Oddbean new post about login | logout There are people who claim to support free markets but defend a central bank that price fixes most important price in the economy: -- the price of borrowing and using resources up today at the expense of tomorrow. They then casually dismiss both our astronomical overconsumption & debt problems... https://m.primal.net/KExC.gif
Jeff Booth coined it a bit shorter in his book title. How about: "central bank that price fixes the most important price in the economy: the price of tomorrow."
It's not free market capitalism when the cost of capital itself is centrally planned https://image.nostr.build/864714596889256dac9455dcb1f540550b28fb42ebad22c45816a5c9567b4fab.jpg
I agree. What is a better way (beyond the hand wavy “let the market decide”)
The market doesn't "decide," price controls don't work because the price is a result of voluntary market interaction. It's a thermometer, not the heat itself. Price controls are analogous to capping the thermometer and letting pressure build up, while claiming that we've controlled the temperature outside. Saying "the market decides" is like suggesting we are "letting the weather decide the temperature" instead of the weatherman. When the second statement is just nonsense. The weatherman doesn't control the weather, if he is manipulating the thermometer then its just lying about what the real temperature is. My proposal isn't about "letting the markets decide," because markets are literally the only thing that create prices in the first place. I'm saying we shouldn't have institutions with the express authority to completely monopolize a market and then lie about the price. Price controls are simply lies, we should just stop lying.
I've come to associate the concept of price controls as a form of subtle moral evil, in that a ruler decrees a value for a good that does not accurately match the real value for that good. So it has to distort the truth. I think, in an indirect way, it is lying? While I think all value is subjective (as a good has different utility for every individual), there is still a kind of market truth. If money could not be manipulated, then the going price of a thing would accurately reflect its place in a society's hierarchy of value
There isn’t a social hierarchy of value…as you already said, value is subjective. Individuals value different things. The price is just information.
how do you stop them?
Literally, buy #Bitcoin and don’t save or calculate long term profit/value in dollars. Calculate it against whether or not you should just hold #Bitcoin instead. Thats it.
Price controls is an inhibition of market function.
Your analogy is pretty god damn good. Permission to use at my next presentation?
Of course 🫡
It’s amazing how confident people who act from low data and emotion are. “Let’s just tell everyone what they can charge! “Yeah!!” the mob yells. That is how you get fairness! Tell people what to do! What could go wrong? IQ is a measurement of how many data points an individual can hold in stasis as overall comprehension is formed.
Sounds like you're speaking of Rinos.. I've been saying for longer than I care to remember that RINOs speak like Libertarians then govern like Democrats.. The FED must go. I think more and more citizens see that things aren't getting more expensive. What they're understanding is that all the fake Democrat promises are the cause, and the real promise from all the gov't borrowing is that paper dollar's value will continue to get snipped away.. The FED. The enabler of all the Marxist dreams.
They start with rent control, then price control and then lose control
Sir, the "free market" isn't what excluded you, the lying manipulating market run by central banks and giant politically connected corporations that own everything and rent it all back to you is what is "excluding you." then they are buying you off with a pittance on the side and claiming they are helping you. Check the original post, we have a central bank that issues trillions every year and direct it through a massive financial and corporate apparatus. Your anger at the "free market" is massively misplaced, because you don't live in one, not even close.
You'll notice I said, "as you people call it." I'm very aware it's not remotely "free." Which is why your concern as to whether or not setting prices is appropriate in regard to a system which doesn't exist, is sus.
Price controls are literally what make it nonexistent. If we don’t understand what is causing our problems and refuse to even point out why things are being destroyed. Nothing gets better. In fact it all just keeps getting worse 🤷🏻♂️ Our only options are to have the govt fix it for us, or opt out. I suggest opting out by buying a money they can’t print.
My son begged me to buy Bitcoin when it was first available. I was poor, but could have scrounged up a hundred dollars, which would have soon changed to a truly life changing amount. But I couldn't understand it at all, didn't know how to buy it if I did have the hundred, I might not even have had a bank account at that time, and I missed the boat.
You haven't missed anything. Money is a measuring tool thats it. Its representative of the time youve invested into providing to others. This isnt about getting rich overnight. This is ablut taking personal responsibility over your own time and energy by no longer placing it in a thing that someone else arbitrarily creates at a whim. You have a biased lens of " i couldve got in sooner" therefore its too late to try now. This is a false dichotomy view to have when it comes to agency over your time. You have to step and say i no longer wish to participate in being stolen from and them telling me its good for me. You can start that journey today. It seems like a small insignificant step today, but over time those small steps add up and become large strides towards the goal youre working towards. You CAN do this, the issue is nobody can FORCE you to do this. You must make decision on your own that i wish to own myself AND my time. The only one that can make that choice is you.
