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eigenrobot Retweeted
eigenrobot added,
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did someone else explain it to him I am so tired
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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,
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turns out its a bad idea in practice
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there are many flavors of taxes status as theft aside, all have ups and downs
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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")
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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)
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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
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Replying to @eigenrobot
The Cantillon Effect would be especially nasty in such a system, which is also a major distortion in everyone's ability to predict where prices will go.
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oh right hm forgot this
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Replying to @eigenrobot
It's kinda funny, but I reasoned out this phenomenon on my own long before I knew there even was a name for it. It seemed obvious to me that as a currency inflates, those closest to the government printing it would get full uninflated value for it until the economy caught on.
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