For example, some (particularly bitcoiners) will be tempted to blame the Fed for hiking rates, but that’s a genuinely necessary measure to rein in inflation. That inflation, in turn, was the result of both real cost rises linked to COVID-19, and a money supply significantly expanded by COVID relief and bailout policies. The net cost and benefit of those policies will take years to fully reckon with, but an anti-Fed critique at this moment is at best reductive.
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