Fiat AF
Cc nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

__________
“First, these numbers prove, yet again, that the alt-energy sector continues to be fueled by corporate welfare. For years, advocates for wind and solar energy have claimed that their schemes are cheaper than traditional forms of electricity generation. Last year, John Kerry, the Biden administration’s climate envoy, claimed that “Solar and wind are less expensive than coal or oil or gas. They just are less expensive.” If that were true, and solar energy is too cheap to meter, then the industry shouldn’t need tax credits.

But thanks to climate corporatism, some of America’s biggest corporations, including NextEra Energy and MidAmerica Energy, a subsidiary of Berkshire Hathaway, are collecting billions of dollars in tax credits and they stand to collect untold billions more in the coming years thanks to the IRA.

Second, it’s evident that President Joe Biden and members of his administration misled the American public about the cost of the IRA. On August 22, 2022, Biden gave a speech at the White House during which he said, “The Inflation Reduction Act invests $369 billion to take the most aggressive action ever — ever, ever, ever — in confronting the climate crisis and strengthening our economic — our energy security.” Biden’s defenders might argue that the president didn’t know exactly how much the IRA would cost taxpayers. But ignorance is no excuse. (Nor is old age.)

Third, this solar corporate welfare could add hundreds of billions of dollars to the national debt at the very time we cannot afford more debt. On Monday, the national debt surpassed $33 trillion, a milestone that the New York Times noted provides “a stark reminder of the country’s shaky fiscal trajectory.”
__________

https://robertbryce.substack.com/p/solar-energy-is-getting-200-times


"The reason Microsoft is such a blight and cancer on humanity is because of intellectual property laws granting them all of these monopolies. If this cancer was not allowed to grow we'd have an amazing ecosystem of open source operating systems all over the world. Bill Gates would not be out there worth hundreds of billions of dollars experimenting with making profits and killing people with untried therapies and just basically being unleashed in the world with all of his crazy ideas. we'd have very different world if we didn't have this" - nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

"If you really want to find these examples of common carriers or whatever it is abusing their position you will always find STATE PRIVILEDGE AT THE SOURCE. They get away with it because of STATE PRIVILEDGE" - nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

I would strongly recommend everyone listening to Saifedean recent podcast with Saylor (Conceived in Liberty Part 2).

nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak and nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m  disagreed on couple of things in this podcast and I know lot of people took side of Saylor but I willl take Saifedean side since I liked some of the Saifedean's arguments more than Saylor's.

Long story short, this podcast would be perfect example of how two people should talk through disagreement. This is what I love about #Bitcoin community where two people with completely different opinion can talk with each other and come to the conclusion. #Bitcoin


“The scarcity of time is the starting point for all economic choices. The scarcity of time forces man to choose between alternatives at all points in his life, and it means that every decision has an opportunity cost.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Saifedean Ammous
„Bitcoin is the first hard money“🦾💜

#BitcoinNews #Bitcoin
nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak #Plebchain https://video.nostr.build/cf2d46ebdad539646bca3bb75e60b6169dab5e42fa98e6c22ce93cfc7886574f.mov


“In his analysis of socialism in 1922, when most economists were taken by this popular new idea sweeping the globe, Mises correctly identified the Achilles heel of socialist economic systems as the inability to perform calculations to allocate capital goods without considering the private property rights associated with them. There is no rational means of ascertaining how to allocate resources without property, prices, and a market for entrepreneurs and consumers to conduct economic calculation.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


“The capitalist entrepreneur is the most important actor in the economic system, as he stakes his own property on his ability to anticipate changes correctly. He is the force that affects change and creates economic reality.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Great discussion again in part 2 nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

https://fountain.fm/episode/0kUAJp9K4kf4HXOvmIwB

#plebchain
#bitcoin
#grownostr


"M0 usually gives the total number of fiat tokens that have been printed into physical paper notes and metal coins that are in circulation. M1 is a measure of M0 and bank checking accounts, allowing for the calculation of all forms of money available to their owner on demand. M2 adds to M1 all savings deposits and certificates of deposits. This is money held by individuals but has not reached maturity, meaning it is not liquid enough for individuals to spend in its current form but can be liquidated quickly. M3 adds to M2 money market mutual funds and other large forms of liquid assets."  - "The Fiat Standard" by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak #Bitcoin #BTC


