Cryptocurrency:
grarpamp
grarpamp at gmail.com
Sun Dec 3 20:47:09 PST 2023
The US President is gaslighting the people about inflation.
https://i.redd.it/ovvlyxfbho3c1.png
[–]Boulley_007 439 points440 points441 points 2 days ago (160 children)
Got to love community notes
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[–]Bloated_Hamster 313 points314 points315 points 2 days ago (75 children)
Best invention ever tbh. Works against both sides and it's basically a
"quit your bullshit" box.
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[–]DaVirus 84 points85 points86 points 2 days ago (73 children)
Literally the only good thing Twitter ever did
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[–]Criks 13 points14 points15 points 2 days ago (52 children)
Was it before or after musky? I never used the site.
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[–]Sedo-ku 108 points109 points110 points 2 days ago (11 children)
After
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[–]Atlienxx 61 points62 points63 points 2 days ago (7 children)
Jack Dorsey was owned by to many people to do this.
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[–]PuddingResponsible33 9 points10 points11 points 2 days ago (5 children)
So was Twitter just tapped by bots and high level officials to just
create a fog? Seems a perfect way to cover a bigger story.
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[–]thecoat9 8 points9 points10 points 2 days ago (2 children)
Perhaps, but I think it's much simpler than that. Basically government
entities engaged in censorship via proxy cajoled via the threat of
regulatory changes. There were in some cases direct pipelines
established between government entities and social media platforms
where said government actors could directly report content that didn't
fit a preferred narrative. While this did curb some of the rampant
insane bullshit you see a lot of since the birth of the internet, it
also suppressed truth or in cases where the truth isn't really known,
legitimate highly plausible speculation.
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[–]PuddingResponsible33 3 points4 points5 points 2 days ago (0 children)
After Facebook had a whistleblower on 60 minutes and literally 48
hours later changed it's name to meta. Dealing with Cambridge
analytics I believe. I really try to stay away from all social media.
But the mob of reddit I enjoy.
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[–]Faxis8 2 points3 points4 points 2 days ago (0 children)
It was a “consensus generator”. The bots were how they manipulated
users and signaled the media what to report.
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[–]warblade7 51 points52 points53 points 2 days ago (30 children)
It was one of the main reasons why Musk bought Twitter. The bias in
censorship and information dispersal was heavily in favor of one side
of the political spectrum.
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[–]Basic_Hair_9549 8 points9 points10 points 2 days ago (0 children)
LOL no wonder they are after Elon... aggressively
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[–]jbe061 3 points4 points5 points 2 days ago (4 children)
It's s good. Reddit needs some form of this
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[–]thirteen-thirty7 1 point2 points3 points 2 days ago (3 children)
It's called a comment section.
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[–]treerabbit23 9 points10 points11 points 2 days ago (72 children)
2-3% inflation is considered normal/desirable, mostly because it
provides a disincentive to savings and an incentive to investment.
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[–]Jub-n-Jub 42 points43 points44 points 2 days ago* (26 children)
Man, that's a rough statement to read. What kind of just system would
punish people that try to save? These same people are the ones that
are able to recover from unexpected expenses. You know, because they
had been putting away money just in case there is an unexpected
expense.
And then to incentivize gambling is also disgusting.
If I put in an honest days labor roofing I should be able to put the
value of that labor aside to pay for my child's "x". If "x" happens 20
years from when I saved it, IT SHOULD HAVE THE SAME VALUE AS WHEN I
EARNED IT.
To then tell that roofer that he needs to learn how to invest so he
doesn't go broke is criminal. No different than giving someone a
paycheck, that they earned, and telling them that they will lose it
all unless they take it to the casino.
Fiat is slavery.
Edit: typo
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[–]pie1983 9 points10 points11 points 2 days ago (0 children)
Well said. Can’t believe I used to buy the Keynesian bullshit…
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[–]RuralDisturbance 5 points6 points7 points 2 days ago (0 children)
and 19 upvotes
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[–]ST-Fish 5 points6 points7 points 2 days ago (1 child)
Whenever I explain Bitcoin to anyone without using the word "Bitcoin"
or "Crypto" they inherently get it and understand it's value
proposition.
Too bad the public image of it is so incredibly tainted by the degen
gambler crypto bro community.
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[–]Jub-n-Jub 1 point2 points3 points 2 days ago (0 children)
Yeah. I have alsonstopped using saying the word bitcoin when talking
to people about economics, inflation, etc. Tou can almost see the wall
come up.
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[–]clicksanything 2 points3 points4 points 2 days ago (0 children)
Yup 100%
Fiat propaganda is very powerful, most people still see it as "things
are getting more expensive" rather than "my dollars are losing
purchasing power".
Unfortunately I don't see this sentiment going away anytime soon, used
to go out of my way to educate people in my life about Bitcoin. I dont
do that anymore bc I know theres trillions of marketing and ads
telling them to look the other way.
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[–]ProThoughtDesign 2 points3 points4 points 2 days ago (0 children)
That first question has a pretty simple explanation. It's not a just
system. It's a system designed to produce consumers, plain and simple.
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[–]GeorgeKaplanIsReal 2 points3 points4 points 1 day ago (0 children)
A system that doesn’t want itself to collapse. Commercialism and
consumerism require consumers and spending. Hell even Friedman - a
noted libertarian economist - embraced the idea of a consistent annual
increase in the money supply (which is essentially inflationary).
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[–]C01n_sh1LL 1 point2 points3 points 1 day ago (0 children)
These same people are the ones that are able to recover from
unexpected expenses. You know, because they had been putting away
money just in case there is an unexpected expense.
Hard to corral folks into debt traps if they're able to recover from
unexpected expenses. And that affects the profits of the lenders,
which in turn hurts their investors, and therefore any person or
market force encouraging too much savings, is inherently hostile to
the system as designed.
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[–]Rice-Fragrant 14 points15 points16 points 2 days ago (2 children)
You mean forced to GAMBLE. Why should an elderly woman be forced to
become an “investor.”
If she had SOUND MONEY she wouldn’t have this problem.
