is easier to attract talent to move to a city with a big university.
Columbus grew 15% in the last decade, Cleveland shrank 6%. That could also have something to do with as there's reason to believe it will continue to attract skilled talent.
You make some fair points about money and mistrust but the parent's argument is not unfair. You mention that you "became a Swede" by adopting Sweden's values. America doesn't have one unified set of values due to being so big. Sweden is smaller than Ohio by population. Ohioans generally share some values, but they are quite different than people in Massachusetts or Mississippi. America is closer to the EU's scale, and the EU has plenty of idealogical differences between member states. Do the Greeks trust that the Germans are looking out for their best interests?
Like dtwest says, you have embraced the local culture.
If someone from let's say, a rural village in central Asia, will immigrate to Sweden and will hold on to their original culture, I doubt the average Swedish guy will be as happy to pay that guy's medical bills, the same way they'd do for someone who does holds a similar culture.
Corporate debt. Fed raised rates and then when it came time to roll over their debt, a lot of major corporations said "Uh, if interest rates keep going up, we are going to go bankrupt because of the higher costs of debt service." The markets had a taper tantrum (the S&P 500 dropped by about 18% in the second half of 2018), and then the Fed reconsidered and started dropping rates again.
Situation is worse now, because it's highly likely that the U.S. Government would go bankrupt if they had to roll over their debt at higher rates, given that the U.S. debt-to-GDP ratio skyrocketed from 105% in 2020 to 130% now.
Sort of. Bankruptcy means you "cannot" pay your debts. The US can get itself into a situation in which for structural reasons it "cannot" pay back its debtors because the political/social costs of the money printing or taxation required are infeasible, e.g. nobody who will do it can get elected. In that case even though it would be technically possible, it wouldn't happen and the US would refuse to pay.
Trump on the one side of his mouth was trumping up "record economic growth!" but on the other side of his mouth was complaining "the economy will crash if they raise rates!"
It is crazy that the Democrats are the fiscal conservatives these days while the Republicans are much more irresponsible (though Obama and Biden are definitely nowhere near Clinton in terms of responsibility, they are way more responsible than Bush/Trump).
I think that is probably naive, they can't raise rates for many reasons including the fact that it would basically immediately blow up significant parts of the economy that are only enabled/possible due to rock bottom rates
No I think it's an awful situation, but lawmakers and governments have made the bed for us by stepping in over and over to rescue and backstop failing entities and sectors time and time again which has allowed what would otherwise be insolvent and long ago bankrupted entities and business models to flourish
This is interesting timing given what has been happening related to Evergrande. It is possible that the government is worried about money being moved out of the country, and cryptocurrency is one way of doing that.
1. Find a place that takes RMB and gives you crypto.
2. Send crypto to your wallet or foreign exchange.
3. Abroad, sell crypto for non-RMB fiat currency.
No mining needed.
China can't ban 2 (or perhaps they could by putting the great firewall into overdrive) so they are banning 1.
Important to note that that is the weight before cooking, a frozen patty will lose a lot of water weight in the cooking process, so what you end up getting is not a full 6oz.
Afghanistan and Korea are vastly different scenarios, perhaps the main difference is the situation the US put themselves in rather than a change of core values.
The CDC changed their guidance with PCR testing so a "breakthrough case" (i.e. a vaccinated person testing positive for COVID) is defined as 28 cycles or fewer, but gave no guidance about changing the PCR cycle count for unvaccinated (which remains in the 35-40 range most places).
This means it takes thousands of times less material to make an unvaccinated person a COVID "case" than a vaccinated person.
