Kids who learn to

- master digital security
- acquire, take care of and use #bitcoin
- use AI
- defend themselves physically
- speak multiple languages

and get multiple passports, will become some of the freest and most prosperous people that have lived on planet earth.

https://image.nostr.build/7194a3ffffde8b09709381b8a9cfcfbf4be7a99e091f409e37da10ac0475a89c.jpg


Actually, it would mean divesting power


Should the fund invest in Bitcoin instead?

I think about the fund as belonging to the state, and that it won't do any good to us in the future. I don't want it to start competing for Bitcoin with citizens. But the fund not having any allocation to Bitcoin at all makes little financial sense.


Thx. If letting people have what the state says it manages for us entails a risk of misallocation of resources, then I would argue that freedom in general, for instance the very concept of private property, entails a risk of misallocation. Should we mitigate this risk by abolishing private property? That's how I would think about it.


Great to hear from you. I'm interested in what's going on in Argentina, and want to network with Argentinians. Let's keep in touch.


Why did Javier Milei campaign on a platform that included a vision of reinstating monetary freedom in Argentina?

The answer is that it's because he is a student of the Austrian School of Economics who also understand his country's history.

Monetary freedom, sometimes referred to as having a system with competing currencies, is properly defined as the right for the people to use the money they like best.

Few are aware that the Argentine people enjoyed monetary freedom from the revolution in 1816 until the government adopted the gold standard in 1881.

The number of people who knew that this made Argentina one of the most prosperous countries in the world, is even smaller.

But Milei, luckily for us, is one of them. Being an economist of the Austrian School, enables him to understand the significance of the monetary system.

Between 1783 and 1857 the people of the United States also enjoyed the right to use the money that they liked best.

Monetary freedom transformed Argentina and the US into powerful magnets.

The two countries attracted capital and talent from all over Europe.

It happened so quickly that it's almost impossible for us to grasp it today.

The economic growth Argentina and the US achieved was unprecedented.

It was almost magical.

Immigration to Argentina and the US was huge:

“In the peak period of the world’s oversee migration,  1821-1932, six countries absorbed 90 per cent of the total, and among these six, Argentina ranked second in the number of immigrants, with a  total of 6,405,000. The only other Latin American country on the list is  Brazil, with 4,431,000. The United States, of course, came first with about 5 times as many as Argentina.”

North America practically drained my country, Norway, of people.

Only a few thousand Norwegians emmigrated to Argentina, which first of all recei an inflow of people mainly from Spain and Italy.

But why did people flee from Europe?

One reason was that the rulers in Europe clinged on to their national monopolies in money creation.

They loved their money printers, just like Gollum loved his precious ring.

The governments shared the privelege of money creation with powerful banks, because it made the system more effective for them.

The European rulers let the banks organize themselves as cartels who could create money out of nothingness when they issued loans.

Each country had a central bank that coordinated how rapidly the banks could create new money.

It had been like this since the Swedish nobility creates the world's first central bank in 1669.

Today almost all countries in the world have the same system as the European nations have had for centuries.

While the rulers and the banks could create money out of nothingness, the people had to work to get the money, or take out loans, to pay taxes to the rulers, and to stay alive.

Over time these monopolies in money creation ensured centralization of wealth and power.

It also made it near impossible for the citizens in the working and middle class "to climb the social ladder."

The banks and governments used their monopolies to extract enormous wealth from their people, something which also enabled them to wage endless wars against the neighboring countries.

Furthermore, flooding the economy with money created out of thin air was like pouring sand in the machinery of the economy.

It hampered capital formation, just like it does today.

And it corrupted the society, and again, just like it does today.

In contrast, the monetary freedom in Argentina and the US enabled a high level of capital formation, broad distrubution of wealth and much less centralization of political power.

You see, the monetary system is society's cornerstone.

Monetary freedom builds civilization and attracts economic resources.

Monopolies in money creation, on the other hand, destroy civilization and consume economic resources.

It's a shame that they don't teach us this when we go to school.

I think we have a right to know, especially since the governments force us through education and dictate what we must learn.

Not telling the people about this is in my opinion a terrible form of gaslighting, whether its intentional or not.

Milei has enligthened the world about the evils of modern monetary policies.

He has also said that he wants to reintroduce monetary freedom, and let the private sector take responsibility for money production, as it has done in the past.

But now Milei has become president.

And while others fear for his security, I fear more for his ability to resist the temptation to control the production of money.

Because, you see; man's lust for securing himselves the exclusive control of a money printer is terribly strong.

To Milei I would like to say the following:

You have enlightened millions around the world about the importance of the monetary system.

This is a priceless gift that I will never forget that you gave us.

But now it's time to take action, Milei.

You must destroy the central bank of Argentina once and for all, just like you promised.

And you must be careful not to let a monopoly in money creation enter into your office via the back door.

And finally:

The fastest way of reinstating monetary freedom in Argentina is probably to abolish the capital gains tax on #Bitcoin   .

Good luck!

***
If you found this piece interesting, I appreciate that you push the like, share and follow buttons.

You may also want to check out the books I’ve done together with my partner, graphic designer wiz Mattis Storhaug, on UNDOQO’s website.

https://image.nostr.build/5b4dcbc5191f7ffeff48c1e32088efeaf47568797492fe2f70007923d2a7e801.jpg

https://image.nostr.build/1be2894b8cd226b1604c7dd2050b0502b3ecd101c1db0ac86988df1e4cb2e661.jpg


Economist have for decades insisted that the CPI is the measure we need to use to track the value of money.

This fundamentally illogical argument is about to tarnish their reputation as professionals.

If they don't soon admit that they were wrong, they risk being perceived by the average person as having been key assets for governments and special interests in the biggest gaslighting operation the human race has ever witnessed, an operation that president Joe Biden currently is the front man for:

The crime against humanity known as manipulation of the money supply.

https://image.nostr.build/86536f34ce82b03510d6c4311de78732b2996af31af5347f9705aff0a3494b10.jpg


Sad yes. And nobody has told it in full before, so I just had to get it out there.


Graph reveals political scandal in Norway

My friend Gregard Mikkelborg produces some amazing graphs. He sent me this one yesterday.

Take a close look at it and read my comments below if you want to understand its significance.

The short version of my comment is the following:

***
The Norwegian pension fund squanders its capital and indirectly drives up price inflation in Norway. This is the opposite of what the politicians and economists told us that they wanted to achieve by establishing the fund. We were most likely gaslighted.
***

For thousands of years, rulers used to save in gold
The reason was that gold is hard to dig out of the ground, so its inflation rate is low, less than 2% on average per year.

This means that gold has stored value better than any other assets over time.
When society’s productivity goes up, for instance due to population growth and innovation, this in fact causes gold to increase in value as time goes by.

Furthermore, gold doesn’t go bankrupt.

Companies, on the other hand, rarely persist very long, so investing in stocks always involves a great deal of risk.

Lending out savings to companies at an interest, or giving companies access to savings as equity, must result in a profit that compensates for the risk.

This is very hard to achieve in a competitive market, and it’s a whole lot of trust involved in this game.

For this reason, when kings and emperors invested instead of saving in gold, they preferred investing in companies that they at the same time gave a protected status, typically with exclusive rights to trade with the colonies.

The East Indian Company is a good example of this.

Jackpot!
In the 1960s huge oil and gas reserves were discovered on the Norwegian continental shelf.

When these enormously valuable resources much later started to pay off, Norwegian politicians didn't at all like the idea of saving in gold.

They wanted to take risk instead.

They wanted to turn a profit.

You see, our politicians despised gold.

That’s probably why they in 2004 let Norges Bank, which is our central bank, sell all of Norway's gold reserves.

Turning Norway into a gargantuan hedge fund
Our politicians decided to establish an investment fund owned by the state.
The fund is named “The Norwegian Government Pension Fund Global.”

The fund’s official objective is to ensure:

"responsible and long-term management of revenue from Norway’s oil and gas resources, so that this wealth benefits both current and future generations."

When oil and gas companies pay taxes to Norway, the revenue is slushed into the fund.

Today it has almost USD 1.5 T of investment capital at its disposal.

This makes it the largest Sovereign Wealth Fund in the world.

Gaslighting on steroids
Before the fund was established, the politicians and their economists communicated their reasoning to the Norwegian people.

They argued that allowing the fund to invest in Norway would cause "overheating" of our economy.

And they said that this "overheating" would result in high price inflation in Norway.
However, the effect of investing capital is that it causes productivity gains, provided that it is invested wisely.

Productivity gains make it cheaper to create products and services.

When it becomes cheaper to produce goods and services, prices for the end users go down.

By other words - investing the capital in Norway instead of abroad would have provided us with the invaluable gift of price deflation, not price inflation.

This wasn’t at all included in the analysis and deliberations that were fed to the Norwegian people.

It was an exercise in gaslighting.

And it made it easy for the politicians to decide that the fund should invest in foreign, publicly traded bonds and stocks.

The last few years it has also been allowed to make some investment in foreign real estate.

The effect of giving away capital
What our politicians effectively do, is that they supply multinational corporations and foreign governments with capital in the form of loans and equity.

This increases the productivity of foreign corporations and other nations.

One of the effects is that it makes foreign corporations able to outcompete Norwegian companies.

At the same time, higher productivity abroad gives foreigners the benefit of relatively lower prices.

Perverse incentives
Our politicians are allowed to spend the fund’s expected net returns.

This is called "the budgetary rule."

Right now, they expect that the fund shall turn a net return of 3%.

Therefore, the government reallocates 3% of the fund back to the public budget.
It spends the money on all kinds of crazy projects in Norway.

In recent years, this has become an important driver for ESG friendly investments, so-called sustainable investment.

This drives all kinds of spending on “green” and “climate change” initiatives.

The result is, of course, an immensely harmful level of rent seeking activity.
Scandals are layered upon scandals.

The latest example is the government’s subsidization of Freyr, a company that promised to turn Norway into a leading battery producing nation.

While the company hasn’t been able to produce a single battery so far, a good portion of the subsidies have worked their way into the board members’ pockets and made the owners rich.

What’s even worse is that the budgetary rule incentivizes politicians to allow the Norwegian krone (NOK) to weaken.
And surprise - surprise, the NOK has performed absurdly bad over the last years.

For instance, compared with 2008 you must today pay twice as much NOK for USD.

The rapid debasement means that Norway imports inflation from other countries.