The young people with their student loans, cost of living etc can’t
even keep up and they are getting priced out of real estate etc
because of all this so called “insentive to invest.”
Real inflation l/debasement rates is closer to about 7-10% a year when
looking on rent, food, services over a period of 20 years.
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[–]Jub-n-Jub 2 points3 points4 points 2 days ago (0 children)
I can feel the anger from this and I am here for it. I have a
simmering rage. I understand where Tyler Durden was coming from.
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[–]Jub-n-Jub 7 points8 points9 points 2 days ago (1 child)
Do you know why inflation is targeted at 2%? Don't worry, it's not too
deep. That's the historical rate of gold's inflation. No other reason.
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[–]pie1983 5 points6 points7 points 2 days ago (0 children)
Don’t confuse the money supply rate of increase and the inflation
rate. Prices are falling in gold terms even if the supply of gold
increases. That is because we are not only robbed of our purchasing
power with fiat, but from the productivity gains too. So this 2%
target is BS anyway. It’s closer to 5%.
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[–]larry_bkk 14 points15 points16 points 2 days ago (26 children)
I know that's what government economists say, but I have an undergrad
minor in econ (enough hours for a major but had to choose) and I swear
if I had the time and energy I could explain why zero inflation would
be better in the long run. And I wouldn't need the conspiracy theory
that 2% inflation is just a way for the bankers and government to
steal from you.
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[–]JVorhees 45 points46 points47 points 2 days ago (8 children)
If we can't take the word of an econ minor (who would've double
majored but they didn't allow him) over published economists what are
we even doing?
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[–]theghostofdeno 4 points5 points6 points 2 days ago (5 children)
Economists are generally nincompoops. More or less a made up discipline
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[–]larry_bkk 14 points15 points16 points 2 days ago (0 children)
True to some extent imo. And note I said government economists; they
are all political hacks. Look at Yellen, who as Jamie Dimon pointed
out was 100% wrong about inflation being temporary, and she was joined
in that misconception by a lot of central bankers.
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[–]JVorhees 2 points3 points4 points 2 days ago (0 children)
Don't tell larry_bkk. He almost majored in it.
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[–]Ov3rKoalafied 1 point2 points3 points 2 days ago (0 children)
Yeah I think in theory, the idea of inflation is that you can
continuously reallocate wealth to avoid monopolies / people who bring
new ideas/work/benefit to society can benefit from that. Ie, you
dilute the ppl that already "made it" in favor of ppl that are just
starting and helping progress society.
In practice, the wealthy get most of the reallocation b/c there are so
many ways to make money by having money
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[–]jojowhitesox 1 point2 points3 points 2 days ago (2 children)
I said the same thing and now people are asking why I am defending inflation.
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[–]samofny 33 points34 points35 points 2 days ago (4 children)
These people love starting sentences with "let me be clear..."
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[–]741BlastOff 16 points17 points18 points 2 days ago (1 child)
"Let me be clear..." proceeds to obfuscate, equivocate and prevaricate
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[–]Phenzo2198 7 points8 points9 points 2 days ago (0 children)
"Dangit bobby! You can't just make up words."
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[–]GoldEdit 67 points68 points69 points 2 days ago (39 children)
This doesn’t change the fact that companies have risen prices far
above global inflation, depending on the industry and company.
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[–]clear-carbon-hands 5 points6 points7 points 1 day ago (1 child)
And have been reporting RECORD PROFITS for several quarters now during
shareholder meetings
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[–]perfect5-7-with-rice 4 points5 points6 points 2 days ago* (2 children)
Prices change at different speeds in different industries.
Unfortunately items with a low shelf life (food for example) are one
of the first to go up since they have to be replaced at higher costs
often, and salaries are one of the last to go up.
Also don't forget that the official inflation number is hardly
accurate. When they say "housing costs are up 5%" but the average
person is living in 50sq ft smaller of an area, prices have increased
higher than 5%.
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[–]ThePikesvillain 184 points185 points186 points 2 days ago (160 children)
Is he gaslighting or does he simply not understand what he is talking
about? It has blown my mind how many people in high positions do not
understand the basic idea that inflation coming down from 8% to 3%
does not mean prices are coming down but just that they are going up
less quickly.
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[–]Asleep-Actuary54 128 points129 points130 points 2 days ago (23 children)
He knows the truth. Hes just virtue signaling because most will believe it.
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[–]hornybible 52 points53 points54 points 2 days ago (9 children)
Biden doesn't tweet his press secretary does
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[–]more_magic_mike 17 points18 points19 points 2 days ago (4 children)
I was going to say a better question is if biden knows how to use
twitter, or does whoever wrote that tweet understand inflation.
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[–]hornybible 11 points12 points13 points 2 days ago (3 children)
Most people love to imagine that propaganda doesn't apply in the US
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[–]John_Smithers 5 points6 points7 points 2 days ago (0 children)
It's crazy how few people can recognize propoganda.
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[–]perfect5-7-with-rice 5 points6 points7 points 2 days ago (0 children)
As saifedean says, every government is corrupt, our corruption is just
more advanced
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[–]TheOneNeo99 4 points5 points6 points 2 days ago (0 children)
Thanks to Obama, it's even legal propaganda.
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[–]DreamTypical8533 2 points3 points4 points 2 days ago (1 child)
They are representing him.
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[–]shad0w_fax 27 points28 points29 points 2 days ago (7 children)
And this is also why our education system is FAILING. They want people
to be too dumb to think critically and eat this BS up instead. That's
the incentive. Fuck these people, throwing our whole society under so
they can stay in power and get theirs.
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[–]SargeBangBang7 8 points9 points10 points 2 days ago (1 child)
You could say education system, and i wouldn't say you're wrong.
You're probably more right than i am, but people need to see through
bullshit like that. It's easier now than ever to learn anything. I
feel like anyone with an above 50 iq could see Biden is full of shit
in this tweet. But i guess i would be wrong.
Education is failing, but the individual could do so much better with
their resources.
