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

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Venkatesh Rao

@vgr

Conversational account. For work follow @ribbonfarm, @breaking_smart, @artofgig. Tweets are 90% vacuous views, apathetically held. Mediocritopian. IKEA builder.

Los Angeles, CA
venkateshrao.com
Joined August 2007

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    1. Venkatesh Rao‏ @vgr Jun 1
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      Or in terms of design of money, the design reflects inner psychological realities of the collective rather than outer material realities of survival and wealth creation.

      1 reply 0 retweets 7 likes
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    2. Venkatesh Rao‏ @vgr Jun 1
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      Or to put it in terms of a sociological metaphor, the "debt huddle" is so inward focused, it behaves like a locust swarm in the external world, feeding unsustainably on anything it can find.

      1 reply 0 retweets 10 likes
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    3. Venkatesh Rao‏ @vgr Jun 1
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      And opting out of the monetary system with gold or bitcoin is no use because the real base of value is people, and if the majority of people are in a locust-huddle due to economic-environmental stress, a few choosing not to be locusts can't change anything.

      2 replies 0 retweets 8 likes
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    4. Venkatesh Rao‏ @vgr Jun 1
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      The only way out of locust mode is to get back to equity > debt mode, which means finding new sources of external wealth and value that lower the sense of extreme risk, scarcity, and deprivation and unbundle the "collective family" into independent economic actors.

      2 replies 1 retweet 10 likes
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    5. Venkatesh Rao‏ @vgr Jun 1
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      Okay that thinking out loud helped. I think I understand debt better now. Not that it helps. Now I'm more convinced I'm very ill-adapted to this world since I refuse to be a locust bound to other locusts via mutual public debt obligations. I'll pay higher taxes, but that's it.

      3 replies 0 retweets 6 likes
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    6. Venkatesh Rao‏ @vgr Jun 1
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      Now I need complementary mental models for taxes. I think my theory of debt implies people with the highest likelihood of discovering new sources of wealth should pay the lowest taxes, and everybody else should be taxed to the limit of yield while they go hunting.

      1 reply 0 retweets 4 likes
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    7. Venkatesh Rao‏ @vgr Jun 1
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      In a fucked-up, heavily distorted way, full of self-congratulation and self-dealing, this is what conservatives and libertarians try to do. The imagine themselves to obviously be "essential" workers in wealth creation even if participation is via 3 degrees of tenuous separation

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    8. Venkatesh Rao‏ @vgr Jun 1
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      For the sake of argument, imagine that all wealth is created by selfless academic scientists making new discoveries, with their students going out and building startups based on those discoveries, invested in by VCs, in turn invested in by LPs.

      1 reply 1 retweet 5 likes
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    9. Venkatesh Rao‏ @vgr Jun 1
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      In this cartoon wealth pipeline, the scientists would be paid tax-free NSF money just to exist, their students would enjoy low tax rates for building startups, the VCs would pay a slightly higher tax rate, and the LPs higher than that. We're talking net income tax rate here.

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    10. Nick Pinkston  🌐‏ @NickPinkston Jun 1
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      Isn't this the current US system? NSF exists (though with income and institutional taxes), startups don't pay taxes until profit, VCs get tax free carried interest, etc., and I think it depends on the LPs what taxes they get, though that's likely closer to VC level.

      2 replies 0 retweets 0 likes
      Venkatesh Rao‏ @vgr Jun 1
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      Replying to @NickPinkston

      With lots of distortions and capturing every step of the way unfortunately. That's why I called it a cartoon pipeline. In theory, it's what people thought they were building.

      9:33 AM - 1 Jun 2020
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        1. Nick Pinkston  🌐‏ @NickPinkston Jun 1
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          Replying to @vgr

          Yea, politics attempts to paint a Vermeer like a Pollock.

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