This comes on top of the relative price increases that we get from reallocating capital from our own country to foreign corporations and other countries.

Was it worth it?
Was it still wise to take the capital out of Norway and let the fund invest it abroad?

The answer is a resounding NO.

Measured in USD, the fund has had an average gross return on the capital of 6.2 % per year since the fund’s inception in 1998.

In comparison, the gold price measured in USD has increased on average 7.7 % per year.

By other words, the fund’s average return on its capital per year by investing in bonds and stocks abroad is 24 % below what it would have been if our government had saved in gold, as rulers used to do in the past.

(7.7 / 6.2 = 1.24)

Conclusion
Our politicians have given us a “Quintuple whammy, as operating the fund :

1.	Squanders the nation’s savings
2.	Subsidizes multinational corporations
3.	Drives up other nation’s competitiveness
4.	Allows the value of our currency to drop like a stone
5.	Causes price inflation in Norway

Many Norwegians no doubt trust politicians too much.

They believe it’s mainly foreign politicians that lie.

This is incorrect.

You see, Norwegian politicians are excellent liars.

And not only that.

As other politicians, they do the exact opposite of what they tell us that they will do, and at an enormously high cost to its citizens.

And they do it squarely for their own benefit.

Solution
In my opinion, there is only one solution to this problem.

We must take the fund and the income from oil and gas out of the hands of our politicians.

The revenue and the capital should instead be given to the people.

If we continue with the current system, the politicians will squander it all, shrink the private sector into something totally insignificant and pull it further down into misery.

---
If you found this piece interesting, I appreciate that you push the like, share and follow buttons.

You may also want to check out the books I’ve made together with my partner, graphic designer wiz Mattis Storhaug on UNDOQO’s website.

Finally - a big brotherly hug goes to my favorite goldbug Gregard Mikkelborg for sending me this amazing graph.

https://image.nostr.build/ce654b0c7ba39754c5a5f0db3d0aef9ab9b74969785571c8c06959123dbb5cdd.jpg


Takk. Micen sto for langt unna, det ble litt ekko. Både norsk og engelsk er bra, men originalen er norsk så jeg ville valgt den


The four winners of the #Fraudcoinbook raffle has been DM'ed, thx a bunch to each and everyone who participated.


Starten ble ikke med i sted, her er hele  teksten min:

I går ble jeg intervjuet av Document TV om svekkelsene av den norske krona.

Det er summen av all inngripende og tåpelig politikk  som er årsaken til at krona har svekket seg så mye.

Jeg stiller spørsmål ved hvem det er som vil etterspørre den norske krona hvis man ikke kan få avkastning ved å investere i Norge.

(Snart kan jo krona kun brukes til å betale skatt og avgift med.)

Fra 18:52 i sendingen uttaler jeg meg om hva som skal til for at politikerne skal gjøre noe som kan få den til å styrke seg.

Fordi årsaken til svekkelsen er summen av mye dårlig politikk så vil bare det at de begynner å føre en politikk som er litt mer fornuftig på noen områder være noe som kan slå positivt ut for krona.

Problemet er at politikerne har incentiver til å holde den svak, fordi da får de mer penger å bruke på grunn av handlingsregelen og overføring fra oljefondet.

Derfor peker jeg blant annet på at, i likhet med at en del folk "stemmer med beina" ved å flytte ut av landet, kan folket "stemme med sparemidlene sine" og plassere dem i gull eller i bitcoin i stedet for å ha dem stående i banken eller i aksjer.

Det kan gi politikerne incentiver til å forbedre politikken, ved at de i mindre grad fører politikk som er direkte skadelig for krona.

Som jeg sier "blir det alvor" for politikerne hvis folket begynner å velge vekk krona til fordel for gull eller bitcoin.

https://youtu.be/Uk6uekjl5bk?si=TjgiDbk8dNHY3phP


Som jeg sier "blir det alvor" for politikerne hvis folket begynner å velge vekk krona til fordel for gull eller bitcoin.

https://youtu.be/Uk6uekjl5bk?si=EPCYoKiH5hgIHZBY


Thx, I'll count that as two tickets for you, mate 😁


85 minutes left of the raffle 😁

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🔥
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🚨 Raffle alert!
Win a signed copy of Fraudcoin - 1000 Years of Inflation as a Policy.

All you have to do is to like and share this post and you can become one of three lucky winners.

The raffle is open for new and old followers and closes Wednesday 29 November 21:00 CET.

***
We seek people who would like to translate the book to Spanish, Portuguese and French. Leave a comment and we will contact you.
https://image.nostr.build/de58017ec731027534cf30fed7252166870505fe24775ba1a3eb04de570e56f7.jpg


"I think Fraudcoin is the most engaging and easy to read book about inflation that has ever been written."

Lawrence Lepard

Now also as audiobook 👇

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Thx for all the of the positive feedback and zaps after I posted this long note 🙏

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Politicians are often the worst criminals

nostr:nevent1qqswcjkzmp6et5v204lu4kj4cm9df0p6z8yzjl0y5pad6dmumnswkeqpp4mhxue69uhkummn9ekx7mqzypccmdu00yaerldvqa9lfu6zadha3dqvs2h2lnakld7v6s5c0j8cjqcyqqqqqqgz7en0s


One lion is worth a milion sheep.

https://image.nostr.build/c20a689eccad5b0a5e7c2de2b332d26ac9f9d700918df4d120a6ea17744d6286.jpg


Today's weirdos are tomorrow's heroes. Thx for buying my book. People won't learn 1-7 at once. But if a person learns No. 1, then he will soon learn No. 2, 3 and so on. And remember, those who aren't receptive don't matter. It's those who finds it interesting that matters.


It's great to see so many lions waking up. One lion is worth a million sheep.


There are about seven basic things we need to teach people:

1. How money is created
2. The difference between having a monopoly in money creation and a system based on monetary freedom (the right to use the money people like best)
3. The relationship between the people's belief system, the monetary system and civilization
4. How much new money that is created on average each year.
5. The Cantillon effect, theoretically
6. The Cantillon effect, empirically
7. Bitcoin

It's all covered in our three books
- Fraudcoin - 1000 Years with Inflation as a Policy
- UNBAR
- Arrow of Truth - from Forseti to Satoshi and beyond (upcoming)

Go to our website on UNDOQO.COM and you find more information about the books, which makes all of this very easy for everyone to understand.


Thanks, I'm glad you liked it 🙏


You don't need many people to fight it, but you have to know what to do


Norway, trust, freedom and CBDC

This note is a call to action.

I write it in English to make it easy for people abroad to understand what's going on here, and because the Norwegian social democracy often is referred to as an example that other countries should try to copy.

I suggest that they shouldn't belive this narrative.

Norwegian politicians repeatedly tell us that we have a trust-based society.

It isn't true.

Their interest don't align with the people.

They most likely never did.

Our politicians have always known this.

They know that if they shall succeed in being part of the ruling class, they must bribe, coerce and deceive the people.

Coercion is expensive.

Bribes are costly too.

Therefore they rely heavily on deception.

By repeatedly referring to Norway as a trust-based society, they try to appeal to our conciousness.

They want us to feel shame if we think or talk about not trusting them.

Many Norwegians feel this shame.

They shouldn't.

Instead, they should try to learn where we come from, by studying our history.

If they do, they most likely will stop being ashamed for not trusting the politicians.

On the contrary, many will take great pride in not trusting any ruler at all.

Norwegians have relied heavily on voluntary cooperation with each other.

But trust in politicians has until recently not been one of our prospensities.

In my region, Trøndelag, we originally didn't trust rulers at all.

In the Viking Age we didn't want to have kings ruling us.

Therefore we punished them harder than anyone else, typically by killing them, if they tried to place themselves above the law.

Not trusting the kings was a fundamental requirement for our ancestors if they wanted to preserve their freedom and prosperity.

Fulfilling their obligations as manifested in the law, to punish the kings ruthlessly, was of equal importance.

They knew it by heart.

Is was as true for them as the natural laws.

They knew that ignoring the truth would punish them immediately.

Unfortunately this was exactly what happened when our social structure broke down in 1050 AD.

Over time fighting for our freedom was replaced with flight from oppression.

People feared standing up for their rights.

So our ancestors instead fled the country.

For instance, the level of emmigration that occured after we got our own constitution and a semi-independence in 1814 was nothing but gargantuan.

In 1814 we had a population of about 900.000 people.

Between 1836 and 1915 an estimated 750.000 people relocated to North-America.

It's an insanely huge number.

Norway is an enormously rich country in terms of natural resources.

Still people left in droves.

It tells us everything we need to know about how little the Norwegian people trusted and appreciated the politicians.

The level of trust was probably zero.

The ones who didn't leave managed to keep some check on the politicians for a long time.

Again, numbers are informative.

In 1900 the public sector only spent an amount of money equivalent to 6% of GDP.

The reason was probably that any attempt of increasing the burdens of the common people would increase the level of emmigration.

The ruling class risked being left with nobody to slave for them if they raised taxes.

So the people paid almost no taxes at all.

Instead, the ruling class used inflation to extract wealth from the people.

When World War I broke out in 1914, the gold standard had become a trap that enabled the elite to rob workers, landowners and farmers

By increasing the money supply 300%, and then suddenly reducing it in similar magnitude, all in a short timespan of 14 years, the ruling class robbed ordinary Norwegians for most of what they owned.

Now the wealthy elite and their cynical companions - the politicians - had carte blanche.

The table was set.

The feast could finally begin.

Party time for the rich and the State.

Serfdom for the rest.

Recent events show us that not adhering to the obligation to protect our freedom has been a one-way ticket to serfdom:

- the public sector today spends almost 2/3 of onshore GDP
- in 2020 and 2021 our government locked down our nation and forced us to take vaccines, although the risk for having a serious reaction to the coronavirus was insignificant while the risk related to taking these vaccines were much greater than other vaccines
- the government forces a broad range of costly burdens on us related to its climate change policy, although  the effectiveness of these measures are dubious, to say the least.

Today our super-cynical politicians  warn us about the dangers and immorality of owning #Bitcoin      , while they at the same time present Central Bank Digital Currencies (CBDC) as a safe alternative.

The truth is that our politicians and the special interests that support them have painted themselves into a corner.

They try to deceive us into adopting CBDC because it makes it much cheaper for them to coerce us afterwards.

The monetary system is the most powerful social network that has ever existed.

And with CBDC our hubris-infected leaders will have the most powerful political tool that has ever been available to them.

