Wait until you hear about the ultimate fraud...Economists.
Look at the EU central bank and their rising on interest rates despite rising prices not proving rising demand....but they live by their model...
You get a war as external shock that makes oil scarcer while the economy is already contracting...so they hike rates, what will not create oil but crushes demand on top of a supply collapse...
Yes, that is how it works. To make supply and demand meet, you can increase supply or decrease demand. Central banks only have one of those levers and have to use it to counteract whatever the market does to the other lever.
Most of the time economists are just making up excuses for why it's actually a good thing to give all the world's money to rich people who happen to employ economists, but sometimes there's a spark of truth.
Betelbuddy · · focus · HN ↗
Look at the EU central bank and their rising on interest rates despite rising prices not proving rising demand....but they live by their model...
You get a war as external shock that makes oil scarcer while the economy is already contracting...so they hike rates, what will not create oil but crushes demand on top of a supply collapse...
someonebaggy · · focus · HN ↗
Most of the time economists are just making up excuses for why it's actually a good thing to give all the world's money to rich people who happen to employ economists, but sometimes there's a spark of truth.