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[–]Suddenrush 2 points3 points4 points 2 days ago (0 children)
And that’s the issue with the education system. It’s not what students
are being taught, it’s how they are learning how to learn, aka,
critical thinking skills. Kids, teens, and young adults need to learn
how to think for themselves and use all those resources they have
available the right way. To know what is legit and what it prob fake
or bullshit, that u can’t believe everything u see, hear or read, to
know there is always more than one side to every story and to check
them all before choosing, fact checking your facts, etc.
These skills aren’t something u just wake up with and yet they are
more important than any math formula or science experiment ever can be
because u need to start with the basics; it should be mandatory at a
certain age for student and if it’s not being taught in school, they
prob aren’t learning it elsewhere unless their parents do it (and
that’s if their parents even have learned these skills themselves).
But without these skills, it’s how u end up with entire counties
voting for scum like McConnell term after term, because they are
conditioned sheep that have been taught to believe anything a man with
a big R next to his name has to say despite it never making their
lives any better, in fact, it’s prob making it worse, esp for their
kids and their ability to become not only something beneficial to
society, but something they enjoy doing as well. This is why having
the ability to use critical thinking skills is so important and it’s
just one of many.
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[–]stocktadercryptobro 5 points6 points7 points 2 days ago (4 children)
The "education" system is working how it's intended to work.
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[–]TheAspiringFarmer 1 point2 points3 points 2 days ago (1 child)
exactly. dumbed-down fools are easy to manipulate and control. modern
day slaves who can't read, with the masters making sure they never get
a book in their hands.
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[–]Odd_Seaweed_5985 1 point2 points3 points 2 days ago (1 child)
Oh, it's even better than before!
Now, anyone can become an educated professional!
You just get saddled with massive debt before you even reap the
benefits of that so-called education!
Guaranteed profit for our corporate educators, all while maintaining
the status quo!
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[–]KeyCaptain1239 3 points4 points5 points 2 days ago (0 children)
Are you sure Biden knows anything? His brain is jelly.
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[–]omg_its_dan 13 points14 points15 points 2 days ago (2 children)
He clearly doesn’t write his own tweets
This account is geared towards low IQ people. Every post is highly
simplified and either stretches the truth or is an outright lie.
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[–]StockGuy12347 24 points25 points26 points 2 days ago (47 children)
The correct way to put it would be to say inflation is decelerating.
It’s not 100% wrong to say the inflation “rate” is coming down, just
semantics.
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[–]FishDawgX 5 points6 points7 points 2 days ago (0 children)
Maybe businesses raised prices extra high in anticipation of continued
high inflation? Businesses can’t always pivot rapidly and especially
don’t want to frequently raise prices. I don’t know if it’s really the
case that businesses have preemptively raised prices, but if so, it
would make Biden’s tweet reasonable.
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[–]IndianaGeoff 12 points13 points14 points 2 days ago (10 children)
I am sure another couple trillion of Inflation Reduction spending will
fix that inflation thing.
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[–]Ok_Opportunity2693 4 points5 points6 points 2 days ago (0 children)
Inflation is coming down, because inflation itself is a rate.
“Inflation rate” is like saying “ATM machine”.
You’re thinking of “price level”, which is a measure of the price of
goods. The change in price level is inflation.
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[–]gt4674b 9 points10 points11 points 2 days ago (29 children)
And the part where he demands people bring prices back down??
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[–]TheAspiringFarmer 1 point2 points3 points 2 days ago (3 children)
like it's just a wall switch. dude's senile AF and his handlers are
just putting out crap because they know their "voters" will eat it
right up.
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[–]John_Smithers 1 point2 points3 points 2 days ago (2 children)
Exactly. People talk about him like this political genius who the Dems
need to garner support from other dems and even republicans. It's
like, have you heard him speak? He's fucking 81. He shouldn't even be
incharge of his own keys, let alone a fucking country. It's his
political history his advisors and shit are banking on. They're making
the decisions and doing the work while they feed him the talking
points. People remember he signed this bill or sponsored that
legislation, and politicians see a way to score point by agreeing with
him or dunking on him.
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[–]garlichead1 1 point2 points3 points 1 day ago (0 children)
it's really unbelievable that a country like the us can't give the
people more choices than fucking trump and a 80 yrs old. wtf were you
voting at the pre elections?
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[–]Ur_mothers_keeper 2 points3 points4 points 2 days ago (0 children)
First, he doesn't run his own twitter account. Most prominent people
don't. He has a PR person doing it that works on his presidential
campaign. Second, of course it's just virtue signalling. Like
everything a politician or Hollywood actor says on TV, it's scripted,
focus grouped, the eggheads determined it would get more votes than it
would lose.
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[–]Pax_Americana_ 10 points11 points12 points 2 days ago (1 child)
Well, at my local grocery store prices on basic items have been going
up well beyond inflation. Consumer goods are almost always gouged when
"inflation is sited."
Take consumer gasoline, if the price of a barrel goes up on the open
market, the stations are quick to raise their prices. If it goes down,
it is they are known to be slow to lower the consumer price.
And you are right. It is not gaslighting, he isn't calling anyone
crazy or detached from reality. He is saying that the average consumer
is being exploited. Which is true.
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[–]Nix14085 1 point2 points3 points 2 days ago (0 children)
This isn’t ignorance, it’s the party line designed to avoid
culpability through the hope that most of their voters don’t
understand the underlying concepts.
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[–]Mesmerizzle 12 points13 points14 points 2 days ago (41 children)
It’s not just that. Also the idea that corporations “all of a sudden”
started collectively price gouging is ridiculous. But I guess some
people are gullible enough to believe it
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[–]attaboy000 17 points18 points19 points 2 days ago (9 children)
Corps will absolutely do that if/when they can. They report to their
shareholders. Higher prices = higher profit margins = high returns for
their investors and bigger bonuses to the executive team.
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[–]IndianaGeoff 9 points10 points11 points 2 days ago (0 children)
Correct. That is what competition is for. But the government seems to
love oligopolies as long as the send money the right way, do what they
are told and helps the government look good.
