You do have a point I'll grant, to the degree that some of these won't get repaid probably, but that's significantly less than the amount the balance sheet went up by.
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Replying to @orthonormalist @sonyasupposedly
What if it ends up being net 1% of GDP? 2%? That's very different from 'print GDP'.
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Replying to @orthonormalist @sonyasupposedly0 replies 0 retweets 1 like
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Replying to @sonyasupposedly
But now you're conflating consequential and deontological ethics, right? As far as 2020 goes, though, we're literally shutting down _everything_. These companies aren't failing due to a rational result of their own mistakes.
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Replying to @sonyasupposedly @orthonormalist
Byrne had a good bit in his newsletter about how prepping for pandemic risk wastes capital if you do it too early.
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if I set aside 0.0001% of my annual income to buy fire extinguishers and smoke alarms, that is smart if I set aside 10% of my income one year to do so...maybe that's not? Maybe a house burning down once per century is better than a 10% loss in income today, compounded 100 yrs?
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