Thanks for the dose of sanity. The Fed gets wayyy too much flak among bitcoiners and it makes us look naive. The vast majority of 'money supply' expansion is via the extension of credit by private banks worldwide. This dwarfs anything you'll find on FRED. If you want to blame the government for something, blame congress for fiscal largess. They spend without consequence, throw the funding problem over the wall to Treasury, who auctions off debt, some of which the Fed mops up. Follow Jeff Snider if you're curious about this stuff. I'm just repeating him.
Agree fully with your first statement (and your latest few) ...but then ironically, you do exactly what you accuse Bitcoiners of: M2 includes private banks expanding credit. (edit: Ugh...Yes yes, Jeff Snider and eurodollars -- saw that portion of your comment after pressing send lol -- nobody can verify the number of "dollars" in the system, so with this view it's pretty unclear what "a dollar" even is).
Also appreciate your emphasis on fiscal. Agreed. I wrote something aggressive along those lines in a Bitcoin Magazine Print review of Jimmy Song's book. Money printing (even if we include all deficits, since they're in part facilitating by Fed backstop) are max one-third of fiscal expenditures. (I've written on that when attack Saif too: https://aier.org/article/everything-is-the-feds-fault-a-review-of-the-fiat-standard/)
U.S. gov has a spending problem, in addition too its money printing problem.
Anyway, appreciate you comment
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