Unfortunately no


Life's too short to mince words🤝


https://void.cat/d/HUx2vpx57UN66g6CVh5VSL.webp
https://void.cat/d/Jg1VJErWmyBXuA8sNJ5CFM.webp

Schools will continue teaching gender ideology instead of how fiat standard is robbing our time and energy. If your government really cares about you then they will add this book in your curriculum. "The Fiat Standard" is the absolute master piece by
nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak   #Bitcoin


Nope it really is me. I tweeted my public key on Twitter a while back!

https://twitter.com/saifedean/status/1643183805602189314?t=49IINCQDyWM2cFus4ltQYw&s=19


“Modern schools of economics do not teach the reality of economics as the study of human action, which results in their adherents being incapable of understanding the hard work, sacrifice, and risk needed for anyone to become a capital owner. This inability to understand cause and effect leads to imagining capital as some sort of heavenly privilege bestowed upon a particular race of people. You either belong to that race or you do not. There is little appreciation or understanding of the actions necessary to accumulate capital and hold on to it successfully, and as a result, many people waste their time, and the fruit of their labor, complaining bitterly about capital, rather than working to acquire it and raise their productivity and living standards. This economic ignorance is the wind in the sails of demagogue politicians who exploit it to achieve power and use it to expropriate capital owners.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Drivechains in basketball term :#bip300 #bip301 nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak@`fiatjaf`

https://image.nostr.build/e268a3263fdec6b13e8ff6dc99c868dbc8247b9a0e599fba2de843055a512262.jpg


“Capital accumulation not only requires the sacrifice of the present for the future, but it also requires the sacrifice of the certain for the uncertain. The capitalist is constantly speculating that her investment will yield a positive return in the future, but she could always be wrong. In order to become a capitalist, one needs to first produce something of value for which others can pay him. He then needs to abstain from using that payment to satisfy his own needs, and instead deploy it into a business whose goal is to serve others, by producing outputs, which they subjectively value higher than the market price of the inputs into the production process. At any point in time, failure to provide customers with this value will result in a collapse in revenue and profitability, inevitably leading to bankruptcy and the loss of capital. The causes of such failure are endless: laziness, disinterest, bad luck, better competitors, but the outcome is always the same: the loss of capital. These are the reasons why capital ownership is so valuable and productive and why workers continue to choose to work for capital owners.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


"Politicians assume humans will just adjust their actions to ensure that their laws are upheld. However, in reality, humans adjust their actions to optimize for their own well-being, not to satisfy bureaucrats."

- Principles of economics, nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


In the fiat world, I skipped saving and I tried to invest with borrowed money and got rekt.

#Bitcoin taught me I need to learn about saving first before I even think about investing.

"Saving is the necessary predecessor to investment and capital accumulation.

Individuals have to first decide to defer gratification and delay cosumption." - nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

I learned this lesson the hard way.


Really fantastic podcast episode with Saylor on #Rothbard, #Liberty, & US history.

#Bitcoin

nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

https://fountain.fm/episode/fcyY7D13OhUoFja4o9Cg


“Economics, as a field, is the study of human choices under scarcity. It focuses on analyzing how humans attempt to find solutions to the problem of disparity between what they have and what they want and the consequences of their choices.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Excellent conversation here nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

https://fountain.fm/episode/fcyY7D13OhUoFja4o9Cg

#plebchain
#bitcoin
#grownostr


“Women are far more likely to be able to support themselves independently in an industrial and informational economy than in a primitive economy. It is no coincidence that female liberation has come about with industrialization. The richest and most industrialized societies are the ones with the highest achieving and most independent women, while the preindustrial societies continue to witness widespread female repression.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


“No matter how attractive the spoils of coercion may be, they will always pale in comparison to the rewards possible from cooperation. Man’s animal instinct elicits fear of the other, but man’s reason can also identify the benefits of cooperation, in effect creating a civilized society.”

Principles Of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Hello! Yes I'm here! I've also got two more books you might enjoy: The Fiat Standard and Principles of Economics!


The Bitcoin Standard is a great start and then follow up with The Fiat Standard. nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak does a fantastic job explaining why not only ourselves money is broken but so are many other aspects of our lives. And it all ties back to money. It's a great read.