With CBDC they can surveil, block and steer our every move.

I consider CBDC to be a bigger threat to our species than the nuclear bomb.

On the other hand, I don't find it likely that many countries will be able to adopt CBDCs.

I think the project will faceplant in most countries, because people will fight tools and nails against it, as they have done in Nigeria.

However, in those countries were people are lazy and don't feel any obligation to fight for their freedom, their rulers are definetely going to use of this terrible weapon.

And their people will immediately suffer.

Immediately.

It's a 100 % certainty.

Because the politicians who get to control this terrible weapon cannot resist the temptation to make every possible use of it to increase their power.

The CBDC will be like the ring in Tolkien's the Lord of the Rings.

It will spellbound them, and produce terrible outcomes for themselves and their people.

To sum up:
Norway is not at all a trust-based country.

We don't have any alternative other than to fight for our freedom.

If we allow the ruling elite to implement CBDCs, we will experience hell on earth.

And then our only option will be to flee to another country.

I prefer staying.

And I prefer fighting.

You see, I have a deep respect for the values and the understanding that my ancestors had, especially that they knew that ignoring the truth is incredibly costly.

It's in my genes.

This is my country.

A ruling class isn't welcome here.

It never was.

If you were inspired by this note, feel free to hit the like button and  follow me here on NOSTR.


Yes, this kind of knowledge is mindblowing, so it will become a lot more visible in social media ovet the next years


Academia sees no other solution than coming out of their hiding after Milei won. His message is too powerful, and reaches too many people.

I've now confronted two professors in Norway with their rhetorics on X, and expect that we only see the start of it.

I see Milei's win as the beginning of the end game in the battle of ideas and the era of Gargantuan Government.

https://twitter.com/enur72/status/1727246437736755707?t=tnsWiksER3T64BTlZYnZWg&s=19


A few highlights from this long post that 178K have viewed on X thus far:

New president of Argentina, anarcho capitalist @JMilei, will slash 80% of the government, abolish the pesos and the central bank, dollarize his country as a bridge to introducing monetary freedom later, which may suck capital out of other countries, as the US did when the newborn country established de facto monetary freedom after the revolutionary war ended in 1783. My country Norway had a population of about 900,000 in 1800, and roughly 750,000 emmigrated to North America between 1836 and 1915.

I didn't mention it in the post, but it took 14 days with a boat from England in 1845, and it's worth reflecting over the fact that it today takes only 14 hours with a plane to do the same trip today.

In conclusion: What Milei does as president might very well affect all of us, and much earlier than we think.

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The picture was AI generated, I'm a bit ashamed I didn't see it 😅

Here's what I believe is the original

https://image.nostr.build/f812b386af2f95a3c73e8bfc9d83e35fd4f7d9869b590e77fd4db430059c7623.jpg


That's what they always do


Yup, not the same


Let's celebrate with Argentina today

Congratulations to the new president and vice president of Argentina, Javier Milei and Victoria Villaruel.

And a heartfelt congratulations also to the Argentine people.

To those of you who don't know Victoria and Javier:

They do not come from the same political class as the majority of politicians who dominate politics in the Western world.

They are different.

Radically different.

For instance, they have a totally different view of what it means to be "free", how society maximizes freedom and prosperity and what the government's role should be.

They believe the government should step back and give the country back to the people.

I don't know much about Victoria, but let me tell you a littlebit more about Javier.

He is the first anarcho capitalist who has become a leader of a state in modern times.

Anarcho - as supporter of anarchy.

And capitalist - as supporter of property and trade.

In sum - someone who believe people can organize themselves best when they are free to own and protect their property.

And someone who see this system as the only ethical way of letting people organize themselves.

However, Javier is also a realist.

So his ambition is to slash 80% of the government.

But this isn't the most important with the election.

The following is what's most important:

Javier believes in "monetary freedom," the right to use the money you like best.

He believes money creation should be left to the private sector, the way it used to be in most of our history as a civilized species.

The new president understands the evil of government monopolies in the production of money.

Therefore he wants to abolish the central bank and get rid of the Argentines' current monetary system.

Why do he support monetary freedom?

Because he understands its foundational importance for society.

And because he was fed up.

He had watched the Argentine government abuse their monopoly in money creation for decades.

They borrowed US dollars from the IMF, and let it flow into their own pockets and to the super wealthy.

This put the taxpayers on the hook.

The people were supposed to pay back this growing mountain of public debt.

Not the political class.

The voters.

And the children of the voters.

And the voter's grandchildren.

This scheme was supposed to move forward in perpetuity.

At the same time the evil government forced their people to use the Argentine peso.

"Wanna pay taxes?"

"We just accept peso."

And they made sure that their central bank and the private banks printed the peso in such a high tempo as if the devil himself commanded them to do it.

Who do you think got to use the pesos first, while it still had some value?

The political class and their crony capitalist comrades, of course.

And the people - what about them?

I'll tell you what this policy did to them.

The Argentine government crushed their people with price inflation.

Caused directly by their monopoly in money creation.

They debased the value of the peso.

Deliberately.

Fast.

Yes.

And they crushed the Argentine people with this.

They made them work harder and harder, faster and faster, to keep up with the rapidly rising prices.

They set fire to their savings.

Made the money they deposited in their savings accounts worth nothing.

The political elite destroyed the country economically.

They made sufficiently many of the people of Argentina hate the pesos and the government.

Yes.

They made the people hate.

So the people rose against them.

They flocked to Javier.

They did it with enthusiasm.

Because Javier hated the political establishment too.

He understood how this institutionalized fraud crushed the people of Argentine.

And he was able to communicate it to them.

And the people understood what Javier said.

In fact, they felt what he said.

They knew he was right.

Spot on.

So, they chose to follow him.

The people of Argentina rose against the political class and they did it peacefully.

I'm full of admiration for the way they behaved.

They felt what their candidate said, agreed, supported him, and finally they elected him.

That simple.

A peaceful revolution.

You might think it was very different in Argentina than it is in your country.

That their policy was extreme.

You are almost right.

But you are more wrong than you are right.

You see, it's almost the same everywhere.

In my country, Norway, we also have a government - and bank-controlled monopoly in money creation.

It's the same in the US.

And in Sweden, Denmark, Germany, UK, Ethiopia, Japan, Russia, Sweden, Brazil, Canada....

The list goes on and on and on.

And they all abuse their monopoly.

They all crush their peoples.

They crush us, because they stuff their own pockets and the super wealthy with the riches that comes from having the privilege of being the first users of newly created money.

The exact same thing.

They just crush us slower.

They grind us to poverty.

They grind us to death.

Slowly.

Steadily.

Using the same old, terrible weapon.

You would BTW be mistaken to belive that we haven't had leaders in the past who shared the same ideas as Milei.

A thousand years ago, the people in my region Trøndelag had much of the same view of what freedom meant that the new president of Argentina has.

This included the elite - the landowners and the farmers.

All of the Trønders were willing to and even obliged to kill any king who didn't rule by consent.

It's true.

It was established in the law.

It meant that much to them.

They knew they had to fight for their freedom.

They understood that they couldn't leave the duty to protect their freedom to anyone else.

It was an individual duty.

Individual obligation.

And a matter of honor.

In respect of past genertions.

And as a promise to the future generations.

Like today's people of Argentina, the Trønders understood that they had an obligation.

That they didn't have a choice.

Self defence and freedom were two sides of the same principle.

They understood and respected it, as if it was a natural law, akin to gravity.

They realized that ignoring it would come at an extremely high cost.

By having this understanding of how much they would have to sacrifice, this protected the Trønders against kings who tried to establish their own, private monopolies in money creation.

It preserved their right to use the money they liked best.

So my ancestors therefore used foreign money, silver and gold coins that was most valuable, that held the highest amount of silver and gold.

They used sound money.

They didn't have to ask themselves if they trusted the money.

They didn't think of the need to trust the money.

They just used them.

Simple.

The sound money filled the gap created by a lack of trust in people they didn't know.

They just traded with them, using sound money, playing the generous tit-for-tat with the strangers.

Building.

Strengthening the bonds within their own culture.

Establishing friendship with strangers.

Preserving their freedom.

Protecting their culture and their institutions.

Until it all ended in 1050 AD, when the Trønders buckled and they broke the promise had made.

King Harald Hardråde assassinated the Trønder's natural leader, Einar Tambarskjelve.

Einar's soldiers hesitated.

And we lost our freedom.

For a period of almost 1000 years, monetary freedom was replaced with inflation as a policy.

For almost 1000 years my ancestors have had to pay the price.

With an ever growing state.

A state that continuously erodes our freedom.

500 years later, in 1566 AD, rebels in the Netherlands created a society that to a large extent was based on the principle of monetary freedom.

It gave them the Dutch Golden Age, which lasted for about 150 years.

The little country which had so few natural resources established a monetary system and other policies that attracted enormous amounts of capital.

And the best entrepreneurs.

As well as the most talented artists.

It was built on a foundation of monetary freedom.

Born out of rebellion.

A prosperous society that rose out of the ashes after they escaped the Habsburg empire and their blood-thirsty inflation policy.

In 1783 the same happened in America.

The rebels in the coloinies rose against the British and the institution they hated the most:

Bank of England.

The institution that financed the Crown, its wars and its suppression of the colonies.

They hated Bank of England.

Hated it.

And they freed themselves from the British crown and they pound.

The United States of America established a principle of de facto monetary freedom.

It lasted for a long period.

The Americans were free to use the money they liked best.

People preferred to use the Spanish silver dollar.

In 1857 the government stopped this, when they introduced the Coinage Act.

The good old greed had taken over.

A political elite wanted to have power.

It needed to control the money creation.

They lusted to get back what they had lost.

Greed and ambition.

It once more floated to the surface.

For a long time the American private banks could issue credit without federal control.

If a bank created too much credit, it went bust, but it didn't break the nation.

This ended in 1914, one year after the Congress established the Federal Reserve by law.

And that was the end of it.

But what did they actually lose?

Just like had happened in the Netherlands, the monetary system in the 19th century in the US attracted enormous amounts of capital.

And it literally emptied Europe for human capital.

Yes, I used the word emptied.

Because that's what happened.

Ordinary Europeans fled from nations that still abused their monopolies in money creation.

They escaped to a country with monetary freedom.

In the beginning of the 18th century, Norway had a population of 900,000.

