Well . . . when the Fed prints money and prints money and prints money,
some of it is gonna wind up in strange placed driving up strange prices.
(Wait you don’t think this is actually a sign of economic strength do you?)
And here I still have 5 digits worth of Kung Flu checks sitting warmly in my savings account. 
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Stimmie checks,
plus “non-recourse” loans to small businesses (including Uber drivers)
plus the Fed lowering interest rates,
plus the Fed buying up mortgage bonds
created a hell of a lot of money on the sidelines.
When it gets spent on “revenge travel” it looks like the economy is great.
Since travel is a tiny part of the GDP it looks like the economy is great and there is no inflation.
I am not saying everything is a lie, per se,
but left over COVID money being spent is not the same as money spent for other reasons. It’s like someone maxing out their credit cards and then “flexing” on all their family members during Thanksgiving because “I have a lot of stuff and you don’t.”
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Normally when people start spending money on crazy stuff like monkey Jpgs and imaginary frog coins that’s because the economy is awash in money.
IOW: Everyone has money and some of it spills over into crazy-sounding highly speculative stuff.
And yet the credit card delinquency rate at small banks (the group that incl specialty high-risk lenders) is at an all time high. It’s higher than at the worst of the dot.com bubble, higher than at the worst of the GFC etc…)
We have a 60-40 economy. Not everyone has a bunch of money, some people got a great great mortgage rate. They have so much “leftover” money they buy trips and money jpegs and other crazy stuff, while the 40% on the outside can’t make ends meet and are maxing out their credit cards.
Makes ya wonder what kinda two bit fraudster would ever get involved minting and promoting a scam like NFTs.
much better to use opensea when wanting quotes on NFT.
Allan
I disagree. NFTs not a scam. they are just another thing that boomers dont understand.
Allan (who of course, is a boomer)
I am a casual crypto trader and have made/lost a ton in those markets.
I understand NFTs. I also understand that they do not give the owner legal rights to the image as a copyright or trademark would. IMO they are worthless, and only scammers like Donald Trump are still trying to milk that market.
BTW a pet rock NFT is going for $150 bucks american.
Allan
if you owned a few Bored Ape Yacht Club NFT (the gold standard) and sold then now, you opinion might change as to the worthlessness of said NFT.
Allan
also BTW trumps are going for 400 a pop on the secondary market.
Allan
Ah yes, I remember Bored Ape. Couple of years ago Justin Bieber paid $1.3 mil for an NFT that is now worth $60K, and all of their NFTs are worth a tiny fraction of their highs.
Good way to turn a lot of money into a little money.
paid more than 300% more than market value.
from the new york post Jan 31, 2022.
“Justin Bieber purchased a Bored Ape Yacht Club (BAYC) NFT for $1.29 million, paying a reported 300 percent more than its valued market price.”
having money doesnt make people smart.
Allan
