Josh McKay

Carpenter

[Josh McKay @JoshAMcKay]

@TXMCtrades I think this is a smart question to ask. The masses definitely value convenience. I bet there are lots of people who don't even know what a bearer asset is

[Josh McKay @JoshAMcKay]

@BarDown Gary Roberts

[Josh McKay @JoshAMcKay]

@chesscom 7

[Josh McKay @JoshAMcKay]

@TheCinesthetic

[Garry Kasparov @Kasparov63]

Insanity. Trump has either lost his mind or is fully loyal to Putin. Either way, anyone in the GOP defending this as "he just wants peace" is as deserving of condemnation. Do any of them have the courage to defend the truth? Trump is basing US foreign policy on blatant lies.

[Josh McKay @JoshAMcKay]

@WalkerAmerica The Alpinist

[Josh McKay @JoshAMcKay]

@WestJet You cancelled my flight 17 hours before I'm scheduled to leave and didn't book me on another flight. I've been on hold for 82 minutes and still haven't spoken to anyone. Well done!!!

[Adam Mockler @adammocklerr]

This post from a Canadian Redditor hits hard:

[Josh McKay @JoshAMcKay]

@SusieBdds Regularly, I'm a carpenter

[corblund @CorbLund]

Agreed. I'm not anti-resource. But not every project makes sense, & this one absolutely doesn't. Ag & tourism job loss + guaranteed massive water cleanup bill massively outweigh the handful of jobs this may provide. Not to mention using up & ruining water during critical drought.

[Josh McKay @JoshAMcKay]

@NoContextHumans Inflation

[Rune Østgård @enur72]

"Double" interest rate hike in Norway

The Norwegian central bank today announced that it raises the key interest rate with 0,5%.

It blames the weak currency (which increases import costs, which in turn feeds into prices).

But what has caused this weak currency?

Perhaps the central bank's policy of increasing the money supply by an average of 6,9% per year in the period 2002 - 2022 had something to do with it?

Yes, indeed.

When you increase the money supply like a drunken sailor, and pretend that you have the reserve currency of the world and that you can export your inflation to other countries, that of course has an effect.

Over 10 years, an annual average increase of 6,9% of the money supply doubles the amount of money in the society.

And in 20 years, it quadrupples the amount of money.

What do you think would happen in the market place, if a private company did something like that with the goods that it sells?

Just try to imagine that Volkswagen flooded the market with 4 times the amount cars in a periode of 20 years?

The answer is simple: It's impossible.

Volkswagen would bankrupt itself, most likely within 5 or 10 years if it tried to do something like that.

When the central bank and the government does the this with the currency, the effect is exactly the same - it bankrupts things.

The only difference is that it has zero effect on the "business" of the central bank and the government.

All of the costs of moneyprinting are shuffled over to the citizens and the privately owned companies. Some of the companies go bankrupt, while most of them are just being boiled very slowly - like the infamous frog.

In addition our central bank has been literally flooding the FX market with sales of NOK from April 2022. And the "funny thing" is that this goes on today, see link.

At its worst the central banks sold 4300 million NOK per day. This makes up 1,7% of the total FX market's trade of NOK.

It's like pooring gasoline on the bonfire with a high pressure washer.

Now, let's see what these policies have done to our currency:

If we compare 2008 with today, you now have to spend more than twice the amount of NOK to buy USD.

That's remarkable, considering that the US also quadruppled it's money supply in the 20 year period from 2002 to 2022.

And in 2023 NOK has even been outperformed by the Turkish lira and the Somali shilling.

Did someone yell "BANANA REPUBLIC!" ???

Now, what will the effect on the economy be in the future?

Well, sales of new homes is already as low as it was at the lowest during the financial crisis in 2008-2009, when we adjust for population growth. This part of the real estate market has basically fallen off a cliff.

Therefore - the home building sector will probably crash. I think we will se a number of big entrepreneurs go bankrupt already this summer and in the beginning of the fall.

Next up will be commercial real estate (industry, offices etc) and holiday homes.