750,000 Norwegians emigrated to North-America, most of them to the US, between 1836 and 1915.

750,000!!!

Just imagine what kind of loss this was for our extremely rich country, in terms of the natural resources that we had!

Too few of my fellow Norwegians understand how the Trønders protected their monetary freedom and what it meant.

And too few people of this world understand how little time that has passed since monetary freedom existed as a foundational principle, in the Netherlands, and in the US.

And almost nobody understand how important it is.

But Javier, the anarcho capitalist, the former professor in economics, now President of Argentine, he understance the importance of all of this.

He want's to abolish the peso.

He want's the people to use US dollars, which is better money.

Javier supports #Bitcoin   .

And he dreams of letting his people have monetary freedom.

I wish Javier and Victoria the best of luck.

By giving a privilege to the US dollar, you strike a political bargain with the US government.

It might be what it takes to calm the hawks in Washington down.

In a time when the US desperately needs to find someone who wants to use the dollar, they might let Milei try to do what he set out to do.

If he didn't first "dollarize", but went straight to monetary freedom, the US would probably punish Argentina, Victoria and Javier heavily with sanctions, military intervention or worse things.

No they might be able to pull it off.

Just brilliant.

And now it's time to find the strength to do it, Victoria and Javier.

You must walk the mile from promise to action.

Smash down the walls of your central bank.

Crush the rubble into dust.

Bury the dust deep into the ground.

Never let them build it up again.

Always remind the children of Argentine why you did it.

Always.

And finally - thanks for what you have done.

Spreading the understanding of the importance of the monetary system and sound money the way that you have done, has been immensely valuable.

Priceless.

Thank you.
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The two big questions parents asked their kids yesterday:

Which education will you take and how do you plan to get into the housing market?

The one big question parents will ask their kids tomorrow:

In which country do you think it will be best for you to stack sats?

#Bitcoin


Que?


Derfor har krona blitt en shitcoin

Du må nå grovt sett betale dobbelt så mye for dollaren og femti prosent mer for euroen enn du måtte for 15 år siden. Valutaen vår er «kronisk syk» og «ingen gjør noe». Alle lurer på hvorfor, og få blir klokere av å lese det som mediene skriver.

Det er politikerne som ønsker svakere krone og som kontrollerer de viktigste instrumentene for å få det som de vil. Jeg har skrevet dette notatet slik at alle kan få litt innblikk i temaet. Det fokuserer på å gi en oversikt over aktørene i pengemarkedet der valutakursene fastsettes og incentivene deres og mulighetene som de har til å påvirke kroneverdien i den ene eller andre retningen. Til slutt skriver jeg litt om konsekvensene av at politikerne lar krona få stadig lavere verdi.

Den første november publiserte Dagens Næringsliv et intervju med valutatraderen Tor Vollaløkken. Intervjuet er tilgjengelig som podcast. Vollaløkken er kjent som "mannen som tok knekken på den norske krona i 1992", mens han var sjef for valutatradingen i DnC. Intervjuet kastet litt lys over valutamarkedet, og det er greit å begynne der.

Vollaløkken peker på at i de ti årene som har gått siden 2013 har utlendinger bare investert 1.000 milliarder kroner i Norge, mens nordmenn har investert hele 3.000 milliarder kroner i utlandet. I denne perioden har altså utlendingene kjøpt få kroner for å investere i Norge, mens nordmenn har solgt mange kroner for å investere i utlandet. Vollaløkken mener det forklarer omtrent to tredjedeler av kronas verdifall i denne perioden.

Spørsmålet er imidlertid hvorfor utenlandske investorer har investert så lite i Norge og hvorfor norske investorer har investert så mye i utlandet. Det er to årsaker til det.

Den ene årsaken er at f.eks. amerikanske aksjer historisk har hatt høyere avkastning enn norske aksjer.

Den andre årsaken er at investorene har trodd mest på at kroneverdien skal falle. Når kroneverdien faller, lønner det seg for nordmenn å investere i utlandet. Hvis de får den samme nominelle avkastningen for eksempel på et amerikansk fond som i et norsk fond, vil realavkastningen bli større når de selger fondsandelene sine og veksler seg tilbake igjen fra dollar til kroner som har falt i verdi mot dollaren i tiden etter at de kjøpte fondsandelene.

Det interessante spørsmålet er imidlertid hvorfor investorene har trodd at kroneverdien skal falle.

Det er tre viktige årsaker til at krona har falt.

For det første skyldes det at krona er underlagt politisk styring. Den er altså ikke «en vare» som produseres i et fritt marked. Aktørene vet at de kan påvirke politikerne og at politikerne selv har egeninteresse av pengepolitikken.

Den andre faktoren er at krona er en liten valuta. Det betyr at det er lettere for store aktører å påvirke verdiutviklingen enn om den hadde vært en stor valuta.

Den tredje årsaken er de incentivene som de toneangivende aktørene i pengemarkedet har. Som vi skal se er det her vi finner hovedårsaken. Dette er roten til hele problemet, men dessverre diskuterer ikke journalisten i Dagens Næringsliv det med Vollaløkken.

Før vi ser på hvem disse aktørene er og hvilke incentiver de har, må vi repetere noen grunnleggende trekk ved pengesystemet vårt.

Valutakursene påvirkes blant annet av mengden av en valuta som produseres og kommer i omløp. Kommer det mange enheter av en valuta i omløp reduseres verdien på den sammenlignet med om det kommer færre enheter i omløp. For eksempel, når argentinske pesos er så svak, skyldes dette først og fremst at argentinerne lar «seddelpressen» løpe løpsk.

Dette er et styrt system, og da må man forstå hvordan det virker. Systemet er så og si det samme over hele verden. Staten krever at alle betaler sin skatt til Norge med norske kroner. Hvis staten ikke hadde krevd det, ville nordmenn ha brukt andre lands valuta i handel i Norge. Det er dermed plikten til å betale skatt med norske kroner som sikrer at staten har pengemonopol.

Dette monopolet lar staten bankene få ta del i. Mer enn 97,5% av alle norske kroner som er i omløp er faktisk skapt av at bankene har lånt ut penger til kundene sine. Pengene våre er altså skapt av gjeld. De er ikke en fordring på bankreserver, f.eks. gull, slik det var frem til første verdenskrig i 1914.

Pengene er dermed skapt av ingenting.

Grunnen til at politikerne ønsker å ha monopol på å lage penger er fordi det gjør at de kan øke sin politiske makt, og fordi de som har de største økonomiske musklene i landet får store finansielle fordeler av det. I bytte mot at de får disse fordelene støtter de politikerne. Til sammen får politikerne og de som har de største økonomiske musklene stor makt i samfunnet. Vi har sannsynligvis hatt denne symbiosen så lenge statene har hatt monopol på å lage penger.

Det er sentralbanken, hos oss Norges Bank, som koordinerer bankenes utlånsvekst og dermed pengeproduksjonen. Det viktigste verktøyet den har er å fastsette styringsrenta. Hvis vi holder alle andre faktorer uforandret fungerer dette slik:

Når sentralbanken setter styringsrenta opp, setter bankene også opp utlånsrenta. Da vil folk låne mindre penger, noe som gjør at pengemengden vokser saktere, og som igjen fører til at krona stiger i kurs målt mot andre valutaer. Bankene setter også opp utlånsrenta, noe som fører til økt interesse, også fra utlendingene, til å sette penger inn på konto til norske banker. Det fører også til at krona stiger i kurs.

Og motsatt - når sentralbanken setter styringsrenta ned, setter bankene ned utlånsrenta, folk låner mer penger, pengemengden øker, norske banker tiltrekker seg mindre innskudd fra utlendinger og krona faller i verdi målt mot andre valutaer.

Bankene er altså del av et lovpålagt kartell, der mengden som de produserer av "varen" sin, dvs. pengene som de låner ut, og prisen de tar for pengene de låner ut og det som de tilbyr for å få folk til å sette pengene sine i banken, dvs. rentene, er koordinert av sentralbanken.

Staten liker dette systemet blant annet fordi den er en av de som først får gleden av å kunne bruke de nye pengene som er skapt av ingenting.

Bankene får på sin side gleden av å få inntekter blant annet i form av renter for noe som de har skapt av ingenting. Dette gir betydelig rikdom for bankene. Magne Geber skrev i 2019 masteroppgaven «Kunsten å skape penger i den moderne økonomien». Han beregner at norske bankers inntjening som følge av evnen til å skape penger er mellom 0,54 % og 0,95 % av BNP.

Staten får en andel av dette direkte, blant annet fordi den eier banker. For eksempel eier den mye av DNB, Norges største bank. Det er imidlertid ikke dette som er årsaken til at politikerne ønsker svakere krone.

La oss nå se på hovedaktørene som kjøper og selger norske kroner i valutamarkedet og hvilke incentiver de har. I intervjuet med DN lister Vollaløkken opp fem grupper av aktører, men egentlig peker han på seks grupper.

Den første gruppen er selskapene som produserer olje og gass på norsk sokkel. De har inntekter først og fremst i dollar og euro og utgiftene sine først og fremst i kroner. Selskapene må betale skatt til staten én gang hvert kvartal. Da veksler de fra dollar og euro inn i kroner. Det betyr at de er en stor aktør når det gjelder kjøp av kroner.

Når det gjelder incentivene deres i forhold til om de ønsker svakere eller sterkere krone er det viktigste å forstå at de er eksportører. Normalt vil eksportbedrifter ønske å redusere verdien på valutaen til landet de opererer i. Årsaken er at det reduserer kostnadene deres, noe som direkte øker profitabiliteten og som i tillegg gjør dem mer konkurransedyktige ovenfor produsenter i andre land. Effekten kan være kortsiktig. Over et lengre tidsperspektiv blir det blant annet dyrt for dem å skaffe kompetanse, da de som har høy kompetanse flytter til andre land der de får høyere reallønn.

Den andre store aktøren i valutamarkedet er staten. Den selger kroner og kjøper utenlandsk valuta, primært dollar og euro, som den setter inn i oljefondet. Norges Bank gjør dette på vegne av Finansdepartementet.

Incentivene i forhold til kroneverdien påvirkes særlig av handlingsregelen, som sier at staten kan bruke 3% av realavkastningen som man forventer at fondet kommer til å få. Fordi oljefondet er denominert i utenlandsk valuta, mens det aller meste av statens pengebruk skjer ved bruk av norske kroner, får politikerne mer penger å rutte med hvis krona svekker seg i verdi enn om den styrker seg i verdi. For hver prosent krona svekker seg i verdi mot valutaene som oljefondets aktiva er investert i, øker den reelle overføringen fra fondet til statsbudsjettet med én prosent.

