Oddbean new post about login | logout 100bln is a few work days of printing.
Btw thosw billions were not sent to Ukraine they were sent to the factories in Pennsylvania to produce mor ewwapons for Ukraine. Those enterprises pay their workers, pay taxes and get business done, all I see is a benefit for all.
You have failed at basic economics, sorry. Money isn’t a resource, it controls resource FLOW. That 100bln is EXPLICITLY stolen from all of the people making everything *other than* bombs. If the stupid mainstream economic cult was even slightly right about their ideas, then we could be infinitely wealthy if we just printed $60 trillion every year, built warships, then sent them out into the ocean, made another thousand bombs or so, and blew up all the ships. That would create an entire countries worth of jobs, it would pay billions of people’s salaries, and then they’d spend it in their local communities! Don’t be the stupid parrot they want you to be. Reality doesn’t have a magic food printer.
I get it, no worries, and all you said is true, that's exactly how US ended up building their military might, by printing and spending paper. Can I really say it's that bad? Nah. I have my Bitcoin so just let them print away. Every bitcoiner is insulated from fiat.
If that was sarcasm you need to add a /s to the end.
Not sarcasm, Guy. US got to where it's at by having a privilege to print a global reserve paper. Fiat, despite having a ton of drawbacks, ended up lifting almost entire world out of poverty. Of course I understand inflation and all those shenanigans but you can't argue with a simple fact that fiat brought us the most prosperous times in human history. Stack sats and support fiat. When it naturally reaches it end, you're good. / Not sarcasm
Dude. Either your unhinged or trolling. Newtons law applies here in its simplest form. Print money. Make people poorer. I’m happy you and I have bitcoin. But that doesn’t mean billions of others don’t suffer from devaluing everyone’s savings. With your logic you’re cheering on neo-feudalism and/or kleptocracy.
yeah, ok, lebanon, iran, egypt, libya, serbia, bosnia, montenegro, and now ukraine might have some commentary on the benefits of being minced by the petrodollar
i forget iraq of course, that place is a permanent hellhole for 30 years now thanks George
i also forgot vietnam, cambodia and laos
cambodia in particular has a special place in my heart because the dude that turned me onto #golang was based in cambodia and maried a cambodian woman (now lives in vietnam last i heard) and then in serbia the dude i was working with (on a Go project no less) had a bit of a tourettes problem and one of his favourite words was cambodia it was kinda spooky how it all connects together
Fiat did not in the slightest lift anyone out of poverty. It axiomatically can’t. There is no such thing as a net benefit by having some particular group counterfeit money. There are two ways to obtain resources as people in a society. Literally only two. You either create some and trade what you create with others, or you steal, defraud, cheat, whatever you want to call it, where you take resources from someone else, and give nothing in return. That’s it, you either create them or take them. Fiat is just one of the “take it” options. That is all, nothing more, nothing less. It does not create wealth, it does not create stability, and any growth that occurred at the same time has nothing whatsoever to do with printing money. The ONLY thing having a global reserve did, was allow **The US** to print more money with less domestic inflation. It benefitted the US disproportionately and was able to cast out a much larger “network of taking.” If anyone spent a good honest few minutes thinking about it, the obvious conclusion for what has led to the incredible rise out of poverty has **obviously** been technological progress. And it is very easy to make the assessment that the multi-trillion dollar fraud of fiat imbalances, debt expansion, theft, and resource misallocation clearly and only slowed it down. And that it can literally do nothing else but exactly that.
A few hours. Unfortunately it signifies the **destruction** of another 100bln
At least those houses and roads will get rebuilt. Now imagine doing it on gold reserve. Gotta wait a few years to happen.
You seriously don’t understand anything about economics and you should stop putting your foot in your mouth. Please explain how many people are fed and how we have more resources by writing down on a napkin that “we have more stuff.” Thats what you are claiming, and that somehow a gold standard prevents this magic napkin writing power from working. Please stop being a fool and think a little bit harder.
No need to become personal and condescending, Guy. I'm a long term hodler and I've listened to the most of yours and other podcasts, read a ton of books and I've heard it all many times over. Reductionism is an ignorant strategy. One thing you gotta remember: there is no solutions, only trade-offs.
Good to hear, I’ve been trying to get the word out on Twitter a little too and the stupidity flooding into some of the comments is overwhelming. I will say I don’t follow how the “there are no solutions only trade offs” applies to the argument I made of that’s what you are responding to. Of course that’s axiomatically true for all things, but I just don’t follow the connection to my argument if you are saying my strategy of explaining the principle behind it is sub par or “ignorant.” Not sure how else to argue with someone who believes in magic (which you seemed to be by believing your sarcasm). If you have a better strategy I’m interested. Arrogant and stupid people are hard to reach and it’s often just a lost cause, but I try regardless.