Late last year Fed Chairman Jerome Powell retired the word ‘transitory’ for describing inflation after it became clear that it was becoming the ‘new normal’.
We now have the US Treasury Secretary Janet Yellen admitting that she was wrong about the risks posed by inflation…
“I was wrong then about the path that inflation would take.”
Her original views seem to echo what leading economists across the world also thought about inflation…
“a small risk”
“not a problem.”
If you’ve been hanging out on Bitcoin Twitter over the past couple of years then you probably knew that this was not a small risk, wouldn’t be easily manageable and would most certainly be a problem.
And this was long before covid or the conflict in Ukraine, which have certainly made things worse… but it’s more than just supply chain issues.
It’s a problem with the money.
Creating money from nothing has consequences and it WILL be priced into the market.
‘Mo fiat money creation mo problems’
And, the worse things get, the more governments will be incentivised to create more money for those struggling as they did during covid. This will ease short-term pain and discourage pushback from those with the least. But it will make things worse.
The same people who are surprised by the current inflation will be surprised by Bitcoin.
Bitcoin isn’t just about holding money with a fixed supply that can’t be arbitrarily created by a centralised power. It’s not just about easing the pain of inflation.
It’s about zooming out and preparing for the future of money.
It’s about taking back control over your savings.
It’s about saving time by saving sound money.
Inflation wasn’t transitory… fiat money is.
If you want to get ready for the future of money, we make it easy to get started at FastBitcoins.