Det er mye politikerne kan gjøre for å redusere kroneverdien annet enn å regulere farten på seddelpressa. Dette virkemidlet er imidlertid det som har mest umiddelbar effekt. Sett ned renta og øk pengeproduksjonen og kroneverdien faller.

Politikerne har altså både incentiver til å svekke kroneverdien slik at de får bruke mer penger over statsbudsjettet og de nødvendige virkemidlene for å få det til. Og når de svekker kroneverdien øker de makten sin på bekostning av nesten hele resten av samfunnet.

Den tredje store gruppen i valutamarkedet er de andre eksportbedriftene. Noen av dem er store og har betydelig politisk påvirkningsmulighet. Dette gjelder blant annet lakseoppdrettsselskapene og store mekaniske industribedrifter, som for eksempel Aker. De typiske eksportbedriftene har også kortsiktig gevinst ved at kronen blir svakere, av samme grunn som oljeselskapene. Jeg regner med at lakseprodusentene nå bruker skadevirkningene av grunnrenteskatten som argument overfor politikerne for å få dem til å fortsette med en politikk som gir svak krone.

Den fjerde store gruppen i valutamarkedet er norske og utenlandske aktører som investerer kapital i verdipapirer, typisk aksjer og obligasjoner. Det er en fragmentert gruppe som har til felles at den ønsker størst mulig realavkastning på kapitalen sin. Kapitalen flyter til de landene de forventer å få størst avkastning, og da må de kjøpe og selge valuta. Over lengre tid har de antageligvis ikke som gruppe incentiver til å styre kronas verdiutvikling.

Den femte er utenlandske hedgefond som trader valuta. Vollaløkken sier at han har et 20-talls av de største utenlandske investeringsporteføljene som sine kunder. Han forteller at de kan være investert med inntil 100 milliarder kroner i gangen, at de en periode i vår var oppe i 60-80 milliarder kroner, og at de kan sitte i posisjonene sine så lenge som i ett år.

Vollaløkken sier at «Dette er et poeng som det er litt vanskelig å være åpen på, men vi har såpass mye kundemidler i omløp her når vi gjør noen større ting at de ofte blir litt selvoppfyllende.»  Det betyr, slik jeg forstår Vollaløkken, at denne gruppen er så stor og har såpass mye makt i valutamarkedet at de kan påvirke kroneverdien i det korte løp, men bare i inntil ett år, som er den maksimale tidshorisonten deres.

Jeg trekker ut av dette at hedgefondene som Vollaløkken bistår i liten grad påvirker den langsiktige utviklingen av kroneverdien og at de heller ikke prøver på det. Denne gruppen har tilsynelatende ikke incentiver til å påvirke kroneverdiens langsiktige utvikling.

Den sjette store gruppen som handler i valutamarkedet, er de som kjøper mye av varer og tjenester fra utlandet og som selger hovedsakelig til norske kunder. De har mye av kostnadene sine i utenlandsk valuta og inntektene sine i norske kroner. Denne gruppens incentiver er også enkle å forstå. I motsetning til de tre første gruppene ønsker denne gruppen en sterk krone som reduserer importkostnadene deres. Sterk krone medfører også at inntektene deres i Norge reelt sett blir mer verdt. Problemet for denne gruppen er at den har liten mulighet til å påvirke kroneverdien. Aktørene er for fragmenterte, både til å klare å påvirke kursene i valutamarkedet nevneverdig som gruppe og til å påvirke pengepolitikken.

For å oppsummere er det dermed tre av aktørene (staten, oljeselskapene og de store, tradisjonelle eksportbedriftene) som ønsker svakere krone. Disse har incentiver til å jobbe for at kronen skal være svak, kan koordinere seg og er i god posisjon til å lykkes med å få den pengepolitikken som de ønsker. To av aktørene, investorene som handler aksjer og obligasjoner, og hedgefondene som trader valuta, er nøytrale ift. kronekursens utvikling over lengre tid. De bryr seg derfor ikke om å bruke ressurser på å påvirke pengepolitikken i den ene eller den andre retningen. Den siste gruppen, norske bedrifter som importerer innsatsfaktorer fra utlandet og som selger til norske kunder, er en stor gruppe, men den er også den eneste gruppen som ønsker sterkere krone. Denne gruppen er fragmentert, har begrenset mulighet til å påvirke politikken og vil derfor heller ikke bruke særlig med ressurser på å prøve.

Av de faktorene som jeg har pekt på er det antageligvis handlingsregelen som er viktigst. Når politikerne liker at krona er svak, trenger ikke de andre aktørene som har fordeler av det å bruke særlig med ressurser på påvirkning. Det hele går av seg selv.

Når krona svekker seg over tid blir dette selvforsterkende, ved at eksportbedriftene får stadig mer makt og gruppen som ønsker sterk krone stadig får mindre makt. Over tid produserer vi  mindre og mindre for oss selv og mer og mer for utlendingene.

Omfordelingseffekten av å svekke krona er enorm. De største taperne er oss folket som får stadig mindre igjen for pengene som vi prøver å skaffe oss med å jobbe. Norske kapitaleiere som ikke har innrettet seg for eksport frarøves også verdiene som de har bygd opp.
På kort sikt tjener eksportbedriftene mer penger, samtidig som politikerne drar fordeler av det.

Over tid er det imidlertid bare utlendingene, først og fremst storkapitalen, som tjener på dette. Jo svakere krona blir desto billigere råvarer får de fra Norge. Så kan de fokusere på å få mer profitt ut av foredling og industri i andre land.

Effekten på nordmenn og norske bedrifter er at de blir stadig mer fokusert på å plukke opp smuler som faller ned fra kongens bord, ved å drive ulike former for tilkarringsvirksomhet. Vi ser det allerede i fullt monn i forbindelse med det såkalte «grønne skiftet».

Til slutt ender Norge opp som en råvareproduserende bananrepublikk med kronisk svak valuta. Det går raskere enn mange tror, noe det vanvittige fallet i kroneverdien de siste 15 årene vitner om.

Når man ser pengepolitikken i sammenheng med kraftpolitikken og formuesskatten, er totalbildet at politikerne selger ut landet vårt bit for bit for å skaffe seg selv kortsiktige fordeler. Det er nesten som å se mannskapet plyndre en skute som synker, og hopper i livbåtene uten å la passasjerene få bli med.

Spørsmålet er hva som må til for å endre politikernes incentiver. Er det nok å endre handlingsregelen? Må eventuelt krona kollapse før noe skjer? Eller må vi bare legge om pengesystemet vårt helt?

***
Hvis du synes dette notatet var opplysende setter både algoritmene og jeg pris på om du følger meg og deler det med andre. Sjekk gjerne ut bøkene våre på UNDOQOs hjemmeside.


Letsfakemflation

https://image.nostr.build/4ad4d983c15c5efe735d2f6dc88d4eb76604c4d47faaff9be3d269372fe5fea1.jpg


Thx


A signal

I posted this 2000+ words piece on the monetary system in its original Norwegian version on "Normie SoMe" last evening. Went viral. An estimated total views of 100K on Fb and X now. Norwegians are clearly waking up. It might be easier to make high waves in a small pool. So we better jump high and land heavy.

nostr:nevent1qqstqpv6m46n8f64vy99hcwfkslrj6px4upgmksje6rmrah7f0yn4tqppamhxue69uhkummnw3ezumt0d5pzpqe29v7w7jch2nz2w4efvjjymdjdr8klvflvg5tek5vapf02aqveqvzqqqqqqyefp3d6


Why the Norwegian krone (NOK) became a shitcoin

Norwegians pay roughly twice as much for the dollar and fifty percent more for the euro than we had to 15 years ago. Our currency is "chronically ill" and "nobody does anything." Everyone wonders why, and few become wiser by reading what the media writes.

It is the politicians who want a weaker krone and who control the most important instruments for getting what they want. I have written this piece so that everyone can get some insight into the topic. It focuses on providing an overview of foreign exchange market participants where exchange rates are set and their incentives and capabilities for influencing the value of the krone in one direction or the other. Finally, I write about the consequences of politicians allowing the value of the krone to decline.

On the first of November, Norway’s biggest financial newspaper, Dagens Næringsliv, published an interview with currency trader Tor Vollaløkken. He is known as "the man who destroyed the Norwegian krone in 1992", while he was head of foreign exchange trading in DnC, a bank owned 100% by the Norwegian state. The interview shed some light on the foreign exchange market, which is a good place to start.

Vollaløkken points out that in the ten years that have passed since 2013, foreigners have only invested NOK 1,000 billion in Norway, while Norwegians have invested as much as NOK 3,000 billion abroad. During this period, foreigners have bought few kroner to invest in Norway, while Norwegians have sold many kroner to invest abroad. Vollaløkken believes this explains about two-thirds of the krone's decline in value during this period.

The question, however, is why foreign investors have invested so little in Norway and why Norwegian investors have invested so much abroad. There are two reasons:

One reason is that, for example, US equities have historically had higher returns than Norwegian equities.

The second reason is that investors believed that the value of the krone would fall. When the value of the krone falls, it pays for Norwegians to invest abroad. If they receive the same nominal return, for example on a US stock fund as on a Norwegian stock fund, the real return will be higher when they sell their stakes and switch back from dollars to NOK that have fallen in value against the dollar in the period after they made the investment.

The interesting question, however, is why investors expected the value of the krone to fall.

There are three important reasons why the krone has fallen.

First, this is because the krone is subject to political control. In other words, it is not "a commodity" produced in a free market. Economic agents know that they can influence politicians and that politicians have a vested interest in monetary policy.

The second factor is that the krone is a small currency. This means that it is easier for large players to influence its value than if it had been a major currency.

The third reason is the influential players’ incentives. As we shall see, this is the main cause. Incentives are the root of the evil, but unfortunately the journalist in Dagens Næringsliv doesn’t discuss it with Vollaløkken.

Before we take a closer look at the agents and their incentives, we dive into some fundamental features of our monetary system.

Exchange rates are influenced partly by the quantity of a currency that is produced and enters circulation. If there are many units of a currency in circulation, its value decreases compared to if there are fewer units in circulation. For example, when the Argentine peso is so weak, this is primarily because the Argentines let the "printing press" run hot.