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[–]3_Thumbs_Up 9 points10 points11 points 2 days ago (1 child)
They report to their shareholders. Higher prices = higher profit
margins = high returns
This equation disregards volume sold and assumes it's a constant.
There are cases where lower prices will increase profits. For any
environment there's a specific profit maximizing price, and setting
your prices either too high or too low will reduce profits.
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[–]gt4674b 10 points11 points12 points 2 days ago (1 child)
There are a lot of reasons to not do that. Especially in a competitive
environment. One big reason is market share. If you can underprice
your competitor, you will gain share and that is incredibly valuable.
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[–]Primary_Journalist64 3 points4 points5 points 2 days ago (0 children)
Gouging is a short term phenomena. As others have stated, to
artificially raise prices above the market set price, for a long
enough time, just hurts the producer. Loss of market share yes. But
also just less revenue if you believe in basic supply and demand
economics.
Biden needs someone to blame for inflation. But it’s amazing anyone
would believe this bullshit. Greedy businesses? They are supposed to
be maximizing profits dumbass. Anything to keep blame away from the
obvious truth about inflation. A stagnant supply of goods and services
with an exponential growth in the supply of dollars.
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[–]Mesmerizzle 0 points1 point2 points 2 days ago (2 children)
Correct. Individual corps will always try this, but everyone working
together to raise prices enough to have an effect on inflation seems
unlikely. More likely that someone just printed a bunch of money.
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[–]attaboy000 3 points4 points5 points 2 days ago (1 child)
More likely there's a handful of factors at play: money printing,
price gouging, and a war that raised oil prices significantly which in
turn affected prices for basics such as food.
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[–]peppaz 8 points9 points10 points 2 days ago (11 children)
Their profits and profit margins are up at all time highs. If they
weren't gouging, profit margins would be down. Even the fed agrees
that 30% of inflating is just gouging
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[–]xqxcpa 1 point2 points3 points 2 days ago (0 children)
In a functioning market, it would make no sense to claim price gouging
without collusion, but our antitrust systems have failed and we've
allowed (or helped with regulatory moats and massive subsidies)
corporations the size of nation states to own entire industries. So
yes, many corporations can price gouge without any collusion required.
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[–]excelance 1 point2 points3 points 2 days ago (0 children)
Expect more of this as the elections come up; all financial problems
are due to evil corporations. Both sides do this, blame shifting.
Government is the only organization in the world where failure brings
more power/money.
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[–]endoftheworld2024 37 points38 points39 points 2 days ago (1 child)
STOP THE PRICE GOUNGING NOW.... or we might enforce anti-trust laws
that we haven't enforced for three decades that gave you so much power
that you could price gouge and not worry about competition stealing
your customers. so ummm.... STOP THE PRICE GOUGING NOW!
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[–]KaiSosceles 3 points4 points5 points 2 days ago (0 children)
Blame people for looking at M2 and realizing money is less valuable,
then wanting more of it because theyre doing the same amount of work.
How dare people want the same amount of value for offering the same
goods and services. They should eat losses because the government
decided to print.
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[–]tekneqz 152 points153 points154 points 2 days ago (149 children)
Wtf is anyone in this thread talking about, that note didn’t correct
Biden. He said inflation has come down which the note agreed with. He
didn’t say anything about prices not rising. Hes criticizing companies
for price gouging, which they are, and not bringing prices down
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[–]Gotmewrongang 85 points86 points87 points 2 days ago (17 children)
Yeah I’m surprised no one here seems to be getting this. Both can be
true: companies are price gouging and we are dealing with inflation.
They latter doesn’t negate the former.
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[–]l_Pulser_l 36 points37 points38 points 2 days ago (0 children)
One of the greatest lessons in life people eventually learn is that
two things can be true at the same time. The amount of people who do
not understand this concept is in the fucking BILLIONS.
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[–]SoupaSoka 25 points26 points27 points 2 days ago (6 children)
He's saying prices should come back down, but that doesn't make sense
if we assume prices went up due to inflation (and not due purely to
gouging, but if that were the case, inflation data wouldn't have any
impact on the conversation anyway). We'd need deflation to justify a
price decrease.
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[–]Gotmewrongang 40 points41 points42 points 2 days ago (4 children)
No, he is saying “I know companies are taking advantage of inflation
AND are doing this by price gouging and blaming it on inflation.” He
is correct too, companies are doing this and using our divided
political climate to get away with it.
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[–]stumblinbear 20 points21 points22 points 2 days ago (1 child)
He's directly linking the two statements by saying "lowering prices
even has inflation has decreased." That pretty much unquestionably
implies that inflation is the cause of price increases, and that
decreasing inflation should lower prices. Everyone makes mistakes,
it's fine, but please don't do mental gymnastics to justify it
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[–]russianbandit 2 points3 points4 points 2 days ago (0 children)
You are right. And all these Biden apologists are trying hard.
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[–]johndavismit 9 points10 points11 points 2 days ago (0 children)
There are two things here and people are getting caught on one that
helps their view.
Biden is saying that companies are using inflation as an excuse to
raise their prices further, which is undoubtably true.
Biden is also saying those corporation should bring their prices to
where they were before they got inflated, which at face value isn't
how inflation works and is what the statement below clarifies.
That said, Biden probably meant to say corporations should bring the
prices down to what they should be when accounting for inflation, but
that's a much less easy to understand conept for the average voter so
they probably "dumbed it down" to make it easier to understand for the
average person.
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[–]MrBrew[🍰] 1 point2 points3 points 1 day ago* (0 children)
Yeah I’m surprised no one here seems to be getting this. Both can
be true: companies are price gouging and we are dealing with
inflation. They latter doesn’t negate the former.
Prices going down does not correlate with inflation going down. I help
administer revenue management with independent retailers at a regional
level. Nobody lowers their prices after raising them previously
without serious negotiations. Often after a price cut, I see retailers
retain the increased profits and pass on the same price to
unsuspecting consumers. Pricing wars with neighboring suppliers or
retailers are the only way to bring this about. You start talking this
way enough like the way I do and the words like collusion and
anti-trust regulations start being dropped. No way do I get involved
with this with a five foot pole. Feds need to intervene heavily for
business to change. Everything else is posturing.
