Jack Mallers said this in his iconic presentation at BTCPrague but it hadn't clicked until I thought about it.
At first I was like, "ya'll live in the richest country in the world and you can export your inflation to us all, why you bitchin?"
Coz if poverty is what leads to fentanyl overdosing, then many parts of Africa would have the most junkies filling up our streets.
But they don't.
Here's my theory and I think it's good:
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The Fed prints money but unlike most countries, they can spend it on real goods and services outside the USA. That's why you had and keep having the hyperinflation happening in other countries and not the US. They printed money and spent it on their much smaller economic pools at home.
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Because the US can defacto export its inflationary dollars like in 1 above, hyperinflation in the US is actually very hard to do. What happens is that real prices rise globally and thanks to the deflationary forces of technology, the currency remains very stable looking across the board, and very high value because every other currency, ideally, has to play to the US dollar's tune. Now that dollar stablecoins are here, the influence of the "dollar milkshake" is nearly unstoppable. So Americans should stop worrying about hyperinflation. It can't happen.
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what happens however, is that now more dollars flow out of the US, hence to big US corporations who sell outside the US, than within the US to blue collar jobs. However, most American jobs are high paying compared to anywhere else in the world with average blue collar salaries being about $40,000. This is what tenured university professors of the sciences in poor countries earn, but it is what janitors in the USA earn. So what's the problem?
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the income inequality gap is wild. The pressure on the average American is two fold. First, they compete with multi-millionaires and billionaires for scarce resources in the US e.g. good land with nice neighborhoods. Nobody lives in deserts unless you're a drug dealer with a van. Second, they compete with immigrants who can take shitty jobs because their life satisfaction is fulfilled by being able to support their families in poorer countries back home. It's why immigrants everywhere work like AGI robots. They do not care for the cultural drama of the host country, or the labels they are given, and so they are attuned to Hormozi style efficiency like a German car engine. To them, being in America is a big job opportunity. Soon to be terminated so they better stack that cash and go back with fat pockets. To the long staying American citizen, USA is home. But they can't do 14 hour shifts like the immigrant who left his family in Venezuela, Africa, Asia, etc because they also have to go home and be there as parents for their children. Statistically, they can't win. So they hate immigrants, or they take fentanyl to try and wire head their way to feeling like Jeff Bezos with the muscles and the billions. Hence ICE and its overreach. Hence Mamdani, a democratic socialist, who wants to take another hair cut of multi-millionaire and billionaire earnings to make life more affordable for the long standing citizens of New York.
Of course, the billionaires do not want this.
They want to have their cake -- billions from selling products to the world priced in dollars printed in the US -- and eat it too i.e. cheap prime land in the US, no income tax, no tax, period, glamorous cool cars in the US, plus crazy ass visions of space when inflation is running amok down here on earth and causing tense human relationships and behaviors with ICE pointing guns at citizens faces coz these citizens happen to be Latino.
Yeah, human brains follow the path of least resistance.
To cap this hypothesis with an idea on relationships, I believe this is why male-female relationships have ceased ground to alt sexuality.
And it's happening everywhere.
Women will always respect a man who can hunt a big bull AND bring the meat home where he will STAY long enough to be part of the children's upbringing and to play with her, before he goes out again.
Also, they treasure being with other women who have men, and not having to stress about jobs. Other women these days, due to their increased bitchiness (a reaction to inflation but they don't know it. Somebody tell them to please give good men sex and deny it to anyone who works at the Fed), have no men.
Hence this silly article I read saying "is having a boyfriend embarrassing now"
Women will always defend themselves.
Or be defended by sissy boys.
Bottom line: If you're hunting but have no time for the woman at least each day physically present and tell her inflation is why she is all cranked up, she'll cheat or be bored, call you something stupid and end the relationship.
Men on the other hand, given the pressures of making money, have to apply even more tactics and resolve to keep their women in line with good ethics (note : if the men are not inherently a****. Which they will be if they take fentanyl). You can't trust society anymore to shame her weird desires or to satisfy her "social talker" side. Coz we're all busy. Trying to survive USD, EU, GBP, UGX, etc inflation.
And as the US inflates more, other countries also inflate in order to keep the dollar "stable".
(If they didn't, it's value would fall faster relative to their own currency which isn't good optics.
Bad optics in the fiat world is bad).
End notes: How about Russia and China?
Problem is, these guys have a marketing problem. And an ego problem worse than America's imo. No wonder they don't openly embrace BTC.
Russia's history with economics is bad, and they seem to want to perpetuate war mode. Why, I have no idea. Maybe they want to have a global reserve fiat currency too?
And China's monolithic style of economics only works for Chinese who are a monoculture (they might be under a lot of stress though but it's hush hush. Very little media spills over into our own social media. Just like Russia). So yes, they are building energy capacity at 10x speed, but I don't think it's all happiness.
The US, given its media power (Hollywood really sold America to the world), sells the better economic narrative even if all print money and all crack down on dissidents in strange ways.
What's the solution?
We all stop printing fiat paper and being so uptight.
This is why everyone is tense. So much money printing, but nobody is seeing the money.
Billionaires are getting richer but they don't seem fulfilled.
Poor people everywhere are poor and we throw away billions of tons of food but people are starving.
Being properly charitable like Mr. Beast is bad, you need a large beaurocracy.
And frustrated single women will keep hating on men even when they now have jobs and are more protected. Yeah, still, we'll love them. If we don't take fentanly and shrivel our balls.
Frankly, fiat is crazy.
What to do?
Keep the train running.
And find a friend to laugh about this with.