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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. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      ⓘ Dogs don't have thumbs Retweeted

      this is 100% false if I fix your tire and you hand me an IOU for $50, that IOU is now currency and I can trade it to someone else my proof for this is an existence proof: PEOPLE ACTUALLY DO IT https://twitter.com/SixDegreesOfBob/status/1188951828479635457 …

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    2. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      2/ I find it hilarious that conservative traditionalists, who generally base their world views on WHAT PEOPLE ACTUALLY DO and WHAT HAS BEEN DONE BEFORE go all Year Zero / Khmer Rouge on this - they come up with a wacky theory and assert it's better than what people actually do

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    3. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      ⓘ Dogs don't have thumbs Retweeted

      3/ I WANT A CURRENCY THAT NECESSARILY GROWS SLOWER THAN THE PRODUCTIVE ASSETS IN SOCIETY AND THEREFORE LEADS TO DEFLATION AND NO, NOW THAT YOU ASK, I DON'T KNOW ABOUT STICKY PRICES OR THE PANIC OF 1873 WHY DO YOU ASK ? https://twitter.com/SoSayethBob/status/1188951915507269633 …

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    4. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

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      4/ ok, so since the us dollars in your pocket are all fake and have no value, please hand me 200 of them and I will give you a pork chop from my farm, which has real value deal? https://twitter.com/SoSayethBob/status/1188954224677122048 …

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    5. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      5/ if not - please explain why not?

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    6. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      6/ (a) you're moving the goalposts ; the topic is "is fiat currency actual currency?" (b) I trust US fed because they have done a very good job for the last 40 yrs of keeping currency supply closely aligned with the size of the US economy, meaning no deflation / min inflation

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    7. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      ⓘ Dogs don't have thumbs Retweeted Snake

      7/ So the only reason dollars have value is because ~7 billion people think they do, and because EVERYONE is incentivized to keep it that way? Also, what percent of your net worth is in paper bills?https://twitter.com/tigerboy74u/status/1188955281947938816 …

      ⓘ Dogs don't have thumbs added,

      Snake @tigerboy74u
      Replying to @MorlockP
      The issue isn't that they have value, it's that it's a value that's by agreement and not pegged to anything My share of money represented by a dollar could be worth 10x more or less tomrrow depending on things Why investment makes more sense than sitting on USD, especially
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    8. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      ⓘ Dogs don't have thumbs Retweeted

      8/ so go ahead and buy gold what's stopping you? are you upset that other people won't go along with your scheme? other people are allowed to have opinions, preferences https://twitter.com/SoSayethBob/status/1188955519513288704 …

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    9. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      9/ Also, I never said that we need them. This entire thread started when you asserted > Money that is "loaned into existence" doesn't exist. and I believe I have proven that wrong (if you still disagree, send me all of your green paper pieces please)

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    10. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      ⓘ Dogs don't have thumbs Retweeted

      10/ Productivity has gone up massively. If a guy in 1910 can stamp 1 widget per hour for $1/hr, is it not reasonable that in 2010 stmaping 10 per hour he earns $10/hr ? https://twitter.com/SoSayethBob/status/1188960814633373697 …

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      ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

      11/ But, of course, if I'm going to assert this, it would be good if I had some data. Please look at chart No. 1427. Money Income of Families—Median Income in Current and Constant(1997) Dollars in constant dollars, we see income go from $20k to $44k https://www.census.gov/prod/99pubs/99statab/sec31.pdf …

      4:45 PM - 28 Oct 2019
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      • 🍳Rogelio Vallejo🍳 June "Wakalix", 💎 UedamaProducts
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        2. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          12/ note again: this is CONSTANT DOLLARS. So we're seeing that people produce 2.2 times as much / earn 2.2 times as much over 50 years. Extrapolating to 100 years, that's a 5x. Population has done a 3.5x wealth increase x population increase = 20x compared to your figure of

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        3. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          13/ whatr was it? a 2500% increase in the money supply? or, in other words ... 25x ? OMG, OMG, OMG we're seeing money supply grow by 25x while the economy grows by 20x ...over a century 🤔

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        4. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          14/ I addressed maturity transformation earlier when I said that we trade apples for oranges all the time, at ratios that are not 1:1 ... and "dollars today" vs "dollars in 1 year" are like apples and oranges. https://twitter.com/sconzey/status/1188964682691940353 …

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        5. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          15/ Now, your SPECIFIC example is a bit of a cheat because you're not announcing the maturity transformation until after the IOU has been accepted. In reality when I buy a debt note (a bond that pays principle in 20 years) I know the transformation when I buy it.

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        6. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          16/ Trade is good. Trade creates value. Farmer A has more apples than he wants. Farmer B has more oranges than he wants. Letting them trade creates utility for both of them. Same with "money now" vs "money later". >>>

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        7. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          17/ When I was 25 I wanted to buy a house, but had no money. I wanted a loan. Now that I'm 48 I have a fully paid off house and have surplus cash that is doing me no good. I want to make loans. This is maturity transformation. This is trading apples for oranges THIS IS GOOD

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        8. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          18/ I've already asked in this thread and gotten no answer: what percent of your net worth do you store in cash? I ask this every time, and no one EVER answers. Odd. https://twitter.com/SoSayethBob/status/1188960072409341952 …

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        9. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

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          19/ > that's fucking moronic basically argument from ignorance: "I can't understand what utility others see in it, therefore there's definitely no utility" have you investigated "price stickiness" yet? https://twitter.com/SoSayethBob/status/1188959406471270400 …

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        10. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          20/ If the Fed prints $50 million while the size of the real economy grows by $50 million, there is 0% inflation let me give an example https://twitter.com/Bobthewelder3/status/1188968660888702976 …

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        11. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          21/ We all agree, I assume (hope) that the exchange rate of apples to dollars depends on the number of apples out there, and the number of dollars chasing apples? If we keep dollars constant and double apples, prices of apples denominated in dollars fall. If reverse, rise.

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        12. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          22/ If we have 300 million Americans and each has 1 dollar and each wants to buy 1 apple today with that dollar, and we have 300 million apples <handwave> the market clearing price is $1/apple.

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        13. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          23/ If we add 50 million new Americans through birth / immigration / cloning, and each has the same apple demand curve, and we don't introduce any more apples, prices climb. But say that 1 in 1000 Americans grows apples, and grows 1,000 apples each. Pop growth -> apple growth

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        14. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          24/ So we still have one apple per person. HOWEVER we have failed to increase the money supply. There are 350 M people who want 350 M apples, but only 300 M dollars. Apples are now 85 cents each, and wages have likewise dropped by 15%. When pop grows we need to grow $ supply

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        15. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          25/ and deflation is BAD. When your boss tells you "new deflation figures are in, we need every employee to accept a 1% paycut...but good news, it's only nominal not real" no one is happy.

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        16. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          26/ Fed doesn't run a deficit, US gov does. Agree, if the Fed increases money supply faster than population, we get inflation. However MODEST INFLATION IS GOOD. Far better than deflation. https://twitter.com/Bobthewelder3/status/1188970092551430146 …

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        17. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          27/ That's not "hidden" inflation. That's regular inflation. Inflation only hurts two ways: 1) cash holdings 2) UNCERTAIN inflation prevents ideal business investment https://twitter.com/Bobthewelder3/status/1188970092551430146 …

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        18. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted Snake

          28/ The utility in inflation is not "wow, it's great that we've had 10,000% when you compound it over years". The utility is "it's always better to have +0.2% per quarter than -0.2%". So you aim to have errors on one side of the target.https://twitter.com/tigerboy74u/status/1188970535524261895 …

          ⓘ Dogs don't have thumbs added,

          Snake @tigerboy74u
          Replying to @MorlockP
          I understand what you're saying but I think this is actually totally immaterial because wages aren't actually dropping, the dollar is just worth 15% more Somehow a gallon of milk costing three cents in 1910 didn't end the world, so I fail to see any utility in infaltion
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        19. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted Snake

          29/ I've explained this. * deflation is QUITE BAD * modest predictable inflation has almost zero downside * therefore you should always aim slightly at the pro inflation side of the target, to avoid bad deflation 100% of the value is avoiding deflationhttps://twitter.com/tigerboy74u/status/1188971108776599552 …

          ⓘ Dogs don't have thumbs added,

          Snake @tigerboy74u
          Replying to @MorlockP
          How Notice I haven't said lending or banking is bad I'm still waiting on a response on way inflation is good ever rather than a stable, fixed value currency
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        20. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          30/ OK, maybe not 100%. Some minor part of the utility of inflation is that it lets moderately unsuccessful businesses and moderately defective employees stay in place and avoid painful "creative destruction" that would otherwise be required.

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        21. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted Snake

          31/ I've said "sticky prices" several times.https://twitter.com/tigerboy74u/status/1188971518815899649 …

          ⓘ Dogs don't have thumbs added,

          Snake @tigerboy74u
          Replying to @MorlockP
          Brother I'm asking why deflation is bad
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        22. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          32/ https://market.subwiki.org/wiki/Price_stickiness …

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        23. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          33/ But to expand for folks who don't want to read the whole thing: imagine a firm making widgets with productivity X. Measured in apples, it produces 1,000 apples worth of value per week.

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        24. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          34/ If the firm has 100 employees each earning $10/week, it's paying out 1,000 apples worth of wages per week. We'll ignore cost of goods sold, rent, etc.

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        25. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          35/ So now, let's imagine some deflation. Either the fed screws up the fiat currency, or there is a surge in demand for gold elsewhere in the world, and there's less gold sloshing around the US. 10% deflation. Apples now cost 90 cents each. The firm is paying out $10/person.

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        26. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          36/ Wow, those lucky employees! Last week they could buy 10 apples with their weekly paycheck, but this week they can buy 11 apples with their weekly paycheck! Except ... the firm has to sell widgets. Exchange rate of apples / widgets hasn't changed. Only NOMINAL prices did

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        27. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          37/ So the firm has to drop its price of widgets by 10% in order keep up with the general deflation. But, hey, it's MERELY nominal prices. So firm goes to employees. "Guys, dollars are worth 10% more this week...so we're paying you 10% less"

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        28. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          38/ Employee: the HELL you are Boss: no, it's cool. We gave you $10 last week and you could buy 10 apples, and we're going to give you $9 this week...and you can still buy 10 apples. YOUR SALARY HASN'T CHANGED IN REAL TERMS. Employees: <rioting INTENSIFIES> <strike starts>

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        29. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted Snake

          39/ I feel that this is kind of a loaded question, because I'm defending "fiat currency is real" and "deflation is bad", and folks are trying to hit me with every single policy they dislike, as if they're all the same thing. And they're not.https://twitter.com/tigerboy74u/status/1188973750475059201 …

          ⓘ Dogs don't have thumbs added,

          Snake @tigerboy74u
          Replying to @MorlockP
          So what happens on a fiat currency when you have a massive trade deficit and a skyrocketing national debt? What happens when no one wants USD anymore because it’s an abstract share of an underwater economy?
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        30. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          40/ > when you have a massive trade deficit first of all, it's rarely the case that there are real and prolonged deficits we export a lot of things. many of them are services. one of the big ones is "economic stability" when we export dollars, tons of them flow back >>>

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        31. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          41/ to buy things like "bank accounts denominated in American dollars" and "real estate subject to the rule of law".

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