This is a managed system, and it’s easy to understand how it works. The system is pretty much the same all over the world. The state requires everyone to pay their taxes to Norway with Norwegian kroner. Absent this obligation, Norwegians would have used other countries' currencies. It is thus the obligation to pay tax in Norwegian kroner that ensures that the government has a monopoly in money creation.

The state shares its monopoly with the banks. More than 97.5% of all Norwegian kroner in circulation are actually created by banks lending money to their customers. So, our money is created by debt. It’s not a claim on bank reserves, such as gold, as it was until World War I in 1914.

The money is therefore created out of nothing.

The reason politicians want to have a monopoly on money creation is because it allows them to increase their political power, and because those who have the biggest economic muscles in the country get huge financial benefits from it. In exchange for receiving these benefits, they support the politicians. Together, politicians and those with the greatest economic muscles accumulate great power in society. We have probably had this symbiosis for as long as the states have had a monopoly on money creation.

It is the central bank, in Norway - Norges Bank, that coordinates banks' lending growth and thereby the money production. The most important tool it has is to set the key policy rate. If we keep all other factors unchanged (“ceteris paribus” assumption), it works like this:

When the central bank raises its key interest rate, banks also raise their lending rates. People will then borrow less money, which slows down the money supply and causes the krone to rise in exchange rate against other currencies. Banks are also raising deposit rates, which leads to increased demand, also from foreigners, in depositing money into Norwegian banks' accounts, which also causes appreciation of the krone.

Conversely, when the central bank lowers its key rate, banks reduce lending rates, people borrow more money, the money supply increases, foreigners deposit less money in Norwegian banks and the krone falls in value measured against other currencies.

Banks are thus part of a cartel mandated by law, where the quantity they produce of their "goods", i.e., the money they lend, and the price they charge for the money they lend and what they offer to get people to put their money in the bank, i.e., interest rates, are coordinated by the central bank.

The state likes this system partly because it is one of the first to get the pleasure of being able to use the new money created out of nothing.

Banks, on the other hand, get the pleasure of earning income, among other things, in the form of interest for something that they have created out of nothing. This provides considerable wealth for banks. In 2019, Magne Geber wrote his master's thesis "The Art of Creating Money in the Modern Economy." He calculates that Norwegian banks' earnings as a result of their ability to create money are between 0.54% and 0.95% of GDP.

The Norwegian government receives a share of this directly, partly because it owns banks (which is typical in socialist and social democratic countries). For example, it owns much of DNB, Norway's largest bank. However, this is not the reason why politicians want a weaker krone.

Let us now look at the main participants who buy and sell NOK in the foreign exchange market and their incentives. In the interview with DN, Vollaløkken lists five groups of actors, but he actually points to six groups.

The first group consists of the companies that produce oil and gas on the Norwegian continental shelf. They have income primarily in dollars and euros and their expenses primarily in kroner. The companies must pay tax to the state once a quarter. They then exchange dollars and euros for NOK. This means that they are a major player when it comes to buying kroner.

When it comes to their incentives in terms of whether they want a weaker or stronger krone, the most important thing is to understand that they are exporters. Normally, export companies want to reduce the value of the currency of the country in which they operate. The reason is that it reduces their costs, which directly increases profitability and makes them more competitive with producers in other countries. The effect may be short-term. Over the longer term, it will be expensive for them to acquire skills, as those with high competence move to other countries where they receive higher real wages.

The other major player in the foreign exchange market is the state. It sells NOK and buys foreign currency, primarily dollars and euros, which it deposits in the oil fund, the second largest sovereign wealth fund in the world. Norges Bank does this on behalf of the Ministry of Finance.

The incentives in relation to the value of the krone are influenced in particular by “the budgetary rule.” It states that the government can spend 3% of the real return, which the fund is expected to generate. Because the oil fund is denominated in foreign currency, while most government spending is made using NOK, politicians have more money to spend if the krone depreciates in value than if it appreciates. For every one percent in which the krone depreciates against the currencies in which the fund's assets are invested, the real transfers from the fund to the fiscal budget increase by one per cent.

There is much that politicians can do to reduce the value of the krone, other than to regulate the pace of the printing press. However, this remedy is the one that has the most immediate effect. Reduce interest rates and increase money production and the value of the krone falls.

In other words, politicians have both incentives to reduce the value of the krone so that they can spend more money over the central government budget and the instruments necessary to achieve this. And when they depreciate the value of the krone, they increase their power at the expense of almost all of the rest of society.

The third large group in the foreign exchange market is the other export companies. Some of them are large and have considerable political influence. This applies, for example, to salmon farming companies and large mechanical manufacturing companies, such as Aker. Typical export companies also benefit short-term from a depreciation of the krone, for the same reason as oil companies. I expect that salmon producers are now using the harmful effects of the ground rent tax (a brand new tax that our inventive government recently burdened this sector with) as an argument to persuade politicians to continue with a policy that results in a weak krone.

The fourth large group in the foreign exchange market is Norwegian and foreign participants who invest capital in equities and bonds. It is a fragmented group that has in common that it wants the greatest possible real return on its capital. Capital flows to the countries where they expect to generate the highest return, which means they must buy and sell foreign exchange. Over a longer period, they probably do not have incentives as a group to steer developments in the value of the krone.

The fifth is foreign hedge funds that trade currencies. Vollaløkken says he has about 20 of the largest foreign investment portfolios as his clients. He says that they can be invested with up to NOK 100 billion at a time, that for a period this spring they were up to NOK 60-80 billion, and that they can hold their positions for as long as one year.

Vollaløkken says, "This is a point that is a little difficult to be open about, but we have so much customer funds in circulation here when we do some bigger things that they often become a little self-fulfilling." This means, as I understand Vollaløkken, that this group is so large and has so much power in the foreign exchange market that they can affect the value of the krone in the short term, but only for up to one year, which is their maximum time horizon.

I draw from this that the hedge funds that Vollaløkken assist have little influence on the long-term development of the value of the krone, and that they do not attempt to do so. This group doesn’t appear to have any incentive to influence the long-term development of the value of the krone.

The sixth large group that trades in the foreign exchange market are those who buy a large share of goods and services from abroad and who sell mainly to Norwegian customers. They have much of their costs in foreign currency and their income in NOK. This group's incentives are also easy to understand. In contrast to the first three groups, this group wants a strong krone that reduces their import costs. A strong krone also means that their income in Norway in real terms becomes more valuable. The problem for this group is that it has little capability to influence the long term value of the krone. Its agents are too fragmented, both to be able to influence exchange rates appreciably as a group and to influence monetary policy.

To sum up, three of the players (the state, oil companies and the large, traditional export companies) want a weaker krone. They have incentives to work to ensure that the krone is weak, can coordinate and are in a good position to succeed in achieving the monetary policy they want. Two of the participants, investors who trade equities and bonds, and hedge funds that trade currencies, are neutral with regard to developments in the krone exchange rate over a longer period. They therefore do not care about spending resources on influencing monetary policy in one direction or the other. The last group, Norwegian companies that import factor inputs from abroad and sell to Norwegian customers, is a large group, but it is also the only group that wants a stronger krone. This group is fragmented, has limited ability to influence policy and will therefore not spend significant resources on trying.

Of the factors that I have highlighted, it is probably the “budgetary rule” that is most important. When politicians want the krone to be weak, the other actors who benefit from it do not need to spend resources on influencing them. It all runs smoothly by itself.

When the krone depreciates over time, this becomes self-reinforcing, as export companies gain ever more influence and the group that wants a strong krone steadily gains less power. Over time, we produce less and less for ourselves and more and more for the foreigners.

The redistributive effect of weakening the krone is enormous. The biggest losers are we the people who get less and less bang for the money we try to earn by working. Norwegian capital owners who have not adapted for export are also deprived of the wealth they have accumulated.

In the short term, export companies earn more money, while politicians benefit from it.

Over time, however, only foreigners, primarily “the big money,” benefit from this. The weaker the krone, the cheaper raw materials they get from Norway. Then they can focus on getting more profit out of processing and manufacturing in other countries.

The effect on Norwegians and Norwegian companies is that they are increasingly focused on picking up crumbs that fall from the king's table, by engaging in various forms of rent-seeking activities. We already see this in full force as people and companies line up for the ever growing climate change policy subsidies.

In the end, Norway ends up being a commodity-producing banana republic with chronically weak currency. This is happening faster than many believe, as evidenced by the crazy fall in the value of the krone over the past 15 years.

When we look at monetary policy together with the energy policy (the politicians started exporting enormous amount of our electricity in 2020, resulting in huge spikes in domestic electricity prices) and the wealth tax (which benefits foreign investors who escape the tax because they live outside our country, while it forces Norwegian successful entrepreneurs to emigrate, most of them to Switzerland) the overall picture is that politicians are selling off our country piecemeal in order to gain short-term benefits for themselves.

It's almost like watching the crew loot a sinking ship and jump in the lifeboats without letting passengers accompany them.

The question is what it will take to change politicians' incentives. Is it enough to change the budgetary rule? Must the krone collapse before anything happens? Or do we just have to completely remodel our monetary system?

***
If you found this piece informative, feel free to check out our books on UNDOQO's website.


The modern definition of growth doesn't make any sense


Mattis the Magician


You find the book 👇

https://a.co/d/gMKd8GU


UNBAR attacks globalization and analyses the evolution of geopolitics in relation to monetary systems and people's belief systems.

Lyn Alden says:

"UNBAR makes a concise yet powerful case for supporting decentralized money, and explains why it is conducive to human flourishing in all its myriad forms."

🙏

https://image.nostr.build/b9f46c02881462c2754fa919bac8378aaa9bf08acf17d562efb8830dd36d5e1d.jpg


The powers at be significantly underestimate the speed of distribution of knowledge about the current monetary system and about Bitcoin, and at the same time they significantly underestimate the impact this will have on their ability to continue to extract wealth from the people and to rule.


Isaiah was a Toxic Maxi:

"Your silver has become dross,
your best wine is diluted with water.

Your rulers are rebels,
partners with thieves;
they all love bribes
and chase after gifts."

(1:22 - 23)


Good. Mattis is a magician. It felt like a weird combination of reading a book and reading on my mobile phone, which actually was a pleasant experience


Mattis and I are grateful for having received the first review of UNBAR, sent from based Bitcoin core developer Abubakar Nur Khalil. Read it below.
🙏🧡

***
UNBAR is a must-read for those seeking a nuanced understanding of the relationship between geopolitics, power and money.

