2/ and to the degree that you do lose 2% per year on the ~ $50 that you tend to have in your pocket as cash, this $1/year tax is the smallest tax you will EVER encounter in your life people bitch 20,000 times more per dollar lost to inflation than to, say, sales tax
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4/ I see absolutely no evidence that the existence of the Fed feeds into / creates the penchant for taxing and spending.https://twitter.com/Ideoprax/status/1215769435656675328 …
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5/ Nope, this is a good take, and 99% of the arguments against it are silly and bad. https://twitter.com/ITBeHa/status/1215771087843287041 …
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6/ so your argument is "I'd like there to be better options, but so far science hasn't come up with any" ? ok, sure, I also would like better options but US fed does a pretty good job https://twitter.com/unhygenicmacro/status/1215770579640430593 …
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7/ The existence of the Fed does not enable the deficit; we had a deficit back when we were on the gold standard.https://twitter.com/Ideoprax/status/1215771857078706176 …
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8/ Gold was also the currency of all sorts of other eras where we had zero growth. Perhaps the 19th century growth was fueled by opening up an entire new hemisphere of the Earth plus also the Industrial revolution ? https://twitter.com/ITBeHa/status/1215772509854892032 …
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9/ Anyone with a mortgage would / should. https://twitter.com/spoonbandits/status/1215772918736719879 …
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10/ OK, good clarification. US fiat currency has been really good for an extremely long time. Other fiat currencies suck. Let me narrow my hypothesis to "US fiat >> gold" https://twitter.com/unhygenicmacro/status/1215773212623196164 …
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11/ yes, inflation warps the yard stick ...but so what? https://twitter.com/ITBeHa/status/1215773288837853185 …
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12/ prices are never going to be constant - you can and do have inflation or deflation on the gold standard with USD you have the target 2% +/- random error ... so no more nor less easy to calculate than with gold https://twitter.com/ITBeHa/status/1215774959634612230 …
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14/ I did! yep, inflation sucked.https://twitter.com/Fourmilab/status/1215776591281827841 …
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15/ kids these days don't get "at 19% ?!!?" https://www.youtube.com/watch?v=N5C8C1WAywU …
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16/ If your grandparents "invested" that money by piling up pieces of paper in a stack, then they deserve that. Invest in ANYTHING. Stocks. Bonds. Real estate. Comic books. Classic cars. ANYTHING. Cash is a medium of exchange, not a store of value.https://twitter.com/AlexRDell/status/1215785932042801154?s=19 …
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17/ Also, dude, you're counting the inflation twice. EITHER say that it's worth X now OR say that prices have gone up. But not both, because it's the exact same thing.https://twitter.com/AlexRDell/status/1215785932042801154?s=19 …
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18/ No, this is very very wrong. Currency is MB or M0. Around $4T. US economy is $22T (GDP, I.e. earnings) or $40T (market cap, I.e. stocks) or maybe $100T (real estate, public market cap, private firms) or maybe morehttps://twitter.com/ctdonath/status/1215822173937553408?s=19 …
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