"Economy is doing well"
We agreed on cryptos being a new, small market cap, volatile, unregulated, wild-west space, in which a bigger player could come in (if they aren't there already) and move the nominal price around however they want. (Esp now with options, dark pools, secondary markets, margin/leveraged trading etc).
We disagreed on the following statement that he made:
"It is hard to dispute the economy is doing well".
My argument was basically the marginal slow growth has been financed with more and more debt (including central bank money printing and diluting consumers' purchasing power). But then we got into inflation; based on recent data there hasn't been much inflation (partially due to advancements in tech being naturally deflationary....ok true) but we see it in healthcare, education, rent, and asset bubbles like the stock market.
And also the "economy" is not equal to "financial markets" or assets that are being propped up by reckless monetary policy and credit expansion.
So needless to say, it was an intense discussion. Am I missing something though?!
Is the economy truly "doing well"? Why are systemic risks being overlooked (again)?