@a29992c8 's point as well as @TheGuySwann 's response made me think. I started a longer response, but it was too much. I was left with this. What, most certainly is comming, will be very painful. I can't stop it. I've found my best shot at getting thru. Im headed that way. I can't save many, certainaly not everyone. I can point at the tidal wave with one hand and at the life boat with the other. Beyond that, me and mine take first priority. I will remember sadly those who drown. I will not feel guilty for what I didn't/couldn't do for them.
You'll notice I said, "as you people call it." I'm very aware it's not remotely "free." Which is why your concern as to whether or not setting prices is appropriate in regard to a system which doesn't exist, is sus.
Price controls are literally what make it nonexistent. If we don’t understand what is causing our problems and refuse to even point out why things are being destroyed. Nothing gets better. In fact it all just keeps getting worse 🤷🏻♂️ Our only options are to have the govt fix it for us, or opt out. I suggest opting out by buying a money they can’t print.
My son begged me to buy Bitcoin when it was first available. I was poor, but could have scrounged up a hundred dollars, which would have soon changed to a truly life changing amount. But I couldn't understand it at all, didn't know how to buy it if I did have the hundred, I might not even have had a bank account at that time, and I missed the boat.
You haven't missed anything. Money is a measuring tool thats it. Its representative of the time youve invested into providing to others. This isnt about getting rich overnight. This is ablut taking personal responsibility over your own time and energy by no longer placing it in a thing that someone else arbitrarily creates at a whim. You have a biased lens of " i couldve got in sooner" therefore its too late to try now. This is a false dichotomy view to have when it comes to agency over your time. You have to step and say i no longer wish to participate in being stolen from and them telling me its good for me. You can start that journey today. It seems like a small insignificant step today, but over time those small steps add up and become large strides towards the goal youre working towards. You CAN do this, the issue is nobody can FORCE you to do this. You must make decision on your own that i wish to own myself AND my time. The only one that can make that choice is you.
@a29992c8 's point as well as @TheGuySwann 's response made me think. I started a longer response, but it was too much. I was left with this. What, most certainly is comming, will be very painful. I can't stop it. I've found my best shot at getting thru. Im headed that way. I can't save many, certainaly not everyone. I can point at the tidal wave with one hand and at the life boat with the other. Beyond that, me and mine take first priority. I will remember sadly those who drown. I will not feel guilty for what I didn't/couldn't do for them.
Price controls are literally what make it nonexistent. If we don’t understand what is causing our problems and refuse to even point out why things are being destroyed. Nothing gets better. In fact it all just keeps getting worse 🤷🏻♂️ Our only options are to have the govt fix it for us, or opt out. I suggest opting out by buying a money they can’t print.
My son begged me to buy Bitcoin when it was first available. I was poor, but could have scrounged up a hundred dollars, which would have soon changed to a truly life changing amount. But I couldn't understand it at all, didn't know how to buy it if I did have the hundred, I might not even have had a bank account at that time, and I missed the boat.
You haven't missed anything. Money is a measuring tool thats it. Its representative of the time youve invested into providing to others. This isnt about getting rich overnight. This is ablut taking personal responsibility over your own time and energy by no longer placing it in a thing that someone else arbitrarily creates at a whim. You have a biased lens of " i couldve got in sooner" therefore its too late to try now. This is a false dichotomy view to have when it comes to agency over your time. You have to step and say i no longer wish to participate in being stolen from and them telling me its good for me. You can start that journey today. It seems like a small insignificant step today, but over time those small steps add up and become large strides towards the goal youre working towards. You CAN do this, the issue is nobody can FORCE you to do this. You must make decision on your own that i wish to own myself AND my time. The only one that can make that choice is you.
You haven't missed anything. Money is a measuring tool thats it. Its representative of the time youve invested into providing to others. This isnt about getting rich overnight. This is ablut taking personal responsibility over your own time and energy by no longer placing it in a thing that someone else arbitrarily creates at a whim. You have a biased lens of " i couldve got in sooner" therefore its too late to try now. This is a false dichotomy view to have when it comes to agency over your time. You have to step and say i no longer wish to participate in being stolen from and them telling me its good for me. You can start that journey today. It seems like a small insignificant step today, but over time those small steps add up and become large strides towards the goal youre working towards. You CAN do this, the issue is nobody can FORCE you to do this. You must make decision on your own that i wish to own myself AND my time. The only one that can make that choice is you.
