Oddbean

In the future, I think today's models around central banking are going to look silly. Tech makes things cheaper year after year but the mandate of central banks is to gradually make things more expensive. It all fell into place gradually piece by piece, but if you didn't have the concept today and just proposed it "as is", it would sound extremely silly. https://m.primal.net/HYOh.png

Great book on money and the economy: https://en.m.wikipedia.org/wiki/The_Natural_Economic_Order The solution to today's financial woes is to debase money even much faster. Was turned into a movie, too: http://www.epofilm.com/en/movie/the-money-maker/

GM Lyn 🌞☕️🤙how are you today? What do you think about the speech of Milei yesterday? https://image.nostr.build/38ad2fa64a079197cc01876e619bfc569814318fdd57aef851141892412f271c.jpg#m=image%2Fjpeg&dim=768x1024&blurhash=_QP%3Fz6W9%7Ep%25Lxuaz%252PTbJwca%23RPRjof%3FaRiInM%7Boea%7DoK4nbJRPt6-%3Axtt6k%3Bt7V%40WEs%3AR*Rj%5EQWBozWAM%7CV%5BRkELM%7BxZxuV%40t7oev%7Dt6kWj%5BR*WBay-%3Bt6V%40RQRkRjoz&x=756cd4348a9b980e1fda55500c190dfeecc7e8de1d95f1a757fdfad924b725e2

I’d need to find it, but writings from the late 1800s early 1900s would describe how prices would fall year over year. As intended in a capitalist economy. What could have happened around 1913 🤔? #bitcoin #optout

The origin of the 2% rule is a New Zealand central banker promising to take action if inflation rose above 2% It wasn't a target, it was a limit But inflation is the whole purpose of the central bank

it isn't tech that makes things cheaper but size of world economy. in today's reality the government has to OK everything. you will soon have to register private gardens for example. so if you grow tomatoes on your balcony without a license you will go to prison. bitcoin doesn't solve anything because in the end you still need to eat and the government won't give you permission to grow food unless the food is crickets. they are CONFISCATING farms in Europe AS WE SPEAK "to fight global warming" i hope you like how bitcoin tastes because you soon won't have anything else to eat

The central bank with its +2% mandate is a maelstrom that is slowly consuming the wealth of citizens. Few of us are safe using the #Bitcoin lifeline https://i.nostr.build/yPVG.jpg#m=image%2Fjpeg&dim=1024x1024&blurhash=UBFNxF%7EABoxG.6-ns%3ANI0%23IqIBNI%2CqNH9vM%7C&x=9c7b6f9fbd3ece6de3e494ad3920f7fe4b6c5e3d6f57e4008187908c0a0c2619

It's that key narrative that's drilled into people from childhood. "If prices don't go up people won't spend and we're all doomed". This belief is so ingrained and strong it will need some serious shocks to break it.

We actually live in a world of superficiality. Fiat money is a symptom of that. It goes from most people relationships, to the culture, academy and even religion (at least on what lasts of it). So, it becomes logical for people who defends money debasement, that more spending and more consumism creates more income, and that without this, with deflation people would stop consuming and only go storing their money. We know that in fact, inflation leads to loss of quality on goods and services, when deflation and strong currency, creates the opposite effect, the money have value, and so, the goods and services. But the conditions for the right path to be put in practice, become rough in degenerative societies. So degeneration starts at the topp, at the intelectual/sacerdotal functions. Then it goes trough the military, and then to the markets. Finally, it reaches the masses, the average laborer, and at this point, we reach socialism. Reading, listening and knowing some aspects of traditions, makes me believe that praxeology or libertarian principles that it promotes, such as jusnaturalism and free markets, are the right order of things, but are dependent from the right order of things in higher hierarchies. But same way, that things degenerates from top/down, they can get better from down to the topp. This makes me optimistic about libertarianism, but with a certain sense of responsibility, that we have to practice the core of libertarian principles, but in a way that leads to tradition, not to modernity. From quantity, we go to quality again. And so it goes on and on.

In 2140, when celebrating the first block with a zero subsidy, we'll have a hard time talking to the kids after a visit to the history museum: "Daddy, what is fiat money?" "There used to be a time when the world had 180 currencies, each one of them printed with zero effort whenever a government would need to pay a bill. Every nation state had its own little set of banknotes with individual coloring schemes and cute logos. That made them very proud. The emission schedule was unpredictable with a potentially infinite supply. The purchasing power of each currency was always going down, just at different speeds. Each currency could be used only within defined geographic zones. Exchange rates between those currencies was volatile and used to change every second, which made trade risky and complicated. People were encouraged to spend their money instead of saving it, even it that involved getting into debt." "Daddy, that sounds really retarded. Why was it like that?" "I really don't know. Serious people at the time used to think it was actually a good system. Let's ask grand-dad. His grand-dad used to be alive then. Maybe he can explain us."