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 …
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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 …
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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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41/ to buy things like "bank accounts denominated in American dollars" and "real estate subject to the rule of law".
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42/ slightly, yes, I am. The problem with hard money is that the money supply does not scale in sync with the overall economy. Remember "won't be crucified on a cross of gold" from high school history? that said, I like multiple competing currencies https://twitter.com/relicn0cer/status/1188973952015712258 …
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43/ ok, ALL SORTS of things are getting dragged in and conflated. what's the change in demand for housing? what's the change in supply of labor? what's the USG's actual (not official) policy on illegal aliens? have carpenters upped their productivity? https://twitter.com/Bobthewelder3/status/1188974485191479298 …
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44/ also, any time I see statistics, I want to know WHAT DO THEY REALLY MEAN. In that graph that
@Bobthewelder3 presents, what's the definition of "construction worker" in 1975? Today? What percent were crane operators then? Today?Show this thread -
45/ there's some truth here, but also there's explicit PRC industrial policy, US policy (commoditizing compliments of our speciality which is high tech white collar products, and which crushes blue collar workers), also aspects of >>> https://twitter.com/Bobthewelder3/status/1188975865817899013 …
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46/ "well, just bc Blue Collar Jim wants to earn $25/hr making Snap On wrenches is no reason to forbid
@MorlockP from buying a $1 good-enough Chinese wrench" and also, of course, automation I wonder if the construction wages are falling bc of prefab etcShow this thread -
47/ ok, fine, but neither one of these is topics that I chose to defend / am defending https://twitter.com/Bobthewelder3/status/1188976318345560065 …
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48/ well, sure One can't defend the use of copper in electric wiring without, at 5 removes, getting dragged into a debate about three toed sloths impacted by the train lines that carry workers to the factory that makes wire drawing machines https://twitter.com/Bobthewelder3/status/1188976671975755778 …
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49/ but just because all things tie together does not mean that when I set out a thesis that I am willing to defend ("fiat currency is actually currency") that I am signing up to debate and/or defend every single topic in the field of economics.
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50/ 50 is a good number. I'm done. Punching back into work after (checks clock) 1.5 hours of dinner and nonsense.
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End of conversation
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