The author strings along concise links between civilizations' past and shares lessons we can draw from it. As a result, UNBAR provides a unique synthesis and analysis of case studies which serve as a thought-provoking guide that emphasizes the importance of personal responsibility and collective action in shaping the future.

The book explores the risks to the American hegemony, and through critical examination it offers a sophisticated analysis of the geopolitics of money. UNBAR demonstrates the significance of monetary freedom and the impact it has had on civilizations and people. The author introduces Bitcoin as a bridge that connects to our previous monetary freedom roots and argues that this new technology is a transformative force that has a positive effect on the development of the new world order.

While the book starts with a preface that builds intrigue, it ends with a highly effective afterword dedicated to the youth – where the author emphasizes the need for discipline, virtue, action and a collective sense of purpose as the primary way to escape the perilous economic conditions of today.

Abubakar Nur Khalil

***
https://image.nostr.build/b9f46c02881462c2754fa919bac8378aaa9bf08acf17d562efb8830dd36d5e1d.jpg


People begin to find out what UNBAR is about

nostr:nevent1qqs265gcx0enlp9cgxk2m8av4p34ftkhtxyfjp6hgvqltemx720fckgpz3mhxue69uhhyetvv9ujuerpd46hxtnfdupzp7yrwjctynvmtctexfd5rm7dghnrgr6cyt3kt9wufu98efnlgwvzqvzqqqqqqyn2awwr


Thx, hope you like the rest of the book as well :-)


Depends on where you are, in my country homeschooling isn't really an option


Forcing kids to go to school until they're 15-16,

and

ushering them into three more years of education,

and

subsidizing 5+ more years in school at university level with cheap student loans and free education,

WITHOUT AT ANY TIME TEACHING THE KIDS HOW MONEY IS CREATED IS AN EFFIN CRIME AGAINST THEM.


AN OATH TO THE SMEARERS

This is an oath to the smearers out there, those of you who plague society and social media with your bad behavior.

If you are of the uncivilized type who fear that you might now and then fall into the trap of mimicking others' uncivilized conduct and call people names and use slur, you probably should read this as a  warning.

And if you want to change things for the better, you might want to read it to the end and join me by signing up to this oath.

Making people accept lockdowns,  taking COVID-19 vaccines with an unknown substance and not protesting climate change taxation, regulation and other measures to avoid "boiling the earth", would never, ever have worked without deception, coercion and SMEARING, of which the latter is nothing but good, old fashioned BULLYING.

"Traitor", "anti-vaxxer", and "climate denier" is unfortunately still being used by people from all walks of life.

Ironically enough, the same people who actively use such slur are in general agreement that we must make our children understand that bullying is immoral and wrong.

Well, let me tell you one thing:

Those of you who fall into this  category are all  🤡🤡🤡.

And allow me to add the following:

There can be absolutely no doubt about the fact that it is the elected politicians who are the worst when it comes to smearing.

Like lying and brute force, smearing befalls them naturally, as they use it routinely in public and closed debates.

Politicians are the worst smearers and they set the standard for the rest of the people.

At the same time as politicians continue to drive the value of their shitcoins called "national currency" to zero due to intentional debasement in a policy we all know as "inflation", they now keep shouting out lies that #Bitcoin    is a threat to "financial stability" (as if the banking system they have set up provide any stability at all), that this new form of private money is being used at large scale to finance terrorism and that it destroys the climate.

Now, if you are foolish enough to take their slur for truth and choose to shun Bitcoin, then it's yourself and the ones who are near and dear to you who will be at a loss.

You not acquiring bitcoin, means less demand and lower prices for the rest of us who want to exchange our labor and NOK and USD and EUR and other shitcoins for Bitcoin.

You in fact become a subsidy to the rest of us, by abstaining from buying it.

Which is perfectly ok with me.

However, if you jump on the bullying bandwagon and smear people who make a different choice than yourself, you can be 100% sure that I will keep my promise to you and call you out as an uncivilized, ignorant moron who should go to the mall, buy a red nose and send a job application to your local circus.

Because, following years with uncivilized behavior during the climate change and lockdown, I've gotten sick and tired of you.

My patience is gone, and I wan't none of this smearing shit anymore.

Zero.

Instead you should read up, acquire knowledge and take part in civilized discourse.

So, heed my warning:

Smear your fellow man at your own risk.

Because:

I solemny swear that I will come down so hard at you and make you taste such a good dose of your own medicine that you will regret it immediately.

I promise that I will do this, whether your bad behavior is related to Bitcoin or anything else.

If you want to sign up to this oath, let me know in the comments and pass it on to your followers.


First - understand that you only need a dedicated minority to change things in society.

Second - find your own subjective priorities.  When I wrote UNBAR i focused on one thing: The relationship between geopolitics/the world order, the monetary system and peoples belief systems  especially the importance of choosing between a resistance mentality (the price of freedom) or a subservience mentality (the price of giving up your freedom. Sl I attack the conscience and understanding of belief systems and monetary systems, because these layers are foundational. For me, other layers are  interesting, but it easily will feel like scratching on the surface. If you can work with me and others by strengthening the social bonds between people who focus on the belief system and the monetary system, I would be very happy for that. But most important - make your own choice based on what interests you.


Very well said!


Testing an idea:

The freerider  problem is a key reason why state power grows unchecked,  because the ones who try to resist carry all the burden of fighting, while the benefits if they win are widely shared among the people, including those who just remained passive as the fight against those who used to be in power went on.

People understand this intuitively, something which gives most of them incentives to be freeriders and let others take care of the resistance.

I notice this all the time - as people come up to me and say:

"Rune, I'm so glad you speak out on our behalf and write books that are important for society, and I would like to support you publicly, but you know I have a job in X and a family, and blah, blah, blah."

which I really have mixed feelings about, although it's probably better than not getting any feedback at all.

However, what I'm slowly getting to, is that this situation and the incentives shift dramatically when people realize that the state has become corrupt through and through and that the economy has been turned into a pile of dung.

At that point the network effects of continuing to adapt to the state and follow the lead of the corrupt are negative and grow exponentially every day, while in contrast joining the few who are still uncorrupted at an earliest possible stage may offer exponentially positive network effects.

Meaning: If you wait long before you join the good citizens who want to resist and fight the usurpers, you lose out immensely on the positive network effects you could have enjoyed if you weren't such an effin coward.

Think of it - there are reasons why those who remain loyal to tyrants until the empire fall often find it quite challenging to make new friends, while those who resisted and fought bravely when the rebels were just a small group become heroes that parents tell stories about to their children.

If this idea is valid, it should provide sufficient reason for you to jump down from the pile of dung (because today it most definitely is a p. o. d. ), wave goodbye to any corrupt associates you have become involved with (oh, yeah, just look around you, they are everywhere and all over the place)  and...

Rebel the f up.


Shipping update:

Many of you are eligible for free shipping from Amazon if you order Fraudcoin together with UNBAR. Check off a Christmas present from your list and save some money in the process.

https://image.nostr.build/7c4b0cc7cfc37206fcbc5fe4917d48efee53d5ef5d17488c484621809040495e.jpg


Thx for your kind words!


Interesting dilemma, I would let the students find out of the question via a more roundabout way than tweeting about it


Love listening to nostr:npub1sv4zk080fvt4f3982u5kffzdkex3nm0kylky29um2xws5h4wsxvswtsrw4, with a nice Henry the arsehole connection by nostr:npub1lllcp2xahqz4wwtpqsgrh99wrrla05t6hlprvw48e974rxg3he4s56p4j8 . #Fraudcoin is a great book, taught me a lot about the history of inflation and some lines in this rip related to paying (get in debt) for  indoctrination (sorry, that should have been university education) made me want to stay home and write…….. but then, my students can’t get past my hard money, orange coin educational philosophy!!!! #bitcoin https://fountain.fm/episode/mRRMBTWdBiYOMtPiKyyO


Thx, I love the thought of you restacking the cards in the favor of the youth.


Bitcoin is a social network


Possible, we haven't decided yet. It's full of illustrations, so the reading experience should be a lot better as a paper book


Happy WPD!

How valuable is Bitcoin?

If you combine the value of a public infrastructure such as the open seas with the value of a discovery such as how to make fire and the value of an invention such as the telegraph you might get close.

We chose this day to release UNBAR because we think our book makes important contributions to the social layer and distribution of knowledge that Satoshi's gift to humankind made possible to develop.

Go to Amazon and have a look inside to get an impression of its content.

https://image.nostr.build/b9f46c02881462c2754fa919bac8378aaa9bf08acf17d562efb8830dd36d5e1d.jpg


UNBAR
is
unleashed

https://image.nostr.build/b9f46c02881462c2754fa919bac8378aaa9bf08acf17d562efb8830dd36d5e1d.jpg


Rebel up


💣
https://image.nostr.build/9dc0c38f475115b5e8ba5fe1450e0bf2c6b5630c2e4dc66ac4383c1429d464f0.jpg


#Memes #Bitcoin

https://image.nostr.build/108fcd143565b11fbad2e9f25862ff01a48d069cab56084ceda1de900a0789e9.jpg


Takktakk - veldig snart


🔥18:30, Vingtor, Stavanger🔥

https://kknomics.no/programposter-2023/mal-4a4wh


The central banks have always been as independent as your right arm is independent frpm the brain. All the way back since the first central bank was established in Sweden in 1669. This "independence" talk functions as a deception (I don't care about the motive, only the effect it actually has on the people), just like the CPI. One must understand that this is and always has been a public-private partnership, that always was motivated by enrichment of the state and the super wealthy. The technicalities, and the differences between the systems in for instance Sweden and the US  is something that I don't look too closely at. The main features are the same, and that matters the most.


Stop scratching the surface.


Mainstream media's coverage of the conflict between Israel and Palestine ignore the enormous importance of financial imperialism.

Before we dive into that, let's begin with some fundamentals:

Civilization scales in layers.

Layer zero is the belief system.

Layer one is the monetary system.

Everything else is layered upon the monetary system.

In practice this means that a sound monetary system promotes peace and prosperity, while an unsound monetary system promotes war and economic destruction.

So, which monetary system is the relationship between Israel and Palestine built upon?

Many Norwegians take pride in the Norwegian government's involvement in the peace process between Israel and Palestine which took place in the 1990s.

