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MorlockP's profile
ⓘ Dogs don't have thumbs
ⓘ Dogs don't have thumbs
ⓘ Dogs don't have thumbs
@MorlockP

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ⓘ Dogs don't have thumbs

@MorlockP

Two-time Prometheus award-winning hard science fiction author. https://www.amazon.com/dp/B005JPPMS6  Learn how to homestead https://www.amazon.com/dp/B093BC3K1T 

Aristillus Crater, Luna
amazon.com/dp/B005JPPMS6
Joined June 2012

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    1.  🍂 The Pectrichory  🍄‏ @The_Petrichory 25 Apr 2019
      Replying to @MorlockP @ee_elephant

      Not with fractional reserve banking. Banks lend money to other banks in a shell game, accumulating interest on every transaction. That inflation is hidden to consumers who have no idea the money in their wallets is losing value due to something bankers do among themselves.

      1 reply 0 retweets 0 likes
    2.  🍂 The Pectrichory  🍄‏ @The_Petrichory 25 Apr 2019
      Replying to @The_Petrichory @MorlockP @ee_elephant

      It's easier than running printing presses because all the "money" is on balance sheets. Digital monopoly money, which they can use to transfer wealth from a country to themselves. That money was not printed to represent the growth of real wealth in the economy. It's theft.

      1 reply 0 retweets 0 likes
    3. ⓘ Dogs don't have thumbs‏ @MorlockP 25 Apr 2019
      Replying to @The_Petrichory @ee_elephant

      when the money gets paid back the inflation reverses bank loans are typically overnight, if at all the "inflation" doesn't exist even in regular fractional reserve banking (I deposit $100), there's no price inflation because when you borrow $70, you can buy goods but I can't

      1 reply 0 retweets 0 likes
    4.  🍂 The Pectrichory  🍄‏ @The_Petrichory 25 Apr 2019
      Replying to @MorlockP @ee_elephant

      Except when the central bank comes in and pays off bad debts to avoid defaults and lowers interest artificially. Lend as much as you want (as long as you don't get too greedy and cause a total collapse) and someone else (literally everyone else) pays for any "mistakes" made.

      2 replies 0 retweets 0 likes
    5. ⓘ Dogs don't have thumbs‏ @MorlockP 25 Apr 2019
      Replying to @The_Petrichory @ee_elephant

      you've moved the goal posts from "fractional reserve banking is bad" to "bailouts are bad" I agree with the latter

      2 replies 0 retweets 0 likes
    6. Prometheus 2.1‏ @wraithburn 25 Apr 2019
      Replying to @MorlockP @The_Petrichory @ee_elephant

      Bailouts are an interesting subject historically. I don't think I agree with everything Hudson says in this interview, but it gives a perspective I hadn't heard before.http://www.unz.com/mhudson/the-delphic-oracle-was-their-davos/ …

      1 reply 0 retweets 0 likes
    7.  🍂 The Pectrichory  🍄‏ @The_Petrichory 25 Apr 2019
      Replying to @wraithburn @MorlockP @ee_elephant

      At least in historical banking (before centralization and the advent of "money" mostly held as numbers on balance sheets), when you owed interest it had to be repaid in some commodity (copper, silver, gold, etc.) that was deflationary. Now a CB just types in some numbers. Poof!

      1 reply 0 retweets 1 like
    8.  🍂 The Pectrichory  🍄‏ @The_Petrichory 25 Apr 2019
      Replying to @The_Petrichory @wraithburn and

      And we've all seen the effects. When was the last time you didn't laugh at the pittance they tossed you on a savings account? Most of us are old enough to remember when savings accounts actually earned interest.

      3 replies 0 retweets 2 likes
    9. Emily Elephant‏ @ee_elephant 25 Apr 2019
      Replying to @The_Petrichory @wraithburn @MorlockP

      I also remember 20% mortgage rates. It works both ways.

      1 reply 0 retweets 2 likes
    10.  🍂 The Pectrichory  🍄‏ @The_Petrichory 25 Apr 2019
      Replying to @ee_elephant @wraithburn @MorlockP

      Historically, that's called usury. Most healthy societies forbid it. At any rate, that has a positive perverse incentive. You get people building things that last instead of shitboxes made of ticky-tacky. If you're going into a lot of debt, you demand quality you can pass on.

      2 replies 0 retweets 0 likes
      ⓘ Dogs don't have thumbs‏ @MorlockP 25 Apr 2019
      Replying to @The_Petrichory @ee_elephant @wraithburn

      Borrowing money at 15% and lending it at 20% is "usury" ? Please. All this dumb in one thread hurts.

      8:34 AM - 25 Apr 2019
      • 1 Like
      • J.A. Sutherland SciFi Books
      1 reply 0 retweets 1 like
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        2.  🍂 The Pectrichory  🍄‏ @The_Petrichory 25 Apr 2019
          Replying to @MorlockP @ee_elephant @wraithburn

          20% compounded interest on a loan is insane, no?

          0 replies 0 retweets 0 likes
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