I think these result from the threat I feel emanating from our broken society, as evidenced by not only the assault on the Capitol but by the larger forces that have led us to this moment.
1/ If you’ve been listening to @HiddenForcesPod over the last few months, you will know that I’ve been wrestling with many emotions as we’ve moved through the 2020 election, past the inauguration and towards the start of a new presidential administration.
I think these result from the threat I feel emanating from our broken society, as evidenced by not only the assault on the Capitol but by the larger forces that have led us to this moment.
Likewise, our regulators continue to turn a blind eye to the systemic build-up of risk happening in financial markets.
People have such little faith in government that they'd prefer to hold their money in a database with the carbon footprint of a small nation than in government bonds or in their FDIC insured bank accounts.
Once again, we can turn to Bitcoin for answers.
Granted, the promise of riches is integral, but the sense of belonging and purpose that its mission inspires is arguable paramount. https://t.co/c2TJJRhhAj
Not only do people need more than physical sustenance to feed their souls, they also crave belonging and something to look up to that is greater than themselves.
"It's been said that when human beings stop believing in God they believe in nothing. The truth is much worse: they believe in anything." - M.M.
https://t.co/kGdAUTbRZ4
It's totally ok to love money as long as you reference canonical texts, mercilessly prosecute apostates, and eat only meat (because constipation is a form of HODL'ing).https://t.co/ihrN6N7rn5
— Demetri Kofinas (@kofinas) January 22, 2021
Investing in Bitcoin isn’t seen by my generation as a speculation. For many, it is seen as the ticket on a train to salvation.
And the recent inauguration-day attack on Democratic Party offices in Portland by left-wing agitators is evidence that this is not only a right-wing phenomenon.
The more time we spend demonizing the opposition and deplatforming them, the more we push them underground.
And that problem is not one that we can address as individuals.
I eventually bought into the idea after 2008 that government couldn’t do a single thing right, and that the less we had of it the better.
More from Crypto
Michael Pettis @michaelxpettis argues that it is not always obvious who (China or the U.S.) adjusts best to "turbulent changes."
Bitcoin answers that question.
Thread:
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
Bitcoin answers that question.
Thread:
1/11
— Michael Pettis (@michaelxpettis) January 11, 2021
An article worth thinking about: \u201cAs changes to the world structure accelerate, China\u2019s rule is in sharp contrast with the turmoil in the West,\u201d says Beijing.
I agree, but I draw a different conclusion. The world is certainly currently going...https://t.co/ugha7ygqqx
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5