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patrissimo's profile
Patri Friedman
Patri Friedman
Patri Friedman
@patrissimo

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Patri Friedman

@patrissimo

On virtue, venture, family, freedom, crypto and (of course) building startup countries on the ocean - because we need new mechanisms, not new leaders.

San Jose, CA
patrifriedman.com
Joined October 2008

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    1. Brendan Bernstein‏ @BMBernstein Oct 31

      This is why the Euro will break up and populism has emerged in Italy and Greece Since 2008 Germany's GDP per capita is up 10% and France's is up 2%. Meanwhile, Italy's is down 7% and Greece's is down 23% A currency union is a ridiculously unsustainable idea and will breakuppic.twitter.com/N5N5hmjgvP

      11 replies 13 retweets 80 likes
    2. Patri Friedman‏ @patrissimo Oct 31
      Replying to @BMBernstein

      I don't understand how to interpret this in a hard money perspective. If everyone was on Bitcoin, that would be a currency union of many different economies. Is that doomed to fail? If you don't believe in printing money based on economic conditions, why not a currency union?

      2 replies 0 retweets 1 like
    3. jeet 🐊‏ @jeetsidhu_ Nov 1
      Replying to @patrissimo @BMBernstein

      It’s two different things because the ECB does set policies, it just happens to favor the producer countries (germany) at the cost of the others. Also, many countries in Europe are so locked down with rules, there’s no room for anything interesting to develop - that would go away

      1 reply 0 retweets 2 likes
    4. Patri Friedman‏ @patrissimo Nov 1
      Replying to @jeetsidhu_ @BMBernstein

      Being locked down by rules has nothing to do with the pros or cons of a combined currency region, though.

      1 reply 0 retweets 1 like
    5. jeet 🐊‏ @jeetsidhu_ Nov 1
      Replying to @patrissimo @BMBernstein

      -Elites of weaker countries are trusted 3rd parties, they collaborate w/troika in exchange for support of their rule (through loans/legitimacy) -In bootleggers/baptist fashion, they are fine with extra rules, they're at the top -Outsiders like @yanisvaroufakis are destabilized

      1 reply 0 retweets 0 likes
      Patri Friedman‏ @patrissimo Nov 1
      Replying to @jeetsidhu_ @BMBernstein @yanisvaroufakis

      My point is: suppose you are pro-"hard money" and think central banks printing money is bad. Greece's membership in Euro has likely caused it to print *less* money than if it had its own currency. Wouldn't that restriction then be...good?

      3:20 PM - 1 Nov 2018
      • 1 Like
      • mach nine
      1 reply 0 retweets 1 like
        1. New conversation
        2. jeet 🐊‏ @jeetsidhu_ Nov 1
          Replying to @patrissimo @BMBernstein @yanisvaroufakis

          Governments need both fiscal and monetary autonomy: 1. ECB forced lenders to ignore risk, lend to all EU countries at the same rate 2. Greece gorged itself on cheap debt and didn't structurally reform 3. ECB refuses to restructure the debt, Greeks pay the bill.pic.twitter.com/cYTxURtOhv

          1 reply 0 retweets 0 likes
        3. jeet 🐊‏ @jeetsidhu_ Nov 1
          Replying to @jeetsidhu_ @patrissimo and

          If Greeks had debt in their own currency in that situation they would have been able to restructure better.

          1 reply 0 retweets 0 likes
        4. Patri Friedman‏ @patrissimo Nov 1
          Replying to @jeetsidhu_ @BMBernstein @yanisvaroufakis

          For example, restructure by inflating away the debt. Exactly what hard money prevents. So how can a hard money proponent be in favor of letting govts more easily print money?

          1 reply 0 retweets 2 likes
        5. jeet 🐊‏ @jeetsidhu_ Nov 2
          Replying to @patrissimo @BMBernstein @yanisvaroufakis

          current state: controlling your own currency joining fx union: reduction in autonomy restructuring: forcing lenders to the table to take a haircut on debt i.e. Greece gave fx power to the Troika, but the Troika acted in favor of creditors (banks in more powerful EU countries)

          1 reply 0 retweets 0 likes
        6. jeet 🐊‏ @jeetsidhu_ Nov 2
          Replying to @jeetsidhu_ @patrissimo and

          Governments are in an arms race against each other (across firearms, tech, growth, fx) & none will unilaterally disarm by jumping into Bitcoin yet. Most countries are run for elites and poorly managed. Their citizens will opt out into Bitcoin first until critical mass.

          1 reply 0 retweets 1 like
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