The Michael Series with Robert Breedlove is a great and lengthy podcast series on YouTube. https://youtube.com/playlist?list=PL2jAZ0x9H0bQFY6wIbQfnrnIlqMcSHd6X&si=g1EV9_ov-Z0JJaDu


Okay guys, I just had an inspirational lunch with @duchess and she got me fired up about #bitcoin and #nostr!

I want to learn from all of you! Can you guys recommend the best books to read about bitcoin? @Duchess suggested I start with ‘The Bitcoin Standard’ by Saifedean Ammous (by the way hope he is here as well? 😍). Are there any other books, articles, or YouTube videos you would recommend?


nostr:note1zr5usr9fq0y7kfflhlcpl502pgx08vr4wh7hre4r8lm59t94svnq0xk790

https://m.primal.net/HLou.png

https://m.primal.net/HLov.png

Thank you nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Principles of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak  available on audible.

It’s a must read/listen for every Bitcoin like all his books.

https://www.audible.com/pd/Principles-of-Economics-Audiobook/B0CJCQ32TD


“Rather than produce for himself the goods he needs, a participant in the market economy specializes in providing the goods he produces best for other people and relies on other people for procuring the goods he himself needs. Profoundly, the capitalist market system makes people specialize in what they do best and focus on how to provide value for others, rather than focusing on what they value. People choose to serve others in a capitalist system because it is far more productive and efficient than working for yourself alone in isolation from the division of labor.”

Principles Of Economics y nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Of the thousands of works in my Repository, one stands out as one of the most important books on Bitcoin and economics in general: The Bitcoin Standard, by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

https://m.primal.net/HLNa.png

The Bitcoin Standard goes deep into the history of money, its role in society, and the impacts of easy and hard money in daily life. Far beyond simply explaining what Bitcoin is, Saifedean Ammous puts Bitcoin in its appropriate historic and economic contexts, and illustrates the incalculable benefits of a world using Bitcoin as its reserve currency.

If you haven’t read it yet, here are some highlighted quotes from The Bitcoin Standard, to give you an idea of what to expect from it:

"A money that is easy to produce is no money at all, and easy money does not make a society richer; on the contrary, it makes it poorer by placing all its hard-earned wealth for sale in exchange for something easy to produce."

"The lowering of the time preference is what initiates the process of human civilization and allows for humans to cooperate, prosper, and live in peace."

"As an economics professor, I make sure to teach the marshmallow experiment in every course I teach, as I believe it is the single most important lesson economics can teach to individuals, and am astounded that university curricula in economics have almost entirely ignored this lesson, to the point that many academic economists have no familiarity with the term time preference altogether or its significance."

"Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Debt‐fueled mass consumption is as much a normal part of capitalism as asphyxiation is a normal part of respiration."

"Although the emperors of Rome frantically tried to “manage” their economies, they only succeeded in making matters worse. Price and wage controls and legal tender laws were passed, but it was like trying to hold back the tides. Rioting, corruption, lawlessness and a mindless mania for speculation and gambling engulfed the empire like a plague. With money so unreliable and debased, speculation in commodities became far more attractive than producing them."

"It is no coincidence that when recounting the most horrific tyrants of history, one finds that every single one of them operated a system of government-issued money which was constantly inflated to finance government operation."

The Bitcoin Standard is a must-read, whether you have been using Bitcoin for years, or you've only recently heard of it. Some may find that it's not a quick or easy book to read, but it will educate you on the importance of sound money, and what #Bitcoin can do for everyone who uses it.


“The process of civilisation is initiated with the lowering of time preference, which results in capital accumulation, increased productivity, and improved living standards, in turn encouraging further reduction in time preference in a continuous amplifying spiral” - nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

Above quote taken from Dr. Saifedean Ammous ‘Principles of Economics’

Our ability to think ahead and plan accordingly Anon is how our species has made progress throughout the eons.


Success for a university is no longer primary based on meeting the students' demand to learn productive skills, but instead, on satisfying the wishes of the bureaucrats who finance the university.

