zombs said on stream he has to sell his last remaining assets and is now basically poorer than when he started valorant… a moral story
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Crypto crash controversy ft. zombs
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Most if not all esports players were/are lowkey into crypto, because that was one of the effective ways of making bank on short esports careers whilst giving up on education. Some went all in into crypto, some others were most likely smart enough to diversify. Honestly, we deserve this upcoming recession with all the money printing that has been done since 2009 and people devoting their lives to shill intangible virtual assets on social media like a cult. Hopefully this time the US FED, finally lets natural recession to take its course instead of putting the money printer into an even higher power level.
MV=PY, M is the money supply, V is velocity of circulation (rate of people buying goods), P is price of goods, Y is national income. If money is printed the supply increases which would increase the price IF V and Y stay constant, obviously though they haven't since during corona V has decreased because people arent spending as much money. if the government DOESN'T do quantitative easing then deflation will occur instead which is much worse then inflation and hyper unemployment since large companies will need to lay of half their workforce. MV=PY is also a simplified version because it turns out economics is more complicated then more money=higher prices and there is an entire field of study on it. Thank god most countries have the currency out of the control of the population (e.g. federal reserve in america) because everyone seems to have a such a understanding of economics they don't even need to see what economists say. muh more money caused the recession.
This is my schizo rant
wew, that equilibrium theory totally negates the negative consequences of excessive quantitative easing, my bad g. muh central bankers totally independent of political influence definitely did not make this upcoming structural recession worse by having already totally exhausted monetary stimulus when deflation is going to be happening in the next 6 months.
The negatives absolutely do not outweigh what is lost by not, if nothing was done then deflation would've already happened instead of being 6 months from now (even though there is no reason to believe deflation is going to happen 6 months from now). If more money is the cause of all our problems, what was suppose to be the alternative? Just tough it out great depression style?
The current price levels are starting to be rejected by both consumers and producers, caused by the structural supply issues, thereby promoting the slowing down of economic activity. Eventually leading to insolvencies of small to medium size enterprises.
More money is not the cause of all our problems, but excessive monetary stimulus when it actually is not needed, is. The previous abuses of excessive monetary stimulus is what is going to guarantee that another great depression style event is going to occur instead of a more manageable recession. Central banks have unnecessarily abused quantitative easing in the 2010s, arguably going a bit too hard with the stimulus during corona pandemic, which now leaves them with their pants down for the upcoming challenge.
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