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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 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
      3 replies 0 retweets 6 likes
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    2. ⓘ 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.

      2 replies 0 retweets 4 likes
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    3. ⓘ 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
      3 replies 0 retweets 3 likes
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    4. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

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

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    5. ⓘ 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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    6. ⓘ 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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    7. ⓘ 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.

      1 reply 0 retweets 2 likes
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    8. ⓘ 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

      2 replies 0 retweets 2 likes
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    9. ⓘ 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"

      1 reply 0 retweets 2 likes
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    10. ⓘ 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>

      4 replies 0 retweets 5 likes
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      ⓘ 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?
      5:21 PM - 28 Oct 2019
      • 5 Likes
      • 🍳Rogelio Vallejo🍳 silicon age tulpa Matt Elder (0/1) Lawyer Dog Eddie, Son of Richard
      3 replies 0 retweets 5 likes
        1. New conversation
        2. ⓘ 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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        3. ⓘ 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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        4. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          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 …

          ⓘ Dogs don't have thumbs added,

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          3 replies 0 retweets 6 likes
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        5. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          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 …

          ⓘ Dogs don't have thumbs added,

          This Tweet is unavailable.
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        6. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          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?

          3 replies 0 retweets 2 likes
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        7. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          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 …

          ⓘ Dogs don't have thumbs added,

          This Tweet is unavailable.
          1 reply 0 retweets 1 like
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        8. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          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 etc

          3 replies 0 retweets 2 likes
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        9. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          47/ ok, fine, but neither one of these is topics that I chose to defend / am defending https://twitter.com/Bobthewelder3/status/1188976318345560065 …

          ⓘ Dogs don't have thumbs added,

          This Tweet is unavailable.
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        10. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          ⓘ Dogs don't have thumbs Retweeted

          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 …

          ⓘ Dogs don't have thumbs added,

          This Tweet is unavailable.
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        11. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          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.

          2 replies 0 retweets 4 likes
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        12. ⓘ Dogs don't have thumbs‏ @MorlockP 28 Oct 2019

          50/ 50 is a good number. I'm done. Punching back into work after (checks clock) 1.5 hours of dinner and nonsense.

          1 reply 0 retweets 11 likes
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        13. End of conversation

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