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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

      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.

      1 reply 0 retweets 2 likes
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    2. ⓘ 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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    3. ⓘ 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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    4. ⓘ 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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    5. ⓘ 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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    6. ⓘ 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?
      3 replies 0 retweets 5 likes
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    7. ⓘ 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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    8. ⓘ 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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    9. ⓘ 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 …

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    10. Shea Levy‏ @shlevy 5 Nov 2019
      Replying to @MorlockP

      Finished Machinery of Freedom (can't believe I've somehow not read any D. Friedman!), was curious your thoughts on his commodity bundle idea?

      1 reply 0 retweets 1 like
      ⓘ Dogs don't have thumbs‏ @MorlockP 5 Nov 2019
      Replying to @shlevy

      Read it 20 yrs ago. Remind me?

      7:00 PM - 5 Nov 2019
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Shea Levy‏ @shlevy 5 Nov 2019
          Replying to @MorlockP

          Money backed by a bundle e.g. $100k corresponds to 1 ton of steel, 100 bushels of wheat, an ounce of gold, etc. The "What Commodity" section of chapter 46.

          1 reply 0 retweets 1 like
        3. ⓘ Dogs don't have thumbs‏ @MorlockP 5 Nov 2019
          Replying to @shlevy

          Ah, yes. Independently invented this idea before read the book...so I approve!

          0 replies 0 retweets 1 like
        4. End of conversation

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