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[–]_Mellex_ 2 points3 points4 points 2 days ago (5 children)
Define "price gouging"?
What is an acceptable level of profit margins, in your view?
Inflation isn't double digits, sure, much wow, but over the last few
years operation costs have increased by double-digita percentages.
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[–]Severe-Replacement84 4 points5 points6 points 2 days ago (4 children)
Well… companies have been reporting quarterly record profits for the
past year… it’s not a coincidence that these records happened during
the same time as inflation was rocketing upwards. They blamed the
supply chain at first, and once they was resolved they pivoted to
inflation… unless congress gets its shit together and launches a
useful investigation into it, we can only assume.
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[–]Nuciferous1 21 points22 points23 points 2 days ago (19 children)
He’s clearly trying to make a connection between a lower inflation
rate and lower prices. “Inflation rates are down so stop price
gouging” is a weird thing to say even if you’re being really generous.
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[–]shadowrun456 19 points20 points21 points 2 days ago (1 child)
It was clear from how the title of this post was phrased, that it's
going to be bullshit. No one who argues from a rational standpoint
would use such an emotionally charged language.
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[–]Correct-Log5525 1 point2 points3 points 2 days ago (0 children)
Biden is gaslighting in that tweet though...
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[–]messisleftbuttcheek 20 points21 points22 points 2 days ago (2 children)
He implied that since inflation has fallen, companies should lower
their prices. This demonstrates a lack of understanding what inflation
is. I don't blame Biden for inflation, though I do think his
administration could've done more to fight it. More money chasing
fewer goods is always what inflation has been, always what it will be.
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[–]ThatsMrJerkFaceToYou 2 points3 points4 points 2 days ago* (1 child)
I think he's saying, companies pre-emptively raised prices, creating a
profit spike. NPR reports the spike is responsible for about 60% of
the inflation increase. No one here seems to believe that corporate
profits increase inflation, but based on the level of discourse here,
it seems more like institutional thinking than a rational opinion.
*Edit: "A price-price spiral is when corporations raise prices by more
than the increase in their costs in a way that perpetuates inflation."
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[–]stanley_fatmax 4 points5 points6 points 2 days ago (1 child)
His implication is clear, and his implication is wrong. There's no
explaining that away. That's the issue here.
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[–]itsallinthebag 6 points7 points8 points 2 days ago (6 children)
Yep. His message is pretty accurate and vanilla. He said something
that needs to be said. And he’s the person to say it.. hopefully
action follows somehow
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[–]Correct-Log5525 1 point2 points3 points 2 days ago (4 children)
His insinuation is that prices should come down because inflation is
coming down.. this is incorrect as we aren't experiencing deflation,
just lower levels of inflation
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[–]monopixel 4 points5 points6 points 2 days ago (0 children)
Because Biden bad bro /s
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[–]beboptank 6 points7 points8 points 2 days ago (1 child)
I'm glad someone said this, I thought I was going crazy
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[–]ianandris 3 points4 points5 points 2 days ago (54 children)
This sub is basically r/libertarian, tbh. Right wing biases get
platformed constantly, facts be damned. I mean, swap the names with,
say, Ron Paul and people here would be singing praises.
“Hey companies, stop price gouging” should not be a controversial opinion.
Its embarrassing, tbh.
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[–]stumblinbear 12 points13 points14 points 2 days ago (4 children)
It's not controversial. People here are correcting the "decreasing
inflation means prices decrease" comment specifically. You can agree
with the sentiment while disagreeing with the phrasing and
justification.
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[–]warblade7 9 points10 points11 points 2 days ago (19 children)
Hate to break it to you, but bitcoin as a concept is basically
libertarian at its core.
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[–]better_off_red 4 points5 points6 points 2 days ago (9 children)
Incorrect opinions should be controversial, in fact.
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[–]warblade7 2 points3 points4 points 2 days ago (0 children)
No, the growth rate of inflation has slowed, but we are still at
abnormally high levels of inflation. There’s a distinction that needs
to be recognized and Biden is just trying to deflect the blame because
his policies helped drive the abnormal rate of inflation in the first
place. The gaslighting is in the way this tweet was worded.
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[–][deleted] 2 days ago (3 children)
[deleted]
[–]internetwizardx 4 points5 points6 points 2 days ago (0 children)
the M2 money supply expanded by something like 50% in 3 years, if you
treat government reported CPI measures as indicative of actual rates
of monetary inflation you'll be tricked and mislead
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[–]BitcoinFan7 2 points3 points4 points 2 days ago (0 children)
The problem is you believe the reported inflation numbers. Actual
inflation is much closer to your 20-30% numbers. Companies are just
trying to keep their head above water.
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[–]blindstuff 11 points12 points13 points 2 days ago (1 child)
Expropriation threats aside, I find it shocking that 13 years now
living in a different country I still see this base line of thinking
that Hugo Chavez had.
Jan 11 2010
"El presidente de Venezuela, Hugo Chávez, lanzó este domingo una
advertencia a los dueños de los comercios a quienes instó a no
especular con los precios de los productos, especialmente los de
primera necesidad, porque de lo contrario el Estado les expropiará los
establecimientos para dárselos al pueblo."
Google Translate:
"The president of Venezuela, Hugo Chávez, issued a warning this Sunday
to business owners, urging them not to speculate on the prices of
products, especially basic necessities, because otherwise the State
will expropriate their establishments to give them to the people."
Source: https://www.elmundo.es/america/2010/01/11/economia/1263220198.html
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[–]malacosa 5 points6 points7 points 2 days ago (1 child)
I find it a curious thought that having a target of 2% inflation means
that everyone gets a minimum 2% wage each year and prices go up 2% to
account for that added cost.
And yet having deflation is the boogeyman because the thought is that
if my money will have more purchasing power tomorrow, I will delay my
purchase… and so will everyone else, slowing economic activity to an
eventual standstill as prices (and wages) go lower with deflation
causing my dollars to be worth more as dollars VS as product.
