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Elon Musk Compares Fed’s Money Printer to Monopoly Game as Goldman Warns Next President Faces ‘Fiscal Constraint’
Elon Musk Compares Fed’s Money Printer to Monopoly Game as Goldman Warns Next President Faces ‘Fiscal Constraint’
Elon Musk had another post that went viral on his platform, X, and this one provoked more laughter than controversy.
Taking a screenshot of the Monopoly game rules page about how “the bank will never go bankrupt” as the “banker can also issue ‘new’ money”, Elon Musk reposted it with the additional caption “how it works the Federal Reserve. “
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Referring to the seemingly unlimited amount of money the Federal Reserve can add to the circulating money supply, Musk joined a growing chorus of concern about the fiscal deficit.
Until Berkshire Hathaway (NYSE:BRK) Warren Buffett recently commented on the Federal Reserve’s plight, saying “Jerome Powell is not only a great human being, but a very wise man. But he doesn’t control fiscal policy. Every now and then, he sends out a disguised appeal, saying please pay attention to this.”
It remains to be seen whether the next administration in Washington will finally listen to him and make efforts to reduce runaway fiscal spending, but Goldman Sachs (NYSE:GS) points out that there may not be much choice.
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Financial focus X Account, ZeroHedgecited Goldman’s observation that “President Biden and former President Trump propose substantially different fiscal agendas, but they both face the same constraint: there is not as much room for fiscal expansion as they both had at the beginning of their term.”
As The US national debt now exceeds 34.7 billion dollars and amounts to more than 266 thousand dollars per taxpayerIt’s worth questioning how high it can rise before markets raise concerns about the state of America’s finances.
An asset class that does not have an unlimited supply is Bitcoinwhich was suggested as a solution in one of the most popular responses to Elon Musk’s post by the account WatcherGuru, who posted “if only there was a decentralized currency not controlled by any individual or government.”
Even if investors don’t want to buy cryptocurrencies directly, they can now decide to buy bitcoin through a spot ETF such as iShares Bitcoin Trust (IBIT), which had a strong start to the year, already up ~30% at the time of this publication.
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This article Elon Musk Compares Fed’s Money Printer to Monopoly Game as Goldman Warns Next President Faces ‘Fiscal Constraint’ originally appeared in Benzinga.com
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