Calico Durimas

[Calico Durimas @CalicoZeal]

@RaoulGMI What about:
1. Higher environmental costs of energy
2. Lower availability of earth's riches: fossil fuels, minerals, (rare) metals
3. Lower propensity to save money

[Calico Durimas @CalicoZeal]

@HunterTV_nft @AxieInfinity I think things got over-complicated in origin, thus killing the basic game loop

[Calico Durimas @CalicoZeal]

@0xmrmasa88 @AxieInfinity @SkyMavisHQ @Ronin_Network RONIN is an optimistic roll-up ? Seems more like an alternative L1 to me.

[Calico Durimas @CalicoZeal]

@paperbagriker I don't really see the problem with financing to transfer ownership of property. Property is best owned by those who value it most - i.e. can put it to most productive use. Financing facilitates such transfers and makes our economy more productive. Or what am I missing?

[Calico Durimas @CalicoZeal]

@wbmosler @ProfSteveKeen And a tax credit, you could argue, is a commodity? (Just not a commodity in the physical sense)

[Calico Durimas @CalicoZeal]

@garciabanchs @wbmosler @Jorge_Econopata And even then, only the reserve requirement part works, right? The multiplier mechanism as described only works if loans are issued in the actual underlying physical money, which then is deposited again elsewhere?

[Calico Durimas @CalicoZeal]

@TyKeynes @josephwang Open market operations via the treasury account?

[Calico Durimas @CalicoZeal]

@RealKeithWeiner Correct, and again: same for gold.

People will only go into gold (or bitcoin) debt en masse if they can be confident that their future real earnings increase roughly in line with its value.
Thus, only once wages and taxes are payable in gold (or bitcoin).
Which is... never?

[Calico Durimas @CalicoZeal]

@DEhnts Dirk, is there an English version of your book?

[Calico Durimas @CalicoZeal]

@ercwl @LynAldenContact Isn't it simply because the bottom 50% is much better off and better educated in Scandinavia?

[Calico Durimas @CalicoZeal]

@wbmosler @BloombergTV And this will only get worse over time as more and more government debt gets refinanced at higher rates

[Calico Durimas @CalicoZeal]

@RealKeithWeiner @DonDurrett When will you free your mind, Keith? They are the same:

Gold is a negative sum game.

Every penny anyone makes comes from the next buyer. And the storage costs a lot to operate.

[Calico Durimas @CalicoZeal]

@RealKeithWeiner @goldseek Its a number in an unforgeable and indestructible database. Easier to safekeep than gold and otherwise the same.

[Calico Durimas @CalicoZeal]

@DEhnts @ecb Typically, workers should win from inflation. Their wages get adjusted (eventually), while their debt reduces in real terms.

[Calico Durimas @CalicoZeal]

@DavidjoyAd1 Inflation *is* a tax. Just not so much on wage-earners, but rather on the rich. Those with deposits, treasuries and loan assets lose real wealth. Those with debt increase it. Interest rates are compensating the rich for this loss.

[Calico Durimas @CalicoZeal]

@szarka @ramahluwalia Fractional reserve lending with real on-chain bitcoin is actually not possible. Only possible with notes or accounts promising you bitcoin

[Calico Durimas @CalicoZeal]

@BobEUnlimited Bob, can you elaborate on how rising interest slows the real economy? Inflation itself does, but are we sure a higher interest rate is helping additionally? (as it also increases government deficit and the term structure of prices). So far, not seeing it in the data.

[Calico Durimas @CalicoZeal]

@blair_fix Great work! But did you sufficiently take into account that creditors, next to raising their *flow* of interest rates in response to inflation, also suffer a decline in real value on their *stock* of money & debt assets? Inflation probably always benefits workers over creditors.

[Calico Durimas @CalicoZeal]

@BobEUnlimited Bob, if Japan can reach disinflation without rate hikes, why is your view that the US *does* need rate hikes to fight inflation? How is the US situation different?

[Calico Durimas @CalicoZeal]

@wbmosler @tinabarbararyan @Brad_Setser And their dollar stack is just data on our cb's books, right? Entirely out of reach for them. So we hold each other hostage?