This deflationary fear however fails to recognize that I gotta eat, I
gotta pay for my subscriptions for various services and I want to be
entertained (which is also often not free). I’m going to continue to
spend even in a deflationary economy because I need things NOW, not
tomorrow or the next day, or even next year. So a 1% deflation rate
would likely NOT change my spending habits at all.
So why do we have this seemingly arbitrary target of 2%? Why not 1%?
Why not 0%? Surely an economy where prices are stable would be good,
no?
And no, I don’t think 0% inflation would cause economic growth to
stagnate. You’d still have people wanting more profits, more sales,
and you’d still have increases in productivity.
So where’s the flaw in my logic? Surely I must be incorrect somewhere
cause I’m no economic genius.
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[–]trollkorv 4 points5 points6 points 2 days ago (0 children)
You are partly right. In a perfectly efficient system there would be
deflation in direct proportion to the advancement of technology and
the economy. It is the healthy ideal, but can't be achieved in the
current paradigm.
Our economy isn't reliant on people just spending their money a little
bit quicker because there's inflation, it's based on people borrowing
money in order to consume and invest, and because the credit system is
multiplicative, a small decrease in apetite for borrowing can contract
the economy severely.
So inflation is used to lubricate the system, but it's a fools errand,
because since inflation artificially spurs investment and spending, it
increases the inefficiency in the economy, requiring even more
lubrication in turn. A positive feedback loop.
It's the way of fiat money, and there's no way around it. No one can
stop it. The only way out is a decentralised and secure fixed supply
money protocol, where inflation isn't a decision anyone can make.
Migrating to it will be a rough road.
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[–]SargeBangBang7 2 points3 points4 points 2 days ago (0 children)
Companies will never change without a law to force them. It's actually
ridiculous how much of the pie they want. Passing a law to reduce
these wild prices would be helpful. What would the company really do?
Pull out of the US market and make 0 money? Yeah, right.
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[–]jmradus 13 points14 points15 points 2 days ago (21 children)
Price gouging has exceeded inflation throughout the entirety of the
past couple years. Greedflation is real, inflation is indeed coming
down, that doesn’t mean deflation comes next. Breathe oxygen for once
in your life.
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[–]huejass5 6 points7 points8 points 2 days ago (1 child)
The amount of people in this sub who don’t know how the economy works
but think they do is disappointing but not surprising
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[–]BigTimeButNotReally 1 point2 points3 points 2 days ago (0 children)
Surprised this isn't up voted more, because literally everyone here
will think you're talking about the other guy.
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[–]md24 13 points14 points15 points 2 days ago (1 child)
No. It’s corporate greed. He’s not lying. Egg makers just got hit with fines.
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[–]Quantum_Pineapple 26 points27 points28 points 2 days ago (5 children)
TL;DR: They're going to pretend a CBDC is the answer to the very
problem they fucking created.
So, Biden agrees to stop government intervention in the market,
bolstering corporations and central bank monopolies that couldn't,
shouldn't, and wouldn't exist otherwise without government
intervention, etc.?
No? That's what I thought. Fuck this admin, I'm beyond cynical we are
far, far past fucked with the amount of money they printed in the last
three years.
Live now, there is less than zero future for this country.
No amount of voting is going to correct this and that was the entire point.
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[–]-Nords 3 points4 points5 points 2 days ago (1 child)
System is fukt.
Thats why getting out of fiat, and into others is so important. And
why we are all in here, to hopefully ride out the ensuing chaos
somewhat intact.
stack & hodl & hold on tight
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[–]Quantum_Pineapple 2 points3 points4 points 2 days ago (0 children)
Stack n hodl brothers n sisters of the Coin.
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[–]Suzuki_Matt 7 points8 points9 points 2 days ago (1 child)
Bullseye 🎯
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[–]meatismoydelicious 2 points3 points4 points 2 days ago (0 children)
The actual solution
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[–]plug_and_pray 38 points39 points40 points 2 days ago (27 children)
The head of state of the bigest economy doesn't understand basic
things, what could go wrong.
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[–]Mesmerizzle 33 points34 points35 points 2 days ago (4 children)
He understands just fine, just blatantly lying about it
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[–]peppaz 3 points4 points5 points 2 days ago (1 child)
Do you think he picked up his phone and wrote this tweet personally?
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[–]Mesmerizzle 7 points8 points9 points 2 days ago (0 children)
I doubt he even knows what a phone is 🤣
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[–]-Nords 1 point2 points3 points 2 days ago (1 child)
naw, hes just mindlessly reading a script.
You think hes back there calculating shit and writing his own
teleprompter lines?
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[–]BigStuggz 3 points4 points5 points 2 days ago (0 children)
Fr there hasn’t been a string of self-constructed coherent thoughts in
there for ages.
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[–]JmunE204 16 points17 points18 points 2 days ago (1 child)
I don’t believe that he doesn’t actually understand. I think he’s
being purposefully misleading which is way worse imo
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[–]IndianaGeoff 1 point2 points3 points 2 days ago (0 children)
The dude just reads what appears in the glass in front of him.
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[–]baronofbitcoin 5 points6 points7 points 2 days ago (1 child)
Not the head of state, his account handler.
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[–]deev32 0 points1 point2 points 2 days ago (1 child)
What did he say that’s wrong? He said inflation has come down (it has)
and corporations are still charging for consumer goods as if it has
not (they are).
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[–]dvarner24 -1 points0 points1 point 2 days ago (8 children)
You’re 💯correct and it is not just him. The majority of US
politicians today have no experience in running a business and it
shows.
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[–]meatismoydelicious 1 point2 points3 points 2 days ago (0 children)
Yeah, that's the corporate politician playbook. This'll be good for
his optics but he isn't going to pursue anything about it. He'd lose
his donors if he did.
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[–]Truth_Hurts_Dawg 1 point2 points3 points 2 days ago (0 children)
Well in general companies have thrived in reduced regulation, and
there are many artificial monopolies that need to be regulated to fix
prices.
Remove barriers to entry and competition.