- The Fiat Standard ( nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak )


The Fiat Standard is definitely becoming one of my favourite reads in recent memory.

nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak legit killed it with this book right here 🫡

Can’t wait to finish this & get onto ‘Principles of Economics’ next to finish off the trilogy. https://cdn.nostr.build/i/de1db5b20881fc8f2bf83a26eeff6d8745da1c7154865283176e47cda8d88450.jpg


The lower the time preference, the more civilized we become. #Bitcoin 🧘
-PoE- nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


Thank you!


nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak  says:
„To survive in the fiat system, you have to borrow to survive”

True words 💯🦾

#SaifedeanAmmous #Bitcoin #Einundzwanzig
#Bitcoinplebs #Plebchain https://nostr.build/av/4ebe5828801f5984e1d11a58f39ba288385b51382c5daed689a8e6f5eea49db9.mov


Excellent discussion.  #bitcoin #plebchain nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

https://fountain.fm/episode/xMviYcnOM8Dr4ixIlFjO


The use of the term “fiat fuels” continues to grow. nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

https://thomasjshepstone.substack.com/p/maui-fires-demonstrate-so-much-of?utm_campaign=post&utm_medium=web https://cdn.nostr.build/i/2aecb065fdfd509419ecd73f4ad1c4da6a65a82ce3f7c05f25ff60c15357be87.jpg


This is awesome! 💜
#TheBitcoinStandard by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

#plebchain #puravida #nostrplebs #grownostr #eurothon #pepethon #nostriches #zbd #zbdsocial #gm #nostr #plebstr #zapathon #bitcoin https://cdn.nostr.build/i/8c00d452bbadef081a430faa3e3b3b7b25fc91dbac591a15c9edb9e8125b9b5e.jpg


“Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well-being. Hence value does not exist outside the consciousness of men. 13—Carl Menger”

— Principles of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
Ammous
https://a.co/8df1nrh


“The inevitability of death, and the finitude of time, and hence its scarcity, necessitate a constant accounting for opportunity cost, and from that comes all of man’s economic thinking and action. All human actions consume time and therefore come at the cost of forgone actions. Understanding scarcity in general as resulting from the scarcity of time helps us understand opportunity cost, and why the economic way of thinking must always include the cost of the forgone alternative. Since human time is scarce, it is valuable to humans. There is thus always an alternative valuable use of time available for an individual, which must be taken into account.”

Principles of Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak Ammous


https://m.primal.net/HKYi.jpg
 nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak  nostr:npub1hxwmegqcfgevu4vsfjex0v3wgdyz8jtlgx8ndkh46t0lphtmtsnsuf40pf

Let's just not pray to the weather gods and keep the lights on. Ok?

#Hydrocarbons #FossilFuels #Meme #Memestr


Full endorsement nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak 👇👇👇 https://cdn.nostr.build/i/8dede5b5d27c3964187d069defcf131788c28d446772dbb255478b4f502b23a1.png


I’ve been banned from twitterX for a long time so I can’t respond there, but regardless of your view, this quote is so badass I had to say something,  nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak  love it!

Saifedean Ammous

@saifedean
Bitcoin, as it is, saved my family from hyperinflation in Lebanon. It is entirely essential to my life. It works perfectly fine for me as it is. It is not some "cool" piece of software whose next iterations I'm "excited" about. It is my lifeline. If it never ads a single capability, it will still be the most important technological innovation of my lifetime.

If you want to to introduce ANY changes to its software, I am going to be extremely skeptical about adopting them on my node. You're not just experimenting with adding features to another app on my phone; you're asking to rebuild my lifeboat with my family on it. I need to see extremely compelling evidence for why these changes are necessary, and extremely compelling explanations for why they do not pose any risks.

Like most bitcoiners, I have been harassed and hounded for years by BIP300's well-funded cringe marketing machine, but the more I look into it, the less convincing it is. Nothing in the motivation seems necessary or even useful. I simply don't care about "killing shitcoins" nor do I see any value from adding any of their features to bitcoin, since I know their features are just vaporware to promote ponzis. A significant number of plausible risks are waved away with cavalier indifference. It somehow fixes all problems and ends all trade-offs. And its promoters have more red flags than a Soviet parade: a history of questionable judgments on bitcoin issues; funding from shitcoiners responsible for the most serious attacks on bitcoin, like Garzik, Ver, and Brekken; the strong support of countless other shitcoiners; and worst of all, the resort to ridiculous fear tactics and the insistence that bitcoin is in a dangerous crisis which only BIP300 can fix.

Bitcoin is permissionless, so i cannot stop you from doing sidechains. Liquid, RSK, and RGB are doing something similar and I simply don't care. But if you need me to do anything with my node to accommodate you, the answer is going to be a very firm no.