When we look at the monetary system they made the parties agree too, there is no reason to think highly about it.

On the contrary.

It's a disastrous arrangement.

It fits US interests, with the privilege they have with the global reserve currency - the dollar standard, like a glove.

No wonder why Bill Clinton's smiles happily in the picture below.

And it was perfect if Israel wanted to continue to subjugate the Palestinian people.

The Protocol on Economic Relations, also called the Paris Protocol 1994 and the Oslo II Accord of 1995, decided that the Israeli shekel should be used in the Palestinian territories as a circulating currency that had to be accepted by the Palestinian Authority and by all its institutions, local authorities and banks.

The Palestinians were not allowed to independently introduce a separate Palestinian currency.

This meant that Palestine weren't allowed to have their own monetary system.

Instead, the Israeli governments and Israeli banks were given the privilege of exporting their inflation to Palestine by increasing the supply of shekel.

The Israelis could literally print money out of nothing, and demand that the Palestinians send them goods and services that they had to work to produce in return.

Which is outright financial slavery.

The Israelis made good use of this opportunity.

In fact:

The Israelis have made massive use of it.

Israel has more than 14 x'ed it's money supply since 1994.

It makes it impossible for Palestinians to save.

The fruits of their labor are extracted into the coffers of Israel's government and into the pockets of super wealthy people living in Israel.

While the people of Israel and the rest of the developed world have access to securities markets and can invest in real estate to get some protection against inflation, the Palestinians largely don't have this option.

Which means that they are victims of an all out economic war.

Every.

Single.

Day.

The fruits of their labor just disappear.

Some say inflation is "theft" and "a hidden tax".

I call it fraud.

What we can agree upon is that it's a highly efficient wealth extraction device.

The exorbitant privilege of producing money out of nothingness is also the most powerful political tool you can have, more powerful than any weapon.

Let me be very clear about the following:

The monetary system that Norwegian bureaucrats and politicians helped set up in Palestine doesn't provide any excuse for terrorism.

But it's an important part of the explanation of why Gaza attracts and breeds extremism.

They have a monetary system that give them NO HOPE at all.

Everything the Palestinians try to save finds it's way to the Israelis by the means of manipulation of the supply of the shekel.

Destitute Palestinians sit in Gaza and watch the people of Israeli become rich at their expense.

It's an arrangement that fuels hate and resentment.

It must end immediately.


Agreed


Clown


Hi LOL'er. What do you think it feels like to sell goods for money that your enemy makes out of nothing? Do you think that's a recipe for peace?


That's bad


I really don't know. The numbers were much higher for M a few days before the elction. Very strange.


What do you think about the first round of the presidential election in Argentina?


The annual increase in the money supply of national currencies such as the Norwegian kroner and the US dollar is about 7% per year. This accounts for most, but not all, of the costs of maintaining these monetary systems. The corresponding energy required to produce the services, labor and goods that must be traded to finance this cost is enormous.


I don't want people to break the law. What do you do when you resist? What can you do? What do you want to do? I speak my mind in conferences, podcasts and social media. I write books. I defend people's rights as their lawyer. I invite everybody to talk to me, regardless of their opinions. I compliment people for speaking their mind although I disagree with them. I condemn politicians' decisions and opinions publicly. I write op-eds. This isn't difficult. But it starts with the decision: I want to resist, and I condemn abuse of power. You're telling me you aren't there. Buying bitcoin is  probably wise, but you aren't telling me that you do it to resist. You have to decide what's important for you and your nearest. It's a lonely process, to take that decision. But when you take it, then it's not a result of understanding different ways you can resist. You take the decision because you know it's the right thing to do. Then you can start thinking of your option. IMO.


Resistance is the only currency.

Today's overwhelming chaos and threats to our freedom are a result of:

- too many people carrying out plans for coercing and deceiving others, and

- too few people resisting other people's coercion and deception.

Money, material things and herds might buy protection of your freedom in the short run.

Resistance is the only thing that can secure your and your decendants' freedom in the long run.

Therefore: Resist


What's the most important:

The battle of ideas or the battle for truth?


Yes, but not only fiat money. It's the same with debasement of monopolized metal money.


I look forward to read it. Very soon we will launch a book about something which is closely linked to this, taking as a starting point that civilization scales in layers:

On top of layer One: The rest of civilization
Layer One: The monetary system
Layer Zero: The people's belief system.

It's a short, illustrated book where we demonstrate how different belief systems have been the foundation of different monetary systems, and how different monetary systems shaped society.


It's almost what we see today actually


And they are all eff u cee keyed


A monopoly in money creation is a more terrifying weapon than Sauron's Master Ring.


Hi LOL'er. Seems like you know the finances of the Norwegian government very well, do you. Others who have checked its books don't at all paint a rosy picture


My book (Fraudcoin) focuses on the history and dynamics of monetary policy/inflation policy, not on the history of money or an analysis of the qualities of different forms of money. Lyn's book is probably the authorative source on the latter.


You can’t make this up:
- USA sends $6B to Iran
- Iran supports Hamas
- Hamas attacks Israel
- USA supports Israel


We had a Bitcoin Meetup in Trondheim today, exponential growth in attendees, 22 today, 8 last time.


The reason why businesses in the immaterial rights domain flourish is that an immaterial right, such as a patent, is an indirect ownership in other human beings, their capital and their real estate. It's purely parasittic in nature. Munger and Buffet have understood this.


Cities anno 2023 look more and more like containers.

Welcome to the world of political money (fiat currencies).


😁
It's å, pronounced as "awe", not a.


The organizer chose a spicy headline for my slot at KÅKÅnomics, the largest economics conference in the Nordic countries:

"Inflation as fraud? A conversation about the essence of inflation."

I can live with that 😁

https://image.nostr.build/948e69a45aa17b7702f89f6d8ea77de2a610be4596b6f7a8253f1431ecad23df.jpg


Honored to be invited to KÅKÅnomics in Stavanger, a 4-day economics conference, the biggest of its kind in the Nordic countries, to give a presentation on #inflation and the #Fraudcoinbook + have a talk with professor in history Einar Lie from UiO.

https://kknomics.no/

https://image.nostr.build/c318abe0aa5d136dcb1768ada77eba5b447a914ceb3fde326769fc71a219f4a2.jpg


Takk, C!


Imagine, being someone who wants to plan society
🤡


Would love to see more pictures like this

nostr:nevent1qqsf0wcr9ahndvn6ldayttswpv2qs02q07wpcevnlj3e6rqp7pnqvjspz3mhxue69uhhyetvv9ujumn0wd68ytnzvupzpqe29v7w7jch2nz2w4efvjjymdjdr8klvflvg5tek5vapf02aqveqvzqqqqqqyvhme37


A 13-year old tries to change the system (writes to his school because the school doesn't teach them about money)


A 13-year-old is trying to change the system :)

https://image.nostr.build/30123fbbd213cb0cea74f046ea057c64f144618793ef9cea7f6bb5a8c9c89f8a.jpg


Knallbra. Ja de må ta eierskap av fremtiden sin. Hils poden fra meg


Forcing kids to go to school until they're 15-16,

and

ushering them into three more years of education,

and

subsidizing 5+ more years in school at university level with cheap student loans and free education,

WITHOUT AT ANY TIME TEACHING THE KIDS HOW MONEY IS CREATED IS AN EFFIN CRIME AGAINST THEM.


They create money out of nothing. That's what central banks and other banks do


The big picture of monetary policy.

When people analyze central bank policies, they might not focus enough on the big picture.

For example, the business cycles that inflation causes, is often looked at as an unwanted side effect, something that central banks try to avoid, because they are afraid of losing control.

However, the "rinse and repeat" might be intentional.

Remember, central banking has always been a public/private partnership, established to serve the wealthiest and the state.

Not the entrepeneurs, speculators, newly rich, new banks, the millionaires and so on.

The central banks have always, without exception, served the big and old money.

And they might like these cycles.

You see, in the phase with cheap money/low rates/increase of the money supply, relatively smart and industrious people can also accelerate their wealth accumulation using cheap loans as a catalyst.

Which the big money don't like.

When central banks turn the screw  and stabilizes the money supply, or as we see now, reduce it sharply, they create a firesale.

Many of those who became wealthy with cheap money go belly up.

When that happens the old and big money buy on the cheap.

An extreme example is from Europe in the 1920s.

It's a story that I've covered in the #Fraudcoinbook.

Under the pretext of "this is the only honourable thing to do" governor Montagu Norman of Bank of England (who designed this scheme with governor Benjamin Strong of the Federal Reserve Banko of New York) fooled other central bank governors in Europe to reduce the money supply in order to get the same value of the currencies against gold as they had before WWI started in 1914.

It created a historic firesale, that the super wealthy benefitted from, because the BoE and the Fed maintained a cheap money policy.

Furthermore, one needs to understand the central banks time perspective.

Their No. 1 question is:

"How long can our current model work?"

Today's model has worked since 1669, when the first central bank was established in Sweden.

It was professionalized in 1914 when the Fed was established as the first real central bank in the US.

As long as the Fed and the US govt could control the escape hatches, which were the following:

- other nations' monetary policy (every country must inflate), and

-gold (only the right people and institutions should have access to it, and the price must be manipulated)

then they were "all good".

Meaning, they could continue for a looooong time.

However, it was necessary to have an eternally increasing degree of centralization, for instance going from a multipolar world order, to a bipolar world order, to a unipolar world order, which has happened all the way since 1914.

And, furthermore, the scheme wouldn't be robust if a new monetary technology suddenly appeared.

Today, the central banks face two problems:

- reversion to a multipolar world order, and

- the advent of #bitcoin

This shortens their time horizon.

The big money that controls the Fed probably now sees that the current system is running out of legs.

The result, IMO, is that they have changed their strategy.

I think the natural thing for them to do is to create an enormous firesale again.

And, in the process, I believe they will try to gobble up as much bitcoin, gold and real estate as possible.

The main risk for them is the following:

The common people, the newly rich, the industruous entrepreneurs and the intellectuals might object.

Because, what this boils down to, is a battle between ideas.

Do people want to be sovereign and free or will they welcome serfdom?

A rebellion spells real trouble for those who control the central banks.

A dedicated minority is enough.

This is the big picture, in my view.

And if I am correct, the details might look very different when you begin to analyze them.

Remember, the central banks aren't technocratic organizations.

They're there to make the wealthiest become even wealthier.