I never understand anything about money until I translate it meaningfully into time terms. Like 2T in deficits... how many future years have we mortgaged away, and to what extent? How do we measure that? How many more hours will you have to work for comparable standard of living?
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In fact debt is best understood as checks written against future tech productivity increases — ie innovation returns on economic activity. Which may not happen, or happen much more slowly, in proportion to the burdens.
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The reason everyone hates macroeconomics and fiat money in particular is because it doesn't work anything like thought experiments about a hundred farmers!
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I'm glad people like
@rob_knight are around to take the other side of my inflation hedges
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More inflation would be a good thing. We haven't had nearly enough of it!
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