Glorious interview weaving nuclear energy w/ hard (Bitcoin) money. #[0] https://youtu.be/1vkWgKhSpag?si=u8ERIRSbyUC289fD


Saifedean Ammous explains why Bitcoin will win 🦾💜

nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak  #Bitcoin
#Plebchain https://video.nostr.build/7675ee374da3a9e455954b174fc1dd2b35d0d0b2e90ea65c04a5f7201e0d9161.mov


I spoke at this conference four years ago, not sure why they still have my pic.


nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak  🎯 https://image.nostr.build/6bb30240009c215955f15e01dc96c7616585918ca9993774c9f51aabc72f4775.jpg


https://image.nostr.build/df6f4de68f5f4457627f6fc99aea3fa19df84202ca69e063b9370118de7b2e07.jpg

nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak pointed out in "The #Bitcoin       Standard" that Nero practiced the fraud of "coin clipping."

That was a massive "aha" moment for me. Nero was the infamous Christ hating emperor who brutally persecuted Christians. It's no wonder he also debased money!

Fast forward to our modern tyrants and 2 things remain the same, 1. They still hate God and 2. They still debase money.

Nero couldn't even imagine the tools of debasement modern tyrants possess in the form of infinite money printing. 😳

For Christians our desire is to see Christ exalted among the nations and freedom flowing like a river from sea to sea. It's time we confront one of the most pernicious evils in plain sight, money debasement.

What a blessing to live in a day when #Bitcoin    is available as a non violent tool of monetary protest and reformation. Time to learn church!


Government control of money has turned money from being the reward for producing value to the reward for obedience to government officials - nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

Enjoying this reread of  the bitcoin standard finding new nuggets of info.


“It is telling that the concept of unemployment did not really exist as an economic term before the twentieth century. In a free market, people choose whether or not to work for the wage offered to them, so nobody can be involuntarily unemployed. With the introduction of monetary inflationism and minimum wage laws, a permanently unemployed part of the population became a fixture of modern economies, and blaming this unemployment on the market process became a fixture of the pseudoscientific economics dominant in modern academia, financed by those with vested interests in maintaining inflation in order to provide rationales for it.”

Basic Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


“Switzerland, the last country in the world to go off the gold standard, provides a good example of this dynamic. As the fiat world struggled through severe unemployment crises throughout the twentieth century, Switzerland had practically no unemployment until it went off the gold standard in the mid-1970s.42 After adopting the dollar standard and engaging in inflationism, Switzerland has witnessed a rise in unemployment that follows the same cyclical pattern observed in every country that runs on fiat money.”

Basic Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


“Under a free market with sound money, savings appreciate in market value over time, and individuals have the freedom to work or not, and to ask for any wage they want. Employers also have the freedom to pay any salary they want. In such a world, with savings appreciating, it is perfectly rational for many to forego employment. A worker who cannot find employment at a prevailing wage is simply unable to find someone who values the marginal revenue product of his labor at a price higher than the worker’s valuation of leisure.”

 Basic Economics by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak


One of my favourite sections from nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak The Fiat Standard. That's why I save in #bitcoin instead.

"Users with negative balances, i.e., those in debt, lack security and risk catastrophic loss. Financial security, in the sense of having a stable amount of liquid wealth saved for the future, is no longer available in the current system.

You will either witness the dissipation of your wealth through inflation, or you will borrow and live in the insecurity of losing your collateral if you miss a few payments. Fiat has effectively destroyed savings as a financial instrument, with enormously negative consequences."


saifedean

Author of The Bitcoin Standard, The Fiat Standard, and Principles of Economics. Teaching economics on saifedean.com.


🎉Five years ago today, The Bitcoin Standard was published!🎉

It's now been published in 36 languages worldwide!

Get yours in your language & pay in fiat or bitcoin, from: https://saifedean.com/tbs

https://i.imgur.com/IFPavXo.jpg


Welcome to the party!


His internet satellite thing is also an unworkable scam. All his genius ideas are always on the verge of changing the world, they just need more government support before they do.

Notice when actual inventions are going to change the world, their producers are too busy making them to ask anyone for money. The ICE car, airplane, or iphone did not need decades of subsidies like the electric car or his rockets to nowhere.


Eating plants 🤢 == your opinion is invalid


Delighted to be here!!