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Paul Fenwick

Writing a talk and it turns out I have A Lot Of Feelings about the Impossible Trinity¹, capital controls, and the absolute bullshit policy of raising interest rates when we're seeing predominantly greedflation² rather than growth in the money supply.

Enshitification of services and our current inflationary surge have exactly the same root cause: oligopolies that hold too much power and no longer have to compete.

—

¹ en.wikipedia.org/wiki/Impossib

² theguardian.com/business/2024/

24 January at 3:43 | Open on cloudisland.nz
2 comments
Random Geek

@pjf your feelings are valid.

And not just because I agree with them!

24 January at 3:44 | Open on hackers.town
Paul Fenwick

It's worth noting that China doesn't have the outrageous interest rates we're seeing in the rest of the world. They're ~2.5% right now¹.

One reason for this is China has capital controls. You can't borrow money from a bank in China, and then dump it into an account in another country with a higher interest rate with no restrictions. Moving money out of China takes effort, so China can actually have their own monetary policy.

¹ reuters.com/world/china/china-

It's worth noting that China doesn't have the outrageous interest rates we're seeing in the rest of the world. They're ~2.5% right now¹.

One reason for this is China has capital controls. You can't borrow money from a bank in China, and then dump it into an account in another country with a higher interest rate with no restrictions. Moving money out of China takes effort, so China can actually have their own monetary policy.

24 January at 3:49 | Open on cloudisland.nz
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