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 …
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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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