And when those markets dry out - the prices of used homes in the biggest cities will also plummet.

Prices in the rural areas will be less affected, but it will be felt.

Furthermore - because real estate is the main part in Norway's money printing machine, the total amount of money we have in society will probably fall. Real estate is the most important collateral for loans, and when the value of the collateral falls, this will reduce credit generations, which in turn reduces the money supply. And when the money supply is deflated, all prices will begin to deflate.

And what happens when all prices are deflated?

The central bank and the government will panic, and drop the interest rate to zero or below zero again.

Which spells rampant price inflation, something which very well can be the end of the NOK.

Conclusion

Our central bank and our government is the root cause of the price inflation, the currency devaluation and the corresponding interest rate hikes.

It's a policy that is enormously destructive for our society.

Even the Joker would be impressed by the chaos they are creating.

https://t.co/hCUnj9SMop

[Josh McKay @JoshAMcKay]

@IncredibleCulk @DAZNBoxing Same problem here

[Josh McKay @JoshAMcKay]

@DemonDemetri same

[Josh McKay @JoshAMcKay]

@nybe @hubermanlab @sgcarney This isn't the case, they are separate practices. Kapalbhati is much more gentle than Bhastrika, and doesn't include a breath hold

[Josh McKay @JoshAMcKay]

@heatdaddy69420 https://t.co/1MdPeZwAHx Corb says it's time to switch to whiskey

[Josh McKay @JoshAMcKay]

@BVBTC @MetisGalactic That would be a dust collector

[James Lavish @jameslavish]

Another Fed Meeting, another decision based on flawed metrics. One of them is the new CPI. Or shall I say the *New New CPI*?

Because the calculation has been sneakily adjusted again recently, and yes, it matters. Why and how?

Time for an inflation 🧵👇

[Michael Saylor @saylor]

Why does the world need #Bitcoin?

GPT-4: While it's a matter of perspective whether the world "needs" Bitcoin, there are several reasons why Bitcoin and other cryptocurrencies have gained popularity and are seen as valuable by many people:

1. Decentralization: Bitcoin operates on a decentralized network, meaning that no single entity, such as a government or financial institution, can control it. This decentralization can provide more freedom, autonomy, and resistance to censorship or manipulation.

2. Financial inclusion: Bitcoin can provide access to financial services for individuals who are unbanked or underbanked, particularly in regions where traditional banking infrastructure is limited or unavailable. With a smartphone and internet access, anyone can use Bitcoin for transactions, remittances, and storing value.

3. Lower transaction fees: Bitcoin transactions can have lower fees compared to traditional financial services, especially for cross-border transactions. This can benefit both consumers and businesses by reducing costs associated with international transfers.

4. Transparency and security: Bitcoin transactions are recorded on a public, tamper-resistant ledger called the blockchain. This provides transparency and security, as transactions can be easily verified and traced, reducing the risk of fraud and corruption.

5. Limited supply and inflation resistance: Bitcoin has a capped supply of 21 million coins, making it a deflationary currency. This limit reduces the risk of inflation, which can erode the purchasing power of traditional currencies over time.

6. Privacy: While not fully anonymous, Bitcoin offers a greater degree of privacy compared to traditional financial transactions, as transactions are only linked to a public address rather than personal information.

7. Investment and diversification: Many people view Bitcoin as a valuable investment and a way to diversify their financial portfolios. As a digital asset, Bitcoin has shown the potential for significant growth in value over time, although it's essential to note that it also carries risks and volatility.

8. Programmable money: Bitcoin and other cryptocurrencies enable programmable money through smart contracts, which can automate and streamline various financial processes and transactions, leading to increased efficiency and new business models.

It's important to note that Bitcoin and other cryptocurrencies also have their drawbacks, such as volatility, scalability issues, and energy consumption. The perceived need for Bitcoin can vary depending on individual perspectives, financial situations, and regional circumstances.

[Josh McKay @JoshAMcKay]

@thecryptoc0up1e Love you guys!