Or perhaps you should understand basic economics.
Fun fact, one of America's greatest periods of growth was when taxes where historically high.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Temporarily Halts Sales in Turkey After Currency Crash
- Thread starter MacRumors
- Start date
- Sort by reaction score
Fun fact, one of America's greatest periods of growth was when taxes where historically high.
1. There are more factors at play driving inflation than the money printer. Pent-up demand, supply chain shocks, employment shocks, and rising wages are likely more a factor than bank liquidity (which the “money printer” is)
2. The adoption of crypto is based on low energy prices and INSANE profitability of ethereum mining. And not to mention that crypto is an unstable investment to hold, with wild swings in value. It’s a commodity, not necessarily a currency.
3. Unfortunately, the economy is always irrational. Tightening spending and shutting down the “money printer” risks a deflationary spiral. The banking system flat-out could not handle it. The current inflation is really just the “least painful” option.
On topic: I’ve read that Edrogan thinks that low rates halt inflation somehow. This is untrue (if not evident by the currency shock).
There’s so many factors that go into economics that it would take a lot of study to determine what causes growth.
You're kidding right? The two main Cryptos can drop up to 20% in a single day. That's pretty much one of the reasons why many mainstream retail companies aren't adopting it.
Well yes, but the reasons for hyperinflation are usually more fundamental than that, and raising interest rates won't actually solve the problem unless you solve the underlying fundamental issue.
For example, the hyperinflation that Zimbabwe suffered had multiple causes, including printing money. However, the fundamental cause was that Mugabe started killing the farm owners, because they were all white. Those that weren't killed, left the country as fast as they could. Which caused the problem that the local blacks didn't know how to actually run the farms, even though they were employed on them, or abandoned the farms due to lack of pay since the owners had left, and combined with a drought, the farms failed, and there was a massive food shortage, causing hyperinflation of food prices. Raising interest rates would have achieved nothing, as people NEED to eat. So although there were a bunch of causes that didn't help, the fundamental cause was a food shortage.
Venezuela had a similar problem. Again, there were a multitude of economic blunders, but fundamentally, it was the same thing, a food crisis caused by the government price fixing food and medicines to prices so low that locals couldn't produce it profitably. So locals stopped making it, and the government then started printing money to import food. Disaster.
And so on.
There is always a more fundamental problem that is far more than simply "printing money". Contrary to popular economic belief, it is unproven that inflation itself can accelerate wildly simply due to high spending. This popular belief amongst economists caused a fundamental change in economic policy in the western world in the mid-70's, and led to a huge shift in the economic climate ever since, and quite likely is the fundamental cause of the western world's current economic problems. Have a google of "non accelerating inflation rate of unemployment" for an eye opening lesson in recent history. And then if you think about it somewhat, the obvious response is - Ooooh, damn, that explains the mess we are in!
The fact that so many people (you and others) think runaway inflation can't happen in the US is exactly why it will happen to the US. It is inevitable as long as we keep living beyond our means (ie. record budget & trade deficits month after month ad infinitum).
Last edited:
Yep, it's beyond dazzling the unshakeable beliefs that have taken root in many people's heads. The human instinct is in many ways, no longer correctly serving the purpose that it evolved to deal with.
With all due respect it looks like you are trying to "cover up" the fact that the central banks will have to be de-centralised. It is very possible that the central bankers will play the Great Depression card once again to prove to everybody that they are "really needed and indispensable".
same doom and gloom, different day… the Goth kids of McRumors.
That’s a fairly sweeping generalisation. I definitely know of some people who got into crypto pretty early (and made quite a bit of money) precisely for the ease-of-grift.
Last edited:
Can I pay for it in ButtCoin? That's the cryptocurrency that smells like success.
For Americans to live beyond our means that means we have to have the capital influx to import physical goods. We’re making money despite the massive trade deficit.
But there are algorithmic Crypto Stable coins now! Crypto is coming whether you like it or not! The USA is even working on its own coin called the Central Bank Digital Currency (CBDC) and it only has 1 node which is the US Treasury. What could go wrong?
And sadly they’re the ones ruining the positive aspects of crypto. Some people need to learn the patience of building a business rather than trying to get rich quick.
That may be, but right now it feels like we’re being led by children in the US. Our leadership just gets worse. Economically right now in the US, it’s like Jimmy Carter on steroids. Except even worse policies across the board.
Do I think we’ll actually end up like Turkey? No, but only because the fundamentals are good. But the current economic/political decisions are pretty unintelligible from my perspective.
So because you personally don't understand something, the world is doomed? Wow... Good thing quantum mechanics doesn't care if you or I know a thing about it to keep the fabric of reality in existence. Quantum mechanics is something maybe three people understand, so...
This countries problems are largely due to income equality, so raising taxes on the 'rich' and corporations would go a long way to help out. If they don't want to pay, then who pays? Becasue if no one pays, we all fall down. We'll make Turkey look like a Sunday social.
Yes, basically when a currency collapses in a specific territory, you have 3 options if you want to keep a minimum, decent living:
- flee
- join the organized crime
- use another currency
While using another currency is more for the elite, if you don't do one of those 3, you end up in terrible poverty. You can't even say "I am working on myself, I am going to wake up early, work hard, get 2 jobs", whatever. All of that is useless. A collapse of a currency is a terrible economic collapse.
Huh? ? What does my perspective on the unintelligible leadership in the US have to do with quantum mechanics…bad analogy. I never said we were doomed, in fact if you read more carefully I said the opposite. We don’t just have a tax loop hole problem in the US. We have a spending problem in the US. And the leadership held so sacred that plays to the income inequality sympathizers live extravagant lifestyles and are also part of that ‘rich’ crowd. As a side, but i think quantum mechanics is very interesting but as you said, i don’t understand it. I’m not sure how anyone truly understands it.
On topic, but as others have mentioned, the situation is pretty ugly in Turkey economically, but I think their president represents Turkey’s biggest threat. He is a known human rights violator. It’s a little frustrating for Apple to turn the other way when it comes to human rights issues while seemingly fine as long as they are selling their products and getting their products mass produced.
Last edited: