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...
Imagine an island country that produces no oil, a totally realistic scenario.... War cuts supply and oil goes from €10 to €100. Economy contracts, prices rise.
What do Economists do?: Raise interest rates!
Excellent. How many barrels of oil did that create? Zero.
It takes a remarkable level of abstraction to look at a physical shortage and conclude that the real problem is that people still have too much money.
They are worst than a fraud...Economist are criminals...
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...
Betelbuddy · · focus · HN ↗
What do Economists do?: Raise interest rates!
Excellent. How many barrels of oil did that create? Zero.
It takes a remarkable level of abstraction to look at a physical shortage and conclude that the real problem is that people still have too much money.
They are worst than a fraud...Economist are criminals...