Teaching economists about money is like teaching a 5 year old about astrophysicts.
In this video I iduscss how economists have no understanding of money or the monetary system. Because of that, it is impossible for them to know what moey is, someting Alan Greenspan admitted 20+ years ago.
Thus, if you are listneing to economists like they know what is going on, you will lost money. There are fundemental reasons why they are usually wrong...about everything.
▶️ 3Speak
Economists are foolish. Just people looking at numbers and graph trends essentially, without a lot of real knowledge on how things work.
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Agreed. It is not a science and those people, mostly, operate in the theoretical world.
The exception could be those who managed money. They understand basic concepts like capital flow, something that appears to elude most economists.
They also understand the Fed doesnt print US Dollars. I cant tell you have many economists miss this basic point.
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Agree that why I don't follow what crypto YouTubers say
It's foolish to listen to them blindly. A broken clock is right twice a day and we all know that most of them are wrong most of the time.
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Yeah. They truly misunderstand some basic concepts when it comes to money. That is not their forte yet it is crucial in a financialized world.
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BEER.Summary:
In this video, Task addresses the misconception surrounding economists and their understanding of money. He explains why economists should not be relied upon for advice, especially regarding the Federal Reserve and money printing. Task emphasizes that most economists inaccurately convey how money is created and circulated in the economy. He criticizes prominent names like Peter Schiff and Jim Rickards, calling them charlatans for spreading misinformation about the economic system and the value of gold and cryptocurrencies like Bitcoin. Task defends Bitcoin's potential value in offering a decentralized system of money that cannot be easily manipulated. He clarifies that while Bitcoin may hold substantial value in the future, it is not a hedge against inflation as some had claimed. Task concludes by highlighting the flaws in economic theories and the damaging impact they can have on people's investments.
Detailed Article:
Task embarks on a critical analysis of economists' understanding of money in this video, likening teaching an economist about money to explaining astrophysics to a five-year-old. He firmly asserts that economists, including notable figures like Roubini and Summers, mislead the public, particularly about the Federal Reserve's role in money creation. Task dismantles the prevalent notion about the Fed's money printing, highlighting that the creation of the U.S. dollar primarily occurs through the commercial banking system making loans, a fact he claims economists often overlook.
Furthermore, Task demystifies the misconception around the Fed's role in circulating money. He clarifies that physical dollars are a small fraction compared to digital dollars in transactions, and the settlement between banks is largely digital and not physical cash transfer. Task points out that economists fail to acknowledge this crucial aspect of the banking system, leading to misinformation about the Fed's monetary policies.
Task singles out prominent economists like Peter Schiff and Jim Rickards, labeling them as charlatans for predicting the collapse of the U.S. dollar and endorsing investments in gold based on false premises. He critiques their assertions about hyperinflation and the devaluation of the dollar, emphasizing that these narratives are not grounded in reality. Task argues that economic theories propagated by these individuals have led many investors astray, causing financial losses.
In contrast, Task expresses a nuanced view towards Bitcoin, acknowledging its potential value as a decentralized system immune to manipulation. While he refutes claims of Bitcoin being a hedge against inflation, Task recognizes its value proposition as a secure medium of exchange. He defends Bitcoin against the backdrop of unfounded criticisms, highlighting its resilience and potential to retain value in the long run.
Ultimately, Task concludes by highlighting the detrimental implications of following economists' flawed advice, questioning the validity of economic theories and the science of economics itself. He underscores the necessity for a critical understanding of the monetary system to navigate investment decisions effectively.(Task - Transcription Source)