Nick Szabo  🔑

Exactly. @izakaminska has spent far too much time in the cushy echo-chamber w/ sophist central bankers and useless academic economists. I love how she runs through varying epochs anachronistically to prove a point about "output shocks" lol First principles thinking to the rescue.

interesting presumption, given I continuously critique central bankers and bankers on their systems as well.

That's cool and all, but you're just as arrogant and misguided about monetary history and the causality of inflation based on the comments in this thread. Read A World in Debt by Freeman Tilden.

We can all play this game. I can equally retort with a hundred alternative book recommendations that prove my point. So what exactly is your point?

I am not retorting, I am elucidating. Saying the Weimar Republic hyperinflation was the cause of anything other than monetary folly par excellence is a revisionist history which doesn't reconcile with observation or more importantly the actual historical record of the time.

I purposely recommended a book from 1936 which provides a clear historical account of the 1918-23 Weimar. The point being that only with the benefit of tremendous hindsight do these alternative academic theories even arise as possibilities. Not rigorous and not logical.

Just because something is written at the time doesn't mean it has a superior insight on the causes or conditions. To wit, nobody knew what was really going on in 2007/2008. Especially not economists.

Nonsense. Everyone KNEW what was going on in 2007-8 and it was the economists and central bankers who didn't want to admit it, until the debt deflation literally clogged up the artery of the monetary clearing systems. Then instead of admitting what was wrong, they printed more.

It only takes a marginal fall in output to create an inflationary problem. It's the marginal difference that matters. A bank can collapse over not meeting a $2 debt.

why speak to her? - she has done nothing but call bitcoin a scam for 5 years! she uses long words from ancient history to try + appear clever - doesnt get economics - doesnt get finance - doesnt get crypto repugnant @FT shill rant over..

And that is your opinion Nick about fiat central banking. Plenty of actual economists who would disagree. Throughout history, inflationary crises have been prompted by output shocks. This applies specifically to Roman empire.

And in the case of Weimar Germany it wasn't just output fall per se that was the prob, but lack of catch up growth (vis a vis compound interest obligations). Yes cbank did take the piss too, but you're confusing the chicken with the egg.