Go after price fixers and throw some execs in jail and things will correct.
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[–]Fantastic_Jump342 1 point2 points3 points 2 days ago (0 children)
Since January of 2020, the compounded inflation rate is over 23%.
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[–]Lil_Kibble_Vert 1 point2 points3 points 2 days ago (0 children)
As if Biden actually typed that out lol.
His account is run by someone else, 100%
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[–]Lewzer33 1 point2 points3 points 2 days ago (0 children)
He’s got his little helper writing his tweets for him again? 😂
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[–]tcharp01 1 point2 points3 points 2 days ago (0 children)
The US President is gaslighting the people about everything thing he
speaks about each time he opens his lying mouth. He is a criminal and
a traitor. He should be in prison for bribery.
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[–]Worldsapart131 1 point2 points3 points 2 days ago (0 children)
Someone please explain to our idiot President how free markets work…. SMH.
Mr Idiot President, you know those few trillion extra dollars you
signed off on the Fed to print…. Yea…. Those are STILL in circulation.
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[–]i-love-k9 1 point2 points3 points 2 days ago (0 children)
Did he really say that? Doesn't he know lowered inflation just means
prices are going up more slowly? Prices don't ever come down when you
keep increasing the amount of money.
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[–]Lazy-Entrepreneur-85 1 point2 points3 points 2 days ago (0 children)
What a F**king Ass Clown!
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[–]Honest_Bruh 1 point2 points3 points 2 days ago (0 children)
C'mon man!
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[–]One-Ambassador2759 1 point2 points3 points 2 days ago (0 children)
Does he understand that inflation is the RATE OF CHANGE of price
increases and not the price themselves ? How is this guy president
when he doesn’t understand basic economics .
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[–]Jasonmun8 1 point2 points3 points 2 days ago (0 children)
The federal government doesn’t 6.15 trillion dollars in 2023. I’m sure
that has nothing to do with food still increasing. I’ll go buy some
more bitcoin this is about to get real
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[–]Jessintheend 1 point2 points3 points 2 days ago (0 children)
Yeah that’s true except over half the price increase is literally just
price gouging and companies have admitted to it
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[–]JeremyLinForever 1 point2 points3 points 1 day ago (0 children)
Old man yells at cloud… old man says “stop running on capitalism!”
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[–]More-Drink2176 1 point2 points3 points 1 day ago (0 children)
Prices don't come down ever. Just because the rate they are increasing
has slowed down doesn't mean magic is happening.
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[–]Potential-Passage821 1 point2 points3 points 1 day ago (0 children)
Its scary how many people are tricked by this.
Its economics 101 that if you print money, you get inflation. The US
printed trillions then you guessed it...got it inflation. It was
exactly as expected.
Then Biden administration get Pikachu face and is like oh shit how do
we deflect blame.
Also does anyone really think corporations were holding back before.
Like oh we could make so much more but we won't. But now..2023 it's
different. Wtf
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[–]MowMdown 12 points13 points14 points 2 days ago (16 children)
Inflation is down, corporate greed is at an all time high.
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[–]3_Thumbs_Up 14 points15 points16 points 2 days ago (9 children)
Blaming inflation on corporate greed is like blaming an increase of
airplane accidents on gravity. Corporations being greedy is a constant
factor. When inflation happens something else is changing.
Anyone who talks about corporate greed isn't actually trying to
understand what's happening. They're trying to spread a narrative.
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[–]-Nords 11 points12 points13 points 2 days ago (0 children)
Don't even bother arguing with someone who never took basic Econ, and
spews chantable phrases.
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[–]treeclimbinggoldfish 5 points6 points7 points 2 days ago (0 children)
Yup.
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[–]_Mellex_ 1 point2 points3 points 2 days ago (3 children)
Define "corporate greed"
No one in this entire thread has given evidence of gouging or greed.
Increased gross profits year-over-year isn't evidence of corporate
greed. If operation costs weren't at all-time highs, I'd be more
sympathetic.
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[–]amretardmonke 5 points6 points7 points 2 days ago (0 children)
Inflation slowing down =/= prices going down, it just means prices go
up at a slower rate. This is some basic shit.
"The President" didn't write this anyway, one of his staffers did. And
I don't know what's scarrier, if they actually think this and are just
stupid, or if they think we're that stupid.
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[–]bitsteiner 2 points3 points4 points 2 days ago (0 children)
Prints 6 trillion, spends that money, increased demand creates
inflation, blames the corporations.
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[–]Skydiggs 3 points4 points5 points 2 days ago (0 children)
Joe Biden is embarrassing, lies to the American people like we are idiots
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[–]False_Dogz 3 points4 points5 points 2 days ago (2 children)
Inflation has come down. Correct.
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[–]warblade7 5 points6 points7 points 2 days ago (0 children)
The increasing rate of inflation has slowed, actual inflation is still
at an abnormally high level.
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[–]-Nords 4 points5 points6 points 2 days ago (0 children)
There still is inflation, it just went from 'OMG fuck', to just 'fuck
me'. Don't like either one.
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[–]hemphugger 8 points9 points10 points 2 days ago (1 child)
I agree that Biden isn’t being truthful on this matter.
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[–]jasperCrow 2 points3 points4 points 2 days ago (0 children)
It’s crazy how a huge amount of people likely believe what he says.
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[–]Daman09[🍰] 5 points6 points7 points 2 days ago (7 children)
What does this shit have to do with fucking Bitcoin
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[–]Rshackleford22 2 points3 points4 points 2 days ago (0 children)
How is this gaslighting? The rate of inflation has come down and a
chunk of the pie for causes of inflation over the last 2 years is due
to price gouging. Example Egg producers.
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[–]fannypacksarehot69 5 points6 points7 points 2 days ago (0 children)
The Presidents social media intern doesn't know anything about economics
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[–]JonnyBeoulve 2 points3 points4 points 2 days ago (0 children)
This price gouging narrative by the Democrats is moronic. Anyone who
has spent at least 5 minutes learning about economics knows that is
BS.
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[–]hiddenintheleavess 1 point2 points3 points 2 days ago (8 children)
Might wanna look more into gas lighting and the meaning of the words.
I’d be confused on the meaning of words if I used twitter too though
🫡🫡
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[–]masonthedood42 1 point2 points3 points 2 days ago (0 children)
We all know this Biden doesn’t know how to work the twitter. This is
he secretary speaking for him, either way, they’re both retarded.
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[–]Existing_Diet 1 point2 points3 points 2 days ago (0 children)
It is the magic of "compounding" rates. 3.5% on top of 5.0% last
year....makes it even worse.
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[–]semenpresso 3 points4 points5 points 2 days ago (1 child)
lol that’s actually hilarious. Mr. Biden obviously knows the inners of
the broken and collapsing financial system, but spews this fake
nonsense. What an old hag piece of floor jizz this guy is
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[–]ILikePracticalGifts 2 points3 points4 points 2 days ago (0 children)
floor jizz
Username checks out
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[–]Josh-Lambo-Tudamoon 1 point2 points3 points 2 days ago (0 children)
I’ll make a deal with blue collar Joe. If my kid’s college decreases
their tuition next year, then maybe I will consider lowering my
prices. (Ain’t happening)
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[–]Twelvety 1 point2 points3 points 2 days ago (0 children)
Inflation is nuts everywhere. Just today I noticed the price of Coke
has gone up in the UK. A single 500ml bottle is now £2 ($2.5) up from
£1.80 ($2.29) which was already crazy high. More than a 10% increase.
It wasn't long ago you could get 2litre bottles for £1.
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[–]Waste_Researcher6382 1 point2 points3 points 2 days ago (1 child)
2-3% inflation is considered normal/desirable, mostly because it
provides a disincentive to savings and an incentive to investment.
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[–]FoxMan1Dva3 1 point2 points3 points 2 days ago (2 children)
Correct me if I'm wrong but the term inflation would mean a positive
value. Someone says that it's decreasing of inflation. They're talking
about the rate of change is getting smaller.
The community notes, which I typically am a fan of here, is actually
misleading in itself.
And as for this post, that says that the president is gaslighting
people, No idea what you're on about.
He's literally trying to help you the consumer by going after
corporations that are increasing their markups. If Trump did this, you
would applaud. But because Biden is saying it you claim he's lying.
It's very similar to when Elon Musk promotes electric vehicles you
applaud. Going Biden promotes EVs you say it's not possible. He's
lying. I don't have the means for it. Yada yada yada
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[–]Thunder_Flush 1 point2 points3 points 2 days ago (0 children)
Taking a page out of Justin Trudeau's book. Pair of idiots.
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[–]BoredAccountant 1 point2 points3 points 2 days ago (0 children)
Inflation is the expression of price increases. Prices don't increase
because of inflation. Any business that increases prices due to
inflation is price gouging.
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[–]BenTG 1 point2 points3 points 2 days ago (0 children)
If you think price gouging isnt happening you’re not paying attention.
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[–]Agitated-Air-6043 1 point2 points3 points 2 days ago (0 children)
The man himself doesn’t understand how it works
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[–]demelash_ 1 point2 points3 points 2 days ago (0 children)
It must be dementia.
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[–]Michichael 1 point2 points3 points 2 days ago (0 children)
He's either legitimately that stupid, or knows his supporters are
legitimately that stupid that they'll buy that.
Probably both.
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[–]Paragon_Voice 1 point2 points3 points 2 days ago (0 children)
I fully believe there is prive gouging going on. But that is a
constant that you can't control without potentially unconstitutional
legislation. Money printer going BRRRR is still the real issue!
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[–]swissiws[🍰] 2 points3 points4 points 2 days ago (0 children)
X/Twitter is the only place where even President is corrected if he speaks lies.
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[–]ThirdWorldSorcerer 1 point2 points3 points 2 days ago (0 children)
The Peronist president of the US. Get rid of them before you became
another Venezuela.
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[–]UrNs0 2 points3 points4 points 2 days ago (1 child)
3.2%???? I am still paying 40% more at my grocery store.
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[–]AHHHHHH63 2 points3 points4 points 2 days ago (0 children)
It’s not gaslighting, Biden literally has no concept of reality or
common sense. He said inflation came down 65% but that’s not even
possible. He has DEMENTIA people stop trying to figure out what he
means.
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[–]Eggs-Benny 1 point2 points3 points 2 days ago (3 children)
Correct me if I am stupid but Joe is talking about PRICE GOUGING needs
to stop. Inflation and price gouging can be happening at the same
time, silly billies. Or am I the Silly Billy?
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[–]IngersollLockwood 1 point2 points3 points 2 days ago (0 children)
This administration is a joke
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[–]Middle____Earth 1 point2 points3 points 2 days ago (1 child)
I watched a video of Biden telling a trade worker that he has a Marine
with him that carries the codes to blow up the entire world
(unprompted too - surprised he didn't just start telling him the
actual codes)...it's just a clown show in my country at this point.
All I can do is continue my DCA and also hope that things get better
IG, but not very likely politics-wise.
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[–]-Nords 4 points5 points6 points 2 days ago (0 children)
Don't forget the time a trade worker was asking for help, and Biden
literally said "I don't work for you!"
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[–]PinkHelmut 0 points1 point2 points 2 days ago (0 children)
It's not nice to bully dementia patients.
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[–]Legal-Finish6530 -2 points-1 points0 points 2 days ago (6 children)
The president has no control over global inflation 😔
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[–]amretardmonke -1 points0 points1 point 2 days ago (4 children)
he does have control over not spewing bullshit on twitter, or at least he should
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[–]ShitbagCorporal 3 points4 points5 points 2 days ago (0 children)
I doubt Biden typed that, or even dictated it.
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[–]Legal-Finish6530 5 points6 points7 points 2 days ago (0 children)
He doesn't have control over the greedy companies either
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[–]brtnjames -1 points0 points1 point 2 days ago (0 children)
It’s been like this in Argentina for over 10 years. Beware of the democrats…
Edit. Beware of all politicians…
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