The tax CBs impose on holders of a crncy is approx = to CPI inflation + non farm productivity gains. USD tax=2.1+1=3.1% currently. Sad.
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Replying to @MarkHar13514700
E.g., a $100 basket Jan 1 will cost $102 dec 31 with 2% infl., but would have cost $98 with 2% productivity gains absent cb tax.
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Replying to @MarkHar13514700
Money is not intended to be a store of value.The idea is to destroy its value slowly enough that users don't really feel it short term
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Replying to @MarkHar13514700
have you elaborated on this at length anywhere? seems deep+true but I don't quite get it.
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Replying to @vgr
I havent. Some productivity gains are captured by producers, not consumers. But competition should make producer capture transitory
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Replying to @MarkHar13514700
I think this is only half the story. The other half is to create money fast enough to keep up with grounded hopes?
2 replies 0 retweets 0 likes
flow balance between expectations of new wealth creation and old wealth commoditization/dematerialzation?
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