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vgr's profile
Venkatesh Rao
Venkatesh Rao
Venkatesh Rao
@vgr

Tweets

Venkatesh Rao

@vgr

This is my conversational account. For my work follow @ribbonfarm, @breaking_smart, @artofgig. Tweets are 90% vacuous views, apathetically held. Mediocritopian.

Los Angeles, CA
venkateshrao.com
Joined August 2007

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    1. Ben Hunt‏Verified account @EpsilonTheory 22 Apr 2019
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      Ben Hunt Retweeted Elizabeth Warren

      If you don’t see that our deflationary world is becoming an inflationary world, you’re just not paying attention.https://twitter.com/ewarren/status/1120296821300060160 …

      Ben Hunt added,

      Elizabeth WarrenVerified account @ewarren
      Student loan debt is crushing millions of families. That’s why I’m calling for something truly transformational: Universal free college and the cancellation of debt for more than 95% of Americans with student loan debt. Read all about it here: https://medium.com/@teamwarren/im-calling-for-something-truly-transformational-universal-free-public-college-and-cancellation-of-a246cd0f910f …
      18 replies 34 retweets 286 likes
    2. Venkatesh Rao‏ @vgr 22 Apr 2019
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      Replying to @EpsilonTheory

      I don’t get how handouts to the 1% don’t fuel inflation but handouts to the bottom half do. Genuine question. Is there a structural trick used? Does QE fueling stock buybacks leading to wealth appreciation for stock owning class work differently than forgiving student debt?

      4 replies 1 retweet 31 likes
    3. Ben Hunt‏Verified account @EpsilonTheory 22 Apr 2019
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      Replying to @vgr

      Yes, financial asset price inflation for rich and experiential non-asset price inflation for poor. The former is privileged (persistent, fungible, inheritable), while the latter is none of those things. The latter is “counted” as inflation, while the former is not.

      2 replies 14 retweets 58 likes
    4. Venkatesh Rao‏ @vgr 22 Apr 2019
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      Replying to @EpsilonTheory

      And is one kind fundamentally more dangerous and fragilizing than the other, for Wonky Reasons?

      2 replies 0 retweets 4 likes
    5. Ben Hunt‏Verified account @EpsilonTheory 22 Apr 2019
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      Replying to @vgr

      Correct. Financial asset inflation has no (direct) impact on wages/prices as there’s no consumption change. It’s sterilized (mostly) in market-world. Experiential non-asset inflation leads to dramatic consumption increase in real-world. See healthcare as example.

      3 replies 4 retweets 25 likes
    6. Venkatesh Rao‏ @vgr 22 Apr 2019
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      Replying to @EpsilonTheory

      Hmm. I see what you mean. Even if you sell financial assets somebody else is left holding it. Forgiving debt otoh is retiring an asset on the other end, so closer to either a sudden crash or a deficit hit for the state. A step-function decrease in asset base backing the currency.

      1 reply 0 retweets 3 likes
      Venkatesh Rao‏ @vgr 22 Apr 2019
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      Replying to @vgr @EpsilonTheory

      But it seems to me that there’s an externality here. Some fraction of student-debtors newly unburdened from debt might take on a higher value/risk activity. Quit a bullshit job, force automation of it, and create new wealth. Delayed freedom/innovation dividend.

      3:35 PM - 22 Apr 2019
      • 8 Likes
      • Rahul Ramchandani Kyle Mathews Marrrrrrrrrk P Xu Neyerrrrrrrrrrr Jacob Franek rudy cloudman Brian Heligman 😷 Patrick Dugan
      3 replies 0 retweets 8 likes
        1. New conversation
        2. Ben Hunt‏Verified account @EpsilonTheory 22 Apr 2019
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          Replying to @vgr

          I think many people will FEEL better. Which is the whole political point. In my experience, the core human response to feeling better is to consume more good-feeling things, not make an entrepreneurial investment in time/money. But I hope you’re right.

          2 replies 0 retweets 3 likes
        3. Venkatesh Rao‏ @vgr 22 Apr 2019
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          Replying to @EpsilonTheory

          I’ve vaguely reminded by Hernando De Soto type arguments around how making land titles clearer boosts economies. Here it is lives under illegible and dubious value debt burden rather than land with murky titles.

          0 replies 0 retweets 4 likes
        4. End of conversation
        1. New conversation
        2. Venkatesh Rao‏ @vgr 22 Apr 2019
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          Replying to @vgr @EpsilonTheory

          It seems suspiciously convenient that moves benefitting the wealthy are more stable despite having no obvious greater merit. Maybe short-term inflation is in essence the price of believing in the productive potential of humans who bought overpriced lemon degrees.

          3 replies 0 retweets 7 likes
        3. Abraham Thomas‏ @athomasq 22 Apr 2019
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          Replying to @vgr @EpsilonTheory

          Abraham Thomas Retweeted Erik Torenberg

          I believe that's the thesis of @ScandalOfMoney's 'Knowledge & Power'. @eriktorenberg did a neat thread on this just recently:https://twitter.com/eriktorenberg/status/1120208781743255553 …

          Abraham Thomas added,

          Erik TorenbergVerified account @eriktorenberg
          22/ Lower interest rates don’t spur the economy, they slow economy down. Not only transfer signal to entrepreneurs they don’t have to act, but also convey to economy that there are 0 opportunities for investment. Might as well spend now.
          Show this thread
          1 reply 0 retweets 0 likes
        4. 1 more reply
        1. Patrick Dugan‏ @duganist 22 Apr 2019
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          Replying to @vgr @EpsilonTheory

          If they just fix the reference interest rate at -5%, students will have their loans paid off in ~30 years in 0 easy payments.

          0 replies 0 retweets 0 likes
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