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eigenrobot's profile
eigenrobot
eigenrobot
eigenrobot
@eigenrobot

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eigenrobot

@eigenrobot

robot. friend.

eigenrobot.substack.com
Joined July 2013

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    1. eigenrobot‏ @eigenrobot 26 Mar 2020

      did someone else explain it to him I am so tired

      5 replies 0 retweets 19 likes
      Show this thread
    2. eigenrobot‏ @eigenrobot 26 Mar 2020

      eigenrobot Retweeted sol

      ok so seigniorage! the government printing money to buy shit instead of bothering with taxes seems like it could be efficient removes the need for the irs and all the tiresome tracking that goes with that howeverhttps://twitter.com/fire__exit/status/1243331914079109120?s=19 …

      eigenrobot added,

      sol @fire__exit
      Replying to @eigenrobot
      i'd read an answer
      1 reply 0 retweets 21 likes
      Show this thread
    3. eigenrobot‏ @eigenrobot 26 Mar 2020

      turns out its a bad idea in practice

      3 replies 0 retweets 13 likes
      Show this thread
    4. eigenrobot‏ @eigenrobot 26 Mar 2020

      there are many flavors of taxes status as theft aside, all have ups and downs

      1 reply 0 retweets 15 likes
      Show this thread
    5. eigenrobot‏ @eigenrobot 26 Mar 2020

      eg: the so-called head tax, where every person is just charged a fixed amount independent of everything is nice in that its minimally-distortive; it doesn't fuck up markets but, bad because it requires 95yo broke man to pay same amount as Bezos (ie its "regressive")

      2 replies 0 retweets 14 likes
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    6. eigenrobot‏ @eigenrobot 26 Mar 2020

      generally if you tax a thing you can expect to get less of it on the margin sometimes this is used a la pigou to discourage things with alleged bad spillover effects, but mostly its an unhappy side effect also every tax will fuck up markets to some extent (bad)

      2 replies 0 retweets 16 likes
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    7. eigenrobot‏ @eigenrobot 26 Mar 2020

      seigniorage is uniquely bad because it fucks up prices by generating lots and lots of inflation this in turn fucks up everything else that people try to do

      2 replies 1 retweet 16 likes
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    8. eigenrobot‏ @eigenrobot 26 Mar 2020

      I'll give some examples but a nice read for background on why fucking up prices willy nilly is bad is The Use of Knowledge in Society, by Hayek Dozen pages, plain English, great paper Anyway

      2 replies 0 retweets 26 likes
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    9. eigenrobot‏ @eigenrobot 26 Mar 2020

      Anyway suppose you adopt seignorage and are generating inflation at say a nice 50% annual rate This means that the price of things will double in less than two years Are you signing a contract? Better figure out how to account for that Hope you can do that math in your head

      1 reply 0 retweets 11 likes
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    10. eigenrobot‏ @eigenrobot 26 Mar 2020

      Your salary will need to be adjusted or you will find yourself very poor very quickly, good luck predicting Lending a buddy money? Suddenly repayment on time matters a lot more Run a restaurant? Youll be printing menus quite a lot

      2 replies 1 retweet 14 likes
      Show this thread
      eigenrobot‏ @eigenrobot 26 Mar 2020

      All of this is difficult to deal with day to day but there's more Suddenly holding onto cash becomes costly You'll want to be shifting it into "real" denominated assets as much as possible--assets that are Things like houses or cars Better hope they don't depreciate

      5:37 PM - 26 Mar 2020
      • 18 Likes
      • Corn Woman 🌽 dried peanuts Autotelic Automaton father of the year nth horizon (ovc terminal go zrr) Dedicating Ruckus zywiec absurdistfool eris
      5 replies 0 retweets 18 likes
        1. eigenrobot‏ @eigenrobot 26 Mar 2020

          All of this is a pain in the ass but possibly manageable if the government does a perfect job of keeping inflation at a stable rate Hahahahaha yeah I don't think it would either Anyway good luckpic.twitter.com/8IjgzFNh9Y

          5 replies 2 retweets 27 likes
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        1. inner_Panda‏ @_innerPanda 26 Mar 2020
          Replying to @eigenrobot

          Just gimme a wheelbarrow full of cash and I will deliver you a loaf of bread.

          0 replies 0 retweets 2 likes
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        1. Look up Knuffelberen‏ @poiThePoi 26 Mar 2020
          Replying to @eigenrobot

          And of course very real costs to having a 30-year at 52% nominal.

          0 replies 0 retweets 1 like
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        1. New conversation
        2. sonomono‏ @sonomonono 26 Mar 2020
          Replying to @eigenrobot

          Financing government through taxes basically ends up being far less expensive than doing so through brr

          1 reply 0 retweets 1 like
        3. eigenrobot‏ @eigenrobot 26 Mar 2020
          Replying to @sonomonono

          Ya

          0 replies 0 retweets 1